Investment Projects

Conducting a RAMS analysis as part of an investment project can have very positive outcomes, e.g.:

  • Quantify the project business case – precisely and stochastically – at the project fundementals phase.
  • Verify, at each project phase, that the project RAMS (Reliability, Availability, Maintainability and Safety) targets will be met.
  • Identify critical aspects of the design, early.
  • Define clear and quantified sub-system RAMS requirements for communicating with suppliers.
  • Evaluate the impact of scope options on system performance, and quantify the business case.
  • Take the emotion out of decision-making and discussions regarding scope options.
  • Confidence to make big project decisions, e.g. proceed or stop.
  • Hand-over as-built plant performance expectations, and identified vulnerabilities, to the owner and operator.

The figure below shows a typical project phase model and the relevant inputs and outputs for the RAMS analysis. The RAMS analysis should ideally start at the project fundementals phase in order to establish the idea of “stochastic” system performance targets from the outset. The value of continuing the RAMS analysis should be assessed as the project proceeds.

An investment project phase model showing possible inputs and outputs of the RAMS analysis.

Details of the project workflow and deliverables are not presented here. However, examples of typical work that may be conducted for each project phase are outlined by other Use Cases: