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Priority

The relative importance of a task or deficiency in relation to other tasks or deficiencies. The status of an asset or corrective action to an asset established in order of importance or urgency.

Severity


Classification 1

Classification 2
The following four-tiered classification provides priority rankings for condition observations.

Classification 3
The following four-facet classification provides priority rankings for individual facilities/buildings within a portfolio based upon  a Portfolio Condition-Priority Matrix (PCPM).
Some of the related concepts include: mission dependency index (MDI).


Classification 4
The following four facet classification provides relative priorities derived from an Urgency-Importance Matrix.
Classification 5

Classification 6
The next classification uses a risk matrix / criticality matrix to derive priority:
Criticality matrix with four quadrants to help prioritize action.
Fig. Criticality matrix with four quadrants to help prioritize action based on the relationship between importance and urgency.

MDI quadrants and corresponding action classes.
Fig. The four MDI quadrants and the four corresponding action classes.


The relationship between Consequences of Failure (CoF) represented on the vertical (y-axis) and Probability of Failure (PoF) on the horizontal (x-axis) of a criticality/risk matrix.
Fig. The relationship between Consequences of Failure (CoF) represented on the vertical (y-axis) and Probability of Failure (PoF) on the horizontal (x-axis) of a criticality/risk matrix


See also:
Chessboard analogy to illustrate competing priorities as one fo the operational challenges
Fig. Chessboard analogy to illustrate competing priorities as one of the operational challenges in asset management.


I. Care is establishing priorities for the different assets but is fighting forces that necessitate periodic re-prioritization.
Fig. I. Care is establishing priorities for the different assets but is fighting the "wind" and other forces that necessitate periodic re-evaluation and re-prioritization.


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