In recent years, power plant operation has changed significantly due to increasing competition in the market, demand for higher profits, and obligation to meet increasingly stringent statutory requirements and environmental regulations. There has been a shift in the operation mode from base to cyclic load, and this has led to increased numbers of plant failures. Such incidents, such as furnace explosions, cracking of a major pressure part, or major turbo-generator failures, can leave a unit with a commitment to supply without the means to deliver. The management’s operational strategy should aim to deliver the required plant performance inside an operational envelope that limits both short and long-term plant damage. As a result, power plant operators are showing a high level of interest in the ‘risk-based management’ approach. In this study, various risk-based procedures have been critically reviewed, compared, and assessed. Some of the advanced inspection technologies and smart analysis systems used for equipment monitoring are also discussed.
The report concludes with a summary and a recommended best-practice risk-based management program that can be adopted to manage risk or to improve existing maintenance programs.
Maintenance optimization, risk-based management, smart analysis system, risk analysis tools, probability of failure, consequence of failure.