The Phenomenological Asset Model (PAM) – refer Asset Strategy – documents the known/assumed asset vulnerabilities and the associated maintenance strategy. Further, the PAM enables the behaviour (and the resulting risk profile!) of the asset to be estimated, i.e. as part of a Virtual World model.
The PAM evergreening workflow is shown below and demonstrates that the PAM is able to be seamlessly integrated into the existing business processes for risk management and continuous improvement. The existing business processes are:
- ESTABLISH – The risk profile of the asset is established via the generation of the PAM and its incoporation in the Virtual World.
- CONTROL – The PAM provides a clear method of evaluating and dealing with unfavourable real-world incidents, i.e. Incident Investigation or Root Cause Analysis (RCA).
- MAINTAIN – The Management Of Change (MOC) process is implemented in the Virtual World.
- OPTIMIZE – Regular review of the system performance targets, e.g. using the Asset Analytics tool or as part of the annual performance review.
The workflow demonstrates that the PAM is a valuable documentation basis for demonstrating compliance with internal and regulatory requirements.