Application of maintenance tools and strategies in integrated risk management of critical physical assets

This paper critically analyses various tools, techniques and
strategies; and proposes an ‘integrated risk management model’ that utilises
advantages of the best combination of tools, techniques and strategies to
manage risks thereby optimising operating costs whilst maximising returns on
critical assets in high voltage networks; and physical assets in general. We used
a triangulation method involving a longitudinal single case study within
Malawian power sector, multiple (34) industrial case studies and sample
surveys of selected Malawian and South African industries. It was shown that
the electric power industry (70%) lacked a clear systemic maintenance and
refurbishment risk management model due to the difficulty in determining
optimum combination of tools. They also lacked technical skills needed to
apply proactive strategies. The core value of tools is in planning of
maintenance and refurbishment; and in contextualising, exploring, assessing,
treating and monitoring of risks.
Keywords: maintenance; refurbishment; asset management tools; high voltage
assets; Malawi; South Africa; integrated risk management.