|Home About Services Blog Subscribe Contact|
|Criticality Matrix (Risk Matrix)
|Also referred to as a '"risk
One of a variety of techniques to help prioritize actions.
A two-dimensional matrix that plots the relationship between the probability of failure (PoF) of an asset (or a future event) and the consequence of failure (CoF) of an asset (or group of assets) at a particular point in time.
The matrix is used in the development of a criticality analysis.
Horizontal Axis (Probability of Failure)
PoF can be expressed in a variety of linguistic or numerical scales relative to a particular year. Listed below are some examples:
Vertical Axis (Consequences of Failure)
Consequence of Failure are measured against categories, such as:
The Scale Index
The combined values of the PoF and CoF are measured from the top-right hand corner of the matrix down to the bottom left corner.
Criticality Index is a numerical representation of criticality on a defined scaled of C1 to C4.
Listed below is an example of a criticality index applied to a group of assets in buildings
Applications of the Criticality Matrix
A criticality index can be used in the following asset management applications:
"The best way to predict the future is to create it" (Lincoln). Therefore, it is better for owners to control and mitigate the Probability of Failure (PoF) of their assets (through maintenance) rather than the Consequences of Failure (CoF) of their assets (through projects).
Fig. Risk-based decision making is at the heart of asset management and this requires mindful consideration of the relationship between the probability of failure (PoF) and the consequences of failure (CoF). The complexities of these correlations can sometimes be captured on a risk matrix.
Fig. The relationship between the Consequences of Failure (CoF) represented on the vertical (y-axis) and Probability of Failure (PoF) distributed along the horizontal (x-axis) of a criticality/risk matrix.
Fig. Relationship between Probability of Failure (PoF) and the horizontal axis of a risk matrix.
Fig. I. Care is trying to re-align his building’s magnetic north to geodetic true north and thereby use his building as a sundial to cast the right shadow and identify all the critical assets.
Fig. Consequences of Failure (CoF) represented on the vertical (y-axis) of a criticality matrix (risk matrix).
Fig. Risk matrix with tiered consequences of failure.
Fig. Example of a matrix of the Health Index (HI) against Criticality Index (CI) for various assets.
|(c) Copyright Asset Insights, 2000-2013. All Rights Reserved - "Insight, foresight and oversight of assets".|