Step 1.   Select an Asset Type, for which there are known Risks in operating its Assets.

Step 2.   Create a Standard Risk Event with the New Task from any of the following:

•      Right-click in the Asset Type Explorer

•      Right-click on an Asset Type in the Recently Viewed List or Favourites List

•      Left-click from the Asset Type Form

Step 3.   Enter the Standard Risk Event details as follows:

•      If so desired, allow auto-creation of Risk Events, when an Asset is created

•      Defaults for the Consequences of Failure

•      Calculate the Probability of Failure based on details of the Asset, for which Risk Events will be created:

•      Any numeric user field

•      Overall condition

•      Any condition attribute

•      Any dimension

•      Remaining useful life

•      The current log book reading

Conquest uses a curve to calculate the probability of failure. The minimum and maximum values determine the scale on the X-Axis of the curve. Any value in the selected field less than the minimum value has a probability of zero. Any value in the selected field that is greater than the maximum value has a probability of 100%.

The Probability of Failure is set when the Risk Event is created or when the Recalculate Risk Scores function is executed.