Asset lifecycle management

DNV helps you fine-tune lifecycle management policy and programs to your specific goals and needs, aligned with the PAS 55 philosophy

Equipment failures can cause large-scale power outages, damaging your company’s reputation and incurring huge financial costs. As asset populations age, the probability and frequency of failure increase. This makes effective asset lifecycle management imperative. DNV helps you make proper and timely asset management decisions, improving network reliability and safety while minimising financial risks.

Network owners, managers and operators face growing demands related to safety, reliability, environmental impact and financial results. As a result, asset lifecycle management is becoming increasingly critical and complex. Understanding the criticality and likelihood of failures lets you quantify risk, so you can select and prioritise lifecycle management action to reduce risk and optimise budgets.

Global expertise
DNV offers a worldwide service to support you in assessing the likelihood and impact of failure, for single equipment or for populations, fleets or networks. We combine in-depth technical knowledge and global experience with a solid understanding of T&D business processes. Having extensive experience in risk-based decision taking, we can fine-tune your lifecycle management policy and programs to your specific goals and needs, aligned with the PAS 55 philosophy.

Based on international standards and best practices, and using our expertise, experience and tools, we assess the urgency and determine the time to action. This could be replacement, rejuvenation, refurbishment, or repair. The evaluation is highly cost effective for strategic / critical equipment or for large populations. A similar analysis may also be used to optimise the decision making process, or for defining a set of adequate criteria for replacement, refurbishment and repair.

When operation and maintenance information is available and accessible, the same methodology can be implemented in a CMMS tool such as Cascade, or by using a stand-alone Health & Risk Model such as the DNV AHRM software.

Besides performing the analysis, we can also design the asset management decision process, and train your staff to perform the analysis by themselves, either by:

• Training (class room)
• Workshops (interactive)
• Coaching programs (shoulder to shoulder)
• or a combinations of these

Services available

• Reviewing and fine-tuning the asset life cycle policy and strategy
• Collecting all relevant information from available sources
• Assessing the likelihood and impact of failure
• Comparing the different alternatives in terms of risk reduction, value for money, compliance to company business values and benefits
• Defining the optimum action or strategy
• Designing a replacement program, refurbishment project or repair action, or a complete life cycle management program involving all options
• An assessment report with recommendations, a (redesigned) replacement strategy, a decision making process or the decision criteria needed for that, software specification or an implemented software system, training and coaching programs