Application of maintenance tools and strategies in integrated risk management of critical physical assets.

Abstract

This paper critically analyses various tools, techniques and strategies; and proposes an ‘integrated risk management model’ that utilises advantages of the best combination of tools, techniques and strategies to manage risks thereby optimising operating costs whilst maximising returns on critical assets in high voltage networks; and physical assets in general. We used a triangulation method involving a longitudinal single case study within Malawian power sector, multiple (34) industrial case studies and sample surveys of selected Malawian and South African industries. It was shown that the electric power industry (70%) lacked a clear systemic maintenance and refurbishment risk management model due to the difficulty in determining optimum combination of tools. They also lacked technical skills needed to apply proactive strategies. The core value of tools is in planning of maintenance and refurbishment; and in contextualising, exploring, assessing, treating and monitoring of risks.