Condition-based risk management of physical assets within the electrical power sector

Condition-based risk management (CBRM) is a methodology that brings together asset information, engineering knowledge and practical experience of assets to define and quantify current and future asset condition, performance and risk. CBRM provides a means to express and communicate engineering information for large numbers of assets in a form that enables asset managers to define and justify future investment. The CBRM methodology was first created by EA Technology Limited (EATL) and Electricity North West Limited (ENWL) in 2002/3. Over the past 10 years, both parties have continued to update and develop the process, using the outputs to support ENWL´s asset management activities. This paper documents this evolution.