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The idea will be to present a dashboard showing the "health" of each individual asset based on an algorithm that takes into account considerations below.
Generally speaking the UK Water Companies do not have an agreed working definition of what they mean by ‘asset health’. But, there is broad agreement across companies that ‘asset health’ is a richer concept than ‘asset condition’ in that ‘asset health’ needs to consider not only the physical state of the asset but also the role and importance of the asset in ensuring that service performance targets and customer expectations can be met. There are a number of considerations when defining Asset Health:
Asset Condition - measure of the condition/performance state of an asset
Fit for Purpose - measure of how well the asset can fulfil its function
Remaining Life - estimate of how long before the asset will need to be repaired or replaced
Failure Probability - measure of the likelihood that the asset will fail in some way
Resilience - measure of the ability of the asset to withstand/respond/recover from a serious event - and can also incorporate consideration of future change and maintaining service to customers and the environment
Asset health - facet of resilience, based on the ability of an asset to resist stress and consideration of reliability (failure probability). Has a broader scope than asset condition and includes consideration of aging of asset and how asset failure contributes to service failure now and into the future.
