The Duty/Standby Philosophy - A Re-Emerging Conversation
BoK Content Type:
Presentation Slides
Presentation Paper
BoK Content Source:
MainTrain 2014
Original date:
Tuesday, November 18, 2014
Are you rolling the dice when it comes to managing Operational Risks? In an industrial setting, physical plant systems are the primary revenue generators and where the consequences of failure can be catastrophic - reliability is serious business. A standard practice for minimizing the overall risk exposure associated with system failure is to apply a redundancy philosophy — or a Duty/Standby Philosophy. Does your organization have a duty/standby philosophy? How does it address risks, safety and optimum life cycle costs associated with plant systems? In this presentation learn about the well-known 50:50 philosophy used in industry. This will be followed by a case for higher reliability by providing a qualitative argument for moving away from the conventional 50:50 practice of managing systems in such an arrangement.