What is an ARA?
You probably already leverage common methodologies such as Failure Modes and Effects Analysis (FMEA), Risk-Based Inspection (RBI), or Reliability Centered Maintenance (RCM) to manage the reliability of your facility. However, how confident are you in the forecasted reliability of your facility? Are you able to use your data to drive reliability decisions for your entire facility?
With Quantitative Reliability Optimization (QRO), your facility can take the next step in achieving facility-wide reliability objectives. QRO is a new dynamic reliability approach that bridges existing first principles reliability models with new data science, multi-variate analysis and system-based optimization to drive improved facility performance balancing availability, process safety, and spending performance.
QRO is comprised of four elements: Asset Risk Analysis (ARA), the Lifetime Variability Curve (LVC), Forecasting System Availability, and Reliability Simulation and Performance Optimization. The cornerstone of QRO is the ARA.
An Asset Risk Analysis (ARA) integrates first principles engineering analysis and asset data with field execution limitations and operational constraints to build the foundation for system reliability analysis and optimization. ARAs create a cause and effect link between all assets’ functions, failure modes, and failure mechanisms to identify the reliability and maintenance tasks that are needed to mitigate failures.
Typical reliability methodologies measure different asset classes through different programs, which can lead to wasted spending and unmanaged risk. ARAs enable a consistent, data-driven analysis across different asset types in a single platform. By evaluating assets consistently and quantitatively in a single platform, facility leaders can now effectively compare risks or prioritize resources across different asset classes.