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PLEASE NOTE THE NEW
START TIME OF 16:00!
Statistical Challenges in
Asset Management - Case Studies from the Water Industry
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
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Tea and coffee will be
served after the first talk.
Dr. Atai Winkler, Overbeck
Using Survival Analysis to Model Asset Failure and
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
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.
by the meeting chair): What impact will the ISO 55000 series of
standards have on statistical challenges in Asset Management?
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.
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