( Introducing a New Approach: Probabilistic Energy Management ( PEM

Considering the relationship between Reliability, Availability and Maintainability (RAM), it could be concluded that a rational cycle should exist from data to market in the energy business. In this cycle, minimizing unplanned downtime requires the utilization of advanced diagnostic and prognostic monitoring tools. In this paper we present a new approach, Probabilistic Energy Management (PEM), to shape a complex system for the creation of a powerful tool for managers and also engineers working in the energy sector that leads to the betterment of System Effectiveness in this sector. The complexity of systems under operation in the energy sector and the importance of ability to interpret the large number of diverse data in the multidisciplinary Energy Management area leads us to introducing a new probabilistic approach in this field. The approach is based on the statistical analysis of component/system’s condition data and probabilistic optimization of the overall Failure Function.