Concepts

Settings

Setting up Failure Probabilities

Failure probabilities (or failure rates) must also be defined and assigned scores so that analyses can arrive at the asset’s relative risk. For example, an asset that fails daily might be given a score of 10. An asset that fails less than once in 10 years might be given a score of 1. The table below outlines the suggested scores and frequencies.

Probability of Failure	Score
Failures occur daily	10
Failures occur weekly	9
Failures occur monthly	8
Failures occur between monthly and yearly	7
Failures occur yearly	6
Failures occur between yearly and once in 5 years	5
Failures occur between once in 5 years and once in 10 years	4
Failures occur less frequently than once in 10 years	1

APM comes with these eight failure probabilities already defined. You can edit the existing probabilities or add new ones for your organization.

To Add a Failure Probability

1.	From the Site window, select the Strategy Development view, Settings tab. Select the Prioritization tab and the Asset prioritization settings node in the tree.

Tip: You can also select the Administration menu, Strategy Development Settings, and then Asset Prioritization. The Asset Prioritization Settings dialog appears.

2.	Select the Failure Probabilities tab and the Probabilities tab.

3.	Click New. The Probability of Failure dialog appears.

4.	Enter the following information:

Setting Name

Description

Probability of failure

A meaningful description of the frequency with which the failure is likely to occur.

Score

The relative score assigned to this probability. Each probability must have a unique score. You can position a probability between two existing probabilities by assigning the probability a decimal value, for example 8.5.

5.	Click OK to close the Probability of Failure dialog.