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04Operations & Asset Management

Criticality screen

Find the assets that have to be looked at separately, and see what a likelihood times consequence ranking does to that list.

The seamThe criticality register built by multiplying two scores, and the rare severe asset that finishes at the bottom of it because it hardly ever fails.

What this computes from

Read the sources

  • PIARC Asset Management Manual, 2.3.3, identifying critical assetsPIARC manual, current online edition; read 2026-09-04.Free and global. States that critical assets have a high consequence of failure but not necessarily a high likelihood of failure, and should be identified separately and assessed in greater detail. States on the same page that risk is likelihood multiplied by consequence. Both are right and practice merges them, which is what this tool exists to show. Also the source of the consequence categories used here: safety, reputation, asset loss or damage, service reduction or failure, operational, environmental, financial and contractual.
  • ISO 55001:2024, asset management system requirements2024 edition; read 2026-09-26.ISO’s product page: the publication details and ISO’s own summary of the standard, not the requirement text. The contents, foreword and introduction cited in this publication are taken from the standard’s preview pages hosted on the ANSI webstore, not from this page.

What the output feeds

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