Power generating utilities need to adapt strategies to changing business scenario in the power sector where the paradigm shift is taking place with greater emphasis on customer and the growth of the sector is driven by ‘competitive tariff'. Generating utilities are faced with pressures of maximizing generation, high reliability and cost reductions. The biggest challenge faced by utilities is transforming its maintenance practices from deep-seated traditional time based preventive maintenance culture to ‘Knowledge Based Maintenance (KBM)’.
In this series, the element of ‘Risk Evaluation’ aimed at ‘Financial Risk Optimization (FRO) ®has been introduced and is being taken up further through this Programme in NTPC. The FRO process has two paradigm shifts embedded in it for engineers. First is that ultimate expression of engineering opinion needs to be in financial terms in order to communicate to a corporate financial decision maker. To achieve this, equipment performance needs to be evaluated on ‘two dimensional’ parameter ‘risk’ and requires the engineering expression of future power plant performance in terms of probability of failure versus time and the quantitative consequences. The purpose of the FRO is to determine the inspection/repair/replacement timing of risk critical plant components that will bring about the maximum Net Present Value Savings to the utility. In short an optimized maintenance business plan over several years that is based on the combination of engineering input about projected future component performance and consequence to utility for component failure considering the cost of component repair/replacement. This optimized business plan can be evaluated under constraints of annual budget limit and safety.
This Programme initiates utility engineers into ‘risk screening, assessment and mitigation processes’.At the end of the programme the participants will be able to:
- Define Risk Screening , Risk evaluation, Risk mitigation
- State the difference between Risk evaluation & Risk mitigation
- Describe & Analyze the Data organization and collection & Evaluation
- Describe the maintenance plan evaluation & Optimization
- Describe the maintenance prioritization based on Quantitative & Qualitative Methods
- Describe about the FRO tool & Their Interpretation
