Creating a better risk model

When dealing with the complex infrastructure of an electric, gas or water utility system, things often go wrong. Things go wrong because there are so many factors that can contribute to a problem. Utility operators face an enormous task. They must gather accurate and timely data, understand the relative importance of each factor, and determine relative risk of damage to the system. Once utility risk is understood, a rational mitigation and investment strategy can be developed. Most utilities are able to prioritize maintenance and replacement projects based on factors such as equipment age, and the history of maintenance, operation, and failure. Continue reading →