TRACK 1, DAY 2
Quantifying Asset Criticality for Prioritization of Green Rainwater Infrastructure Assets for Strategic Asset Management
A universal truth that all organizations face is the challenge of having limited resources, limited budgets, and limited time to manage their assets. So, even though not ideal, we have to acknowledge that not all assets are equally important in achieving an organization’s service outcomes. Thus, it is important to prioritize and strategize.
In this journey towards strategic asset management planning, City of Vancouver’s Green Rainwater Infrastructure Implementation (GII) branch has developed a criticality framework to assist with decision-making to ensure optimal resource allocation over an assets lifecycle.
This risk score is calculated at an asset level, by quantifying how likely is the asset to fail (Probability of Failure), and when it does, the consequence of its Failure (CoF).
While condition scores and remaining useful life are typically used as proxies for PoF scores, it is the quantification of CoF that is often a challenge. Thus, to quantify CoF score at asset level, a multi-criteria decision analysis framework, specifically analytical hierarchy process (AHP) with pairwise comparison was used.
This approach allowed objective evaluation as well as subjective human judgements within a group decision-making process. While traditionally quantification of consequence focusses only on direct financial impacts, we used a triple bottom line approach to consider environmental and social impacts of failure.
ABOUT THE PRESENTER
Shekar Sharma, City of Vancouver
Shekar Sharma has been supporting the development of asset management plans and strategies through deliverables including Lo, life cycle cost analysis, risk assessment and management strategies, O&M and capital improvement planning for various municipal clients in North America. He has experience working on a wide range of assets such as WTP, WWTP, stormwater facilities, bridges, and roads. He currently supports asset management initiatives at City of Vancouver in the Green Infrastructure Implementation branch.