Asset Economic Risk Optimization (AERO)
The utility industry is facing a major challenge. A growing number of critical assets are rapidly approaching end of life. To respond to this challenge, utilities need to properly prioritize the replacement of these assets while maximizing system reliability and minimizing overall cost.
Asset Economic Risk Optimization (AERO) is an analytic tool that optimizes asset replacement by applying a risk-based approach to generate a prioritized multi-year replacement plan.
AERO evaluates the asset’s probability of failure, based upon age and condition, the replacement costs, and the consequences of failure, and calculates the optimal time of replacement for each asset.
AERO’s Asset Health Module uses your condition data (e.g. DGA results) to establish the effective age of the asset.
AERO’s Consequence of Failure Module develops a risk profile for each asset by evaluating the likelihood of the types of failures that an asset may experience (i.e. minor, major, catastrophic), the expected duration of failure, and the downstream economic costs of failure.
AERO delivers these insights by combining predictive analytics, optimization, and data visualization.
As part of UMS Groups’ ‘eXcellence’ suite of products, AERO optimizes asset replacement and maximizes economic value while minimizing system risk.