Asset Management Optimization based on Failure Propagation Effects for Industrial Plants

This study proposes a Consequence of Failure(CoF) model and an Advanced Asset Investment Planning(AIP) algorithm to apply an ISO 55000-based power system asset management framework to load systems. Through asset management projects targeting private plants, practical opinions on replacement strategies and on-site considerations were collected from customers and modeled into criticality indices. These were then integrated into the AIP algorithm to satisfy the system risk requirements of various stakeholders. In particular, for each facility with a high Probability of Failure(PoF), the types of failures were bifurcated and reflected in AIP scenarios using a failure propagation weight. This design enables the establishment of more reliable investment plans for the short- and mid-term budgeting of private plants. The Advanced AIP proposed in this study serves as a consistency model for load system asset management, proving that it incorporates additional power-reception-side considerations beyond traditional utility-centered asset management. Furthermore, it presents a practical methodology that can scientifically contribute to the business viability of asset management by satisfying business constraints even with limited budgets.