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The purpose of this webinar is to discuss the three fundamental uncertainties that are present in the problem of managing aging assets in electric utility systems. The three fundamental uncertainties are (1) asset failure, which is an uncertain event; (2) asset condition, which is an uncertain description of the asset at any point in time (such as Excellent, Satisfactory or Critical); (3) asset test accuracy, which is a consequence of the fact that tests aimed at revealing the true condition of an asset are not perfect.

Each uncertainty can be described, represented mathematically, characterized by data, measured, and hence managed. However, in many instances, these uncertainties are neither measured nor managed. The consequences of not treating these uncertainties correctly are described in this webinar.

The main consequences are (1) likelihood of asset failure is not correctly specified; (2) how asset failure likelihood changes over time and with use is not correctly specified; (3) test results are not interpreted correctly; (4) utilities and asset managers do not assess the risk associated with operating aging assets correctly. The main result of these errors is that utilities and asset managers are typically operating at greater risk than they believe they are and therefore are expected to incur greater costs than they believe they are incurring. This webinar provides a methodology for measuring these uncertainties and managing them correctly.

Learning Outcomes

• Characterize asset management as a problem in managing uncertainty
  
• Define the three fundamental uncertainties in asset management
  
• Identify how best to measure each of the uncertainties in asset management
  
• Review how to manage the uncertainties in asset management
  
• Measure the consequences of not managing or failing to specify the uncertainties in asset management

Continuing Education Credits:

EUCI is authorized by IACET to offer up to 0.1 CEUs for this program.