Asset Economic Risk Optimization (AERO)
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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.
Evaluating Asset Health/Data Driven
Available data, such as historical failures, asset condition, reliability projections, tests, customer surveys, and the tacit knowledge of subject-matter experts are foundational.
Considering Risk Due to the Consequence of Failure
UMS Group’s AERO integrates asset health indexing, consequence of failure, and the cost of intervention to make a long-term projection of required spending, and to help prioritize near-term projects where resources are limited.
Transparency Supports Regulatory Fillings
The approach and resulting spending recommendations have proven to be persuasive to executives and regulators. Assumptions and methods can be reviewed and continually improved.
Using Subject Matter Experts to Ensure Success
UMS Group’s management consultants provide you with guidance in developing and configuring the models to meet your requirements.
Integrated Into Your Environment
AERO seamlessly integrates with your key data sets. Our consultants assist with the automation and validate the results.
Decision Support Provides Deep Insight
UMS Group’s AERO tool harnesses data visualization and analysis as well as powerful integration technology to enable more effective decision making.
Delivers an optimized spending plan and manages risk over a long term planning horizon
Provides transparency to regulators, management and key stakeholders
Evaluates spending options to find the best solution – repair versus replace, automation, reconfiguration
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