Probability of failure Probability of failure (also known as the failure rate) is used to quantify how often a failure is likely to occur. A score is assigned to each probability. The scores are used to rank the failures based on the probability that they will occur. See Also Analysis status The analysis status can be one of: • Analysis not started – Scores have not been calculated for the analysis asset. • Partially analyzed – All consequences or the probability of failure (for prioritization analysis) have not been selected for the asset. • Analysis complete – All of the required information has been selected for the asset and scores have been calculated. See Also 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. See Also Total consequences The total of the scores for each of the consequences selected for the asset. 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 Comments As the prioritization assessment progresses, the analyst can enter additional information about the asset or analysis. See Also
