Oct 25 | Identify which assets have the highest failure probability using Info360 Asset's new deterioration modeling tool.
Before creating a deterioration model, you first need to group together assets with shared characteristics. See Groups.
You may also want to define what indicates failure for your assets, if you have enough inspection, task and/or event data. See Failure Definition.
When setting up your deterioration model, you can decide which method you want to use to generate the survival probability curve for each group. These methods include a set of industry standard curves.
The results from your deterioration model will give you the failure probability and remaining useful life / expected failure year for each asset. You can also see cumulative failure probability per group.
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