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Risk Informed Asset Management (RIAM)
Risk Informed Asset Management (RIAM)
Risk Informed Asset Management (RIAM)
Performance enhancing special projects
The future of cost effective decision making to drive the optimal management of equipment is here. Prioritizing plant operations decisions based on risk informed considerations will both improve plant productivity and make the most efficient use of financial resources. AMEC NSS is at the forefront of this fast developing technology through its work with a Canadian utility in developing the models required for risk informed asset management (RIAM).
There are three key elements of the RIAM process: nuclear safety model (or probabilistic risk assessment (PRA) model), plant reliability model (or generation risk assessment (GRA) model) and the plant cost model (includes cost such as O&M, capital, regulatory, decommissioning, etc.). These elements then can be integrated to arrive at a suitable performance indicator such as the net present value (NPV) of the plant.
The development of a prototype model has provided a solid foundation for the application of RIAM for Canadian nuclear plants. The experience gained through this phase of the work is being shared with EPRI and other utilities as work continues to further develop the tools and methodology.