New book offers risk methods for buying equipment

Emily M. Smith
ASME NEWS

Applying risk-based methods to the life management of equipment can reap substantial economic rewards for companies. A handbook outlining these methods, which was put together by members of an ASME committee, is now available.

The handbook, "Risk-Based Methods for Equipment Life Management," is described by the authors as a complete training tool for engineers who want to apply risk-based methods in an industrial setting. The nature of risk-based programs, the authors note, is to be probabilistic instead of deterministic. That makes them applicable to an extended framework and logical structure for decision-making.

The publication was put together by the Research Committee on Risk Technology, which is under ASME's Center for Research and Technology Development.

ASME is planning future workshops on these methods. For updates on workshop details, check www.asme.org/research/risk/index.html.

"Risk-based methods and strategies focus inspection and maintenance programs on the most economically effective areas in a way that meets safety and environmental risk standards and satisfies other user selected criteria," the book says.

The risk-based tool kit that's offered within the handbook enables the framing of inquiries; collecting and formatting the relevant data; analyzing the data; obtaining failure probability versus time and other useful information; performing system analysis when necessary and mathematically determining the correct sequence and timing for a series of major maintenance activities.

"Risk-Based Methods for Equipment Life Management: A Step-by-Step Instruction Manual with Sample Applications" (Order No. I00474) is $140 for members. The list price is $175.

To order the handbook online, visit http://www.asme.org/newrelease/riskmeth.html. Or call (800) 843-2763. Callers who are outside of North America should dial (973) 882-1167.

 

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