Consequence priority             Condition

In a prioritization analysis, the consequence priority number indicates the relative importance of an asset in the site. APM calculates the priority number by comparing the failure consequence scores to a set of rules. The higher the priority number, the greater the asset’s criticality. In a condition analysis, APM determines the asset’s condition value by comparing the asset’s scores to a set of rules. If the asset’s scores match a rule, the asset is assigned that rule’s condition value.

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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.

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