Condition based risk management (CBRM): Bringing excellence in asset management into the boardroom

CBRM is a practical process that combines asset information with engineering knowledge and experience to quantify current and future asset condition, performance and risk. At the last three CIRED conferences, papers have been presented [1] [2] [3] that have charted the development and application of this process. This paper reports on recent enhancements including: techniques to refine the quantification of risk; financial optimisation of asset replacement strategy; and forward prediction of the effect of engineering or financial decisions. Conclusions are presented on how such an approach can be used to influence and improve asset management decisions in the boardroom.