Optimise your decision making using Criticality, Risk and Prioritisation

Abstract

Asset Criticality is often a misunderstood concept with many organisations confuse the meanings of criticality and risk. In this presentation we will outline the key differences between criticality and risk and explain how you can use this information to optimise capital and maintenance expenditure decisions. Clear Idea has developed a framework for qldwater that is currently used by the Water Industry for Criticality Assessments and is now developing a framework and tool that can be used on other Local Government Infrastructure such as roads, bridges, stormwater, buildings and parks equipment. It is important to have a consistent and repeatable framework for assessing criticality, regardless of who is doing the assessment. Criticality assessment is the first step in the asset management maturity journey that will lead your organisation towards being strategic in decision making instead of reactive and provides an unbiassed method when making decisions.