Reliability Simulation and Performance Optimization

What Is Reliability Simulation and Performance Optimization?

Historically, it has been difficult to quantitatively determine how actions affect facility performance. With Quantitative Reliability Optimization (QRO), you can leverage causal links established with the Asset Reliability Analysis (ARA), Lifetime Variability Curve (LVC), and a system model to simulate any action and understand its impact on facility reliability performance and at what cost.

The final element of QRO, and arguably the highest value add, is reliability simulation and performance optimization. This element builds off of the previous three elements and allows facility leaders to simulate and optimize what actions they need to take to improve facility performance.

How Does Reliability Simulation and Performance Optimization Work?

Reliability Simulation and Performance Optimization essentially creates a reliability digital twin of the facility and allows facility owners to simulate any action and optimize their plan to achieve the highest performance at the lowest cost, while meeting process safety requirements. Modeling the constraints of the entire system, facility owners can move away from individual asset analysis and task management, focusing on system-wide system task management. Because QRO creates the data infrastructure backbone connecting every single data point and relating that to a measured impact on the system, optimization studies can be continuously run as new data enters the model, resulting in the worlds most predictive reliability plans based on real-time data.

Benefits of Reliability Simulation and Performance Optimization

As in the example above, facilities can recognize many benefits by implementing reliability simulation and performance, including:

• Understanding how every action impacts performance, gaining efficiency in data analysis, and modeling any scenario to understand how each input affects facility output
• Ensuring plans are in place to achieve targets, driving measurable improvement in availability, and seeing a holistic view across all assets without silos
• Enabling integrated reliability, identifying lost value in spend to ensure the highest return on capital, and connecting short-term actions to long-term strategies

To learn more about how the ARA, LVC, and system model combine to lay the framework for reliability simulation and performance optimization, read more about QRO here.