Risk analysis for increasing safety in power plants

Abstract

© Taylor & Francis Group, LLC. The article presents a methodology for decision problems involving equipment maintenance policy selection or design changes (including overall and retrofitting) that can be applied in large power plants. The methodology is based on risk and decision-making concepts aiming at balancing the probability of occurrence of a given failure scenario and the consequences of that failure, expressed in monetary values. Using risk-based policy in maintenance organization, planning, and control is very important in order to reduce costs.