Asset Degradation Modelling at Townsville Water

Abstract

The ISO 55000 standard for Asset Management states that the effective control and governance of assets by organisations is essential to realise value through managing risk and opportunity, in order to achieve the desired balance of cost, risk and performance. Townsville Water must balance asset performance, risk, and life cycle costs to improve asset renewal decision making and achieve sustainability in business performance. Asset degradation models at Townsville Water enable the business to make decisions about where and when to spend the limited money to maximise returns on capital investment while optimising the operational expenditure.