Asset Asset to be analyzed. See Also Title The name or short description of this item. You can enter up to 250 characters. Consequence priority The asset’s consequence priority number is typically the result of asset prioritization analysis, although it can be set manually. Consequence priorities are often used when sorting and analyzing the work backlog for scheduling or when analyzing asset failure information. APM also uses consequence priorities to determine whether or not to push indicator alarms up the physical hierarchy so that they will be visible on higher levels in the indicator monitoring panel. Warning: The ranking number assigned to consequence priorities is also used to calculate alarm notification rankings for indicator alarms. If you do not select a priority setting for an asset, alarm notifications might not be pushed up the hierarchy to be displayed on a parent asset. This can affect the display of the alarm in the site’s Inspection Management view. See Also Relative risk Relative risk is one of the outputs from the asset prioritization analysis. It is the product of the asset’s failure probability and the consequences of failure. Relative Risk = (Failure Probability) x Sum (Consequence of Failure Scores) The relative risk is generally used in ranking the assets in your organization to determine where to focus efforts in developing an asset reliability program. See Also
