STEP 3: Define classifications and weighting factors

Editing the business objectives

When the business objectives have been defined, the user can define a set of effects that failure of the system may have on each business objective, ranging from a low effect up to a high effect. Each company typically defines their own set. This results in a set of classifications and corresponding weighting factors and class numbers for each defined business objective.

Note: For more information on how Classifications can be defined, see the topic Factor Classification.

Factor Classifications and weighting factors of MTTF and repair duration

The next step is to define a range of probabilities indicating the chance of failure for each of the failure modes that will be defined in the system. AVEVA Asset Strategy Optimization uses the MTTF (Mean Time To Failure) for this.

A third dimension is to define a classification of repair durations. Including repair durations in the equation is a means to further express risk, as failures with longer repair durations are less desired than ones with short repair durations.

Each factor classification is combined with a weighting factor.

Note: For more information on how the add classifications and weighting factors, see the topic Factor Classification.

Reports

An overview of all entered Business Objectives with the associated factor classifications can be created using the “Business Objectives” report. This shows all the classes and their weighting factors for each business objective.

Note: For more information on how to produce the report Business Objectives, see the topic Business Objectives.