Once again, you’ll need the best sources of information to tell you when it’s time to batten down the hatches or get ready to be on the move.

Root Cause Analysis, Business Cases, FMEA, Fault Tree Analysis, and Monte Carlo Simulations will be covered.

Guesstimate blend of the words “guess” and “estimate.”

...let's start with the difference between criticality and risk in your asset management program.

Context is fundamental to all, including the international standard for asset management and the international standard for risk management.

All facilities and infrastructure assets deteriorate with time and use. To maintain the effectiveness and value of an asset, renewal work...

The purpose of a useful life estimate is to determine how long an asset will remain in useable condition. "Useful life" is not the same...

Monte Carlo Analysis Provides Analytical and Communication Value When Complexity and Uncertainty Are High Monte Carlo analysis or Monte Carlo simulation is a technique used for forecasting that considers uncertainty and variability. As an analytical tool, Monte Carlo analysis forces the project development process to incorporate wider thinking and minimize biases. As a communication tool, Monte Carlo analysis is powerful in showing the probabilities and possibilities and iden

Monte Carlo analysis de-emphasizes extreme events, which are usually the things that cause major projects and capital program to fail. Monte Carlo analysis has some key limitations that make the technique a major cause of concern for new project development. This article discusses four contradictions that every organization should be aware (and beware) when developing new capital programs. A balanced approach using qualitative and quantitative techniques is advised. Caveats O

Probability Distributions The probability density function (PDF) is applied to continuous random variables, whereas the probability...

Monte Carlo simulations are the best approach for assessing uncertainty for future infrastructure and facilities funding requirements....

If you are not using Monte Carlo simulations to inform your asset management decision making, then it is nearly certain that you are leaving value on the table. Understanding the total cost of ownership is a fundamental principle of asset management of facilities and infrastructure. However, all of our knowledge is about the past. All of our decisions are about the future. Monte Carlo analysis is our best tool for bridging our knowledge of the past with future uncertainties.

Drinking treated wastewater is still a few years away because there is not enough demand for it. The technology exists that makes it...