Risk based approaches are gaining currency as industry looks for rational, efficient and
flexible approaches to managing their structures and equipment. When applied to inspection
and maintenance of industrial assets, risk based approaches differ from other approaches
mainly in their assessment of failure in its wider context and ramifications. These advanced
techniques provide more insight into the causes and avoidance of structural failure and
competing risks, as well as the resources needed to manage them. Measuring risk is a
challenge that is being met with state of the art technology, skills, knowledge and experience.
The thesis presents risk based approaches to solving two specific types of problem in the
management of offshore structures and equipments. The first type is finding the optimum
timing of an asset life management action such that financial benefit is maximised,
considering the cost of the action and the risk (quantified in monetary terms) of not
undertaking that action. The approach presented here is applied to managing remedial action
in offshore wind farms and specifically to corroded wind turbine tower structures. The second
type of problem is how to optimise resources using risk based criteria for managing
competing demands. The approach presented here is applied to stocking spares in the shipping
sector, where the cost of holding spares is balanced against the risk of failing to meet demands
Risk is the leitmotiv running through this thesis. The approaches discussed here will find application in a variety of situations where competing risks are being managed within constraints.
A Dissertation Thesis submitted in partial fulfilment of the requirements for the award of the degree Doctor of Engineering (EngD), at Loughborough University.