Concepts Settings Asset Prioritization Settings Contents Suggested Failure Consequences Consequence Priority Concepts and Examples Setting up Analysis Types for Asset Prioritization Setting up Criteria for Prioritization Analysis Defining Improvement Opportunities Setting up Failure Probabilities Setting up Probability of Failure Criteria Setting up a Probability of Failure Criteria Matrix Setting up Consequence Priorities Setting up Prioritization Analysis Rule Sets Setting up Checklist Items Asset prioritization analysis (also known as equipment risk prioritization) is an organized and methodical procedure for assessing the importance of assets within your organization. A prioritization analysis identifies the business risks posed by an asset’s failure in terms of safety, environmental impact, and operational and non-operational consequences. It takes into account the asset’s probability or rate of failure. Before you begin prioritizing your assets, you must review the prioritization settings and value lists and revise them as needed for your organization.
