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.