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ALLSTAT  October 2014

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Subject:

REMINDER: RSS BIS Session - 12th November - Statistical Challenges in Asset Management

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"[log in to unmask]" <[log in to unmask]>

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Date:

Sun, 26 Oct 2014 11:55:46 +0000

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Dear Allstat,

Please find update details below of the upcoming event 
at the RSS. If you have any questions please let me know, to register 
your interest please contact [log in to unmask]

PLEASE NOTE THE NEW 
START TIME OF 16:00!

Kind regards,

David


Statistical Challenges in 
Asset Management - Case Studies from the Water Industry

Wednesday, 
12th November 2014, 16:00-18:00
Location: Royal Statistical Society, 12 
Errol Street, London, EC1Y 8LX

This session, hosted by the Business 
and Industrial Section (BIS) and held in conjunction with the Institute 
of Asset Management's (IAM) Academic Research Network (ARN), will 
present some of the ongoing challenges in using data, evidence and 
modelling techniques to support asset management decision-making. The 
talks will cover the use of predictive analytics for asset planning, 
application of risk management techniques and a discussion on how these 
approaches can be used to support the new ISO 55000 suite of standards 
for Asset Management. Case 
studies will be based on work in the water 
industry.

All are welcome but please register your interest through 
[log in to unmask] so we can plan catering.

Tea and coffee will be 
served after the first talk.

SPEAKERS
Dr. Atai Winkler, Overbeck 
Analitica
Using Survival Analysis to Model Asset Failure and 
Replacement

The talk will describe how survival analysis, a method 
usually used in medical statistics, has been successfully applied to 
model asset failure and replacement. The case study uses intervention 
and asset data over a 12 year period from a major UK water company. 
Deterioration curves for different types of asset descriptor, for 
example manufacturer, will be discussed. The talk will then show how 
the Cox proportional hazards model was used firstly to identify assets 
at greatest risk of immediate failure and therefore in greatest need of 
immediate attention, and secondly to simulate the financial 
consequences of various asset maintenance and replacement policies.



Jake Ansell, Edinburgh University
Optimal Asset Management

In the 
water industry regulation means that companies have to develop well 
laid plans for asset management both in the short-term (5 years) and 
long-term (25 years). The problem is the number of assets that each 
water company has and modelling of the performance of assets over 
protracted periods. This talk will briefly give an overview of the 
issues. It will describe how Whittle Index has been employed to achieve 
a £1bn saving for the company in its asset management.

Discussion (led 
by the meeting chair): What impact will the ISO 55000 series of 
standards have on statistical challenges in Asset Management?
January 
2014 saw the launch of the ISO 55000 series of standards on asset 
management. This discussion session will highlight the key areas of the 
ISO 55000 series that relate to decision making, data and analysis, and 
invite the audience to discuss what the impact may be on how 
statistical analysis supports asset management organisations. 

You may leave the list at any time by sending the command

SIGNOFF allstat

to [log in to unmask], leaving the subject line blank.

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