The Risk Analysis wizard has two steps. In the first step, you define the risk analysis criteria for defining asset risk levels. In the second step, you select the data scope as well as the LOFs and COFs which should be included in the risk analysis.
InfoAsset Planner's risk analysis is a flexible way for prioritizing assets. You will have different opinions as to what parameters should be weighed more or less heavily in regards to a full risk analysis. Because of these different preferences, it is always important to remember that there are no 'right' methods. Many different risk analyses may be created and compared for different purposes to help you arrive at more educated and justifiable rehabilitation decision.
Step 1: Criteria
After choosing to create a new risk analysis, the first window will allow you to define the criteria for this risk analysis. This first window may be separated into the following components described below the screenshot.
- Risk Assessment Method - You may choose one of four methods to calculate risk scores in InfoAsset Planner. These risk types are described below. By far the most commonly used method is the method shown in the screenshot above: The 5x5 Bi-Directional Distribution method.
It is important to note that of the three risk field outputs (Total Risk, Normalized Risk, and Risk (By Grading)), the risk assessment method only affects the Risk (By Grading) output (unless the Asset Grading Classification option is chosen). Total Risk and Normalized Risk results will be constant no matter if Linear Normalization Classification, Bi-Directional Distribution, or Multi-Criterion Classification is selected.
Linear Normalization Classification - This is the simplest method. The Risk (By Grading) score is the result of the Normalized Risk score divided into the set user-specified boundaries. Defined boundaries can be set by either percentage or by value. See the example below for further clarification.
If the Linear Normalization Classification is selected, options may be defined as shown in the following screenshot:
With this criteria, the results table may match the following:
Bi-Directional Distribution - This is the most common method implemented by InfoAsset Planner users. This options allows users to create a matrix, either 3x3 or 5x5, to compare consequence and likelihood results independently before placing assets in a Risk (By Grading) category. Consequence and likelihood results are normalized independently for each asset and then may be defined with a Risk (By Grading) category for each COF and LOF intersection. Because of this independence, it is not uncommon for users to see assets with lower Total Risk scores, but higher Risk (By Grading) results.
If the Bi-Directional Distribution is selected, options may be defined as shown in the following screenshot:
With this criteria, the results table may match the following:
Multi-Criterion Classification - Similar to the Bi-Directional method but allows additional control over how individual calculated consequences relate to the prioritization of rehabilitation. This is a specialized method rarely applied. For more information on this method, please contact Innovyze Support.
Asset Grading Classification - The total COF scores are mapped on a 1-5 scale and compared to the asset grade to assess risk for each pipe. Asset grading is mapping of a condition grade to a 1-5 scale. This is a specialized method rarely applied. For more information on this method, please contact Innovyze Support.
- Risk Matrix Editing - This second area is where users may edit their risk matrix categories. The default matrix categories of Extreme, High, Medium, Low, and Negligible may be customized in the Setting option. Again, this area will only affect the Risk (By Grading) field in the risk results. Risk matrix profiles can be saved ( ) and loaded ( ) into other new risk analysis Bi-Directional matrices.
- Risk Summation and Normalization Options - Here you can edit how you would like the Total Risk field to be calculated. Should InfoAsset Planner multiply or sum COF and LOF totals to generate the Total Risk score?
The second option affects the Normalized Risk score. The top Total Risk asset will be matched to the number set here. So if the top total risk score was 652, it would be given the Normalized Risk score of whatever number is set here. All other assets, would be compared to the top score in the Normalized Risk column. So if 648 was the second highest score, it's Normalized Risk score would be 648 / 652 and then multiplied by whatever number is set as the normalized risk.
- Defining Boundaries - Here you can define the cutoffs in their matrix. These boundaries may be percentages (i.e., normalized values) or based off values. It is important to note that boundary values round down, not up. Good examples for how these boundaries work are shown in the tables above.
Once the criteria in these area is set, you should click Next to advance the the second window in the risk analysis wizard.
Step 2: Facility Scope and COFs/LOFs
First, define the Facility Scope for which the Risk Analysis will be performed. Facility Scope options are the Full network, Facility Selection, or Zone. Keep in mind that the selection must be consistent with the Facility Scope used in the COFs and LOFs. It is fine is the selection is smaller, but a risk selection larger than the COFs and LOFs may generate some errors.
Select the likelihoods and consequences to be used in the analysis by checking the boxes for each COF and LOF that will be included.
Apply weights and/or exponents to each COF and LOF if desired. Weights are a multipliers to the selected COF or LOF. So if the original COF result was 5 but a weight of 0.6 was applied, the final result used in the risk analysis would be 3.
Exponents are values which can raise your LOF result to a desired value. So if the original COF result was 5 and an exponent of 3 was applied, the final result used in the risk analysis would be 125.
Only fully run COF/LOFs with result tables will be shown in this interface. In addition, the vertical asset options will always be available to the user regardless of if any other created COF/LOFs exist.