
The vital difference between using consequence or chance reduction strategies if you want operational excellence results, is consequence reduction requires repairs and maintenance, whereas chance reduction removes repairs and maintenance.
In reading “Enterprise Asset Management Success the Plant Wellness Way for CEOs and Senior Executives” I was interested in your table on page 15 that showed risk based inspection and condition based monitoring techniques as consequence reduction strategies.
My understanding is that both RBI and CBM are specifically designed to prevent failure through reducing the likelihood of failure i.e. by detecting failure before it happens within timescales that allow mitigation action to be taken. In the API 581 RBI standard, consequence is treated as a constant over time so the methodology specifically targets risk reduction through more effective inspection or design changes. [Read more…]