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