Risk Quantification and Evaluation Modelling
In this paper authors have discussed risk quantification methods and evaluation of risks and decision parameter to be used for deciding on ranking of the critical items, for prioritization of condition monitoring based risk and reliability centered maintenance (CBRRCM). As time passes any equipment or any product degrades into lower effectiveness and the rate of failure or malfunctioning increases, thereby lowering the reliability. Thus with the passage of time or a number of active tests or periods of work, the reliability of the product or the system, may fall down to a low value known as a threshold value, below which the reliability should not be allowed to dip. Hence, it is necessary to fix up the normal basis for determining the appropriate points in the product life cycle where predictive preventive maintenance may be applied in the programme so that the reliability (the probability of successful functioning) can be enhanced, preferably to its original value, by reducing the failure rate and increasing the mean time between failure. It is very important for defence application where reliability is a prime work. An attempt is made to develop mathematical model for risk assessment and ranking them. Based on likeliness coefficient β1 and risk coefficient β2 ranking of the sub-systems can be modelled and used for CBRRCM.
Defence Science Journal, Vol. 64, No. 4, July 2014, pp. 378-384, DOI:http://dx.doi.org/10.14429/dsj.64.6366
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