Standard Risk Events are a component of the Conquest Risk module. Provided that a current Risk licence is installed, Standard Risk Events are available in the context of the Asset Type Object, either in the Asset Type Explorer or from the Asset Type Form, by way of the ‘New > Standard Risk Event’ Task. Once created, they are accessed from the Asset Type Explorer in a “Folder” below the Asset Type they belong to.
A Standard Risk Event is a template for a Risk Event. A Standard Risk Event’s Asset Type and its child Asset Types, govern which Assets are able to use it, to create Risk Events from.
A Standard Risk Event defines:
•A Default value for the Consequences of Failure
•A method for calculating the Probability of Failure
•Whether Risk Events are created for new Assets of an Asset Type with Standard Risk Events, by way of the ‘Automatically Create’ checkbox
Calculating the Probability of Failure Automatically
Standard Risk Events provide a method of calculating the probability of failure automatically, based on information from the Asset for which the Risk Event is being created.
The basis for the calculation can be:
•Any numeric user field
•Overall condition
•Any condition attribute
•Any dimension
•Remaining useful life
•The current log book reading
A Curve is used 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.