New learning opportunities starting this December - Bitesize Webinars
02 Dec 2020
New learning opportunities starting this December - Bitesize Webinars
We're excited to launch our newest learning opportunity - our monthly Bitesize Webinar Series.
We know that members like you are busy, and investing the time in longer webinars is not always practical during your work days. So, to give you another option to build your asset management knowledge and hear from leading professionals in the field, each month we'll be bringing you four 15 minute Bitesize Webinars.
Featuring case studies, projects, leading asset management practice and innovative applications of theory, these webinars will provide digestible, practical information and spur conversation and awareness in the industry.
See what we have planned for for December below...
___________
Extreme Value Analysis
09:00 GMT, 9 December 2020
Speakers: Keri Bunnell and Craig Mauelshagen, Business Modelling Associates
BMA worked with National Grid Gas Transmission (NGGT) to develop an innovative methodology and models to quantify the risk adjusted NPV of investment options for St Fergus and other critical infrastructure. St Fergus is the largest gas compression site in the UK, with many of its compressors due to become non-compliant with the Industrial Emissions Directive (IED) in the near future. An integrated real-options analysis model of the possible decision routes which could mitigate risk was built. Monte Carlo, simulation, sensitivity and stress testing analysis underpinned the robust business case put forward to the regulator Ofgem to enable additional funding within the RIIO-T1 price control re-opener. NGGT were able to effectively and rapidly quantify the trade-offs between site resilience, operating costs and emissions. Planners were also able to rapidly focus attention on investment schemes with highest NPV, which required further refinement.
This is part 1 of a 3 part webinar series on System Risk & Resilience by Business Modelling Associates. See parts 2 and 3 in the monthly Bitesize Webinar releases.
Evolving to Digital Twins for UK Infrastructure Assets
12:00 GMT, 9 December 2020
Speakers: Kevin Reeves, Director of IoT and Digital Twin, Costain
UK infrastructure, like many industries, is going through a period of significant transformation with digital technologies underpinning much of this change. The current COVID-19 situation will perhaps catalyse the pace of change as we consider a new normal. ‘Digital Twin’ in particular is emerging as a core capability that will underpin UK infrastructure as digital transformation continues to evolve. See examples of how this emerging market is utilising digital techniques and how important it is for companies to define what a digital twin means to them first, before embarking on a journey to evolve infrastructure.
Igniting Decision Making
14:00 GMT, 9 December 2020
Speakers: Bernard Lavoie, Director of Sales Engineering, DIREXYON
The future is uncertain, so why not consider all probable futures? In this first of a two-part webinar series, you will learn how the Real Option approach can help you determine which intervention options have the highest probability of generating the best return on investment, based on your organization’s risk tolerance. The Real Option approach has been used for a long time in financial markets, but its application is still very limited in asset management, as it requires phenomenal computing power. However, today's cloud technologies make it possible to leverage this innovative and disruptive approach for strategic asset investment planning, building a bridge between an organization’s various stakeholders to reconcile financial and engineering aspirations.
A Digital Technology Selection Process
17:00 GMT, 9 December 2020
Speakers: Prof John Erkoyuncu, Professor of Digital Engineering and Prof Andrew Starr, Professor of Maintenance Systems, Cranfield University
With the increasing complexity of engineering solutions, how to better conduct effective trade-offs to improve the informed decision-making capability for technologies prioritisation has become a growing challenge within the context of life cycle asset management. However, lack of methods on standardising the prioritisation of technologies in this context while providing generic applicability is identified. Inspired by the Through-Life Engineering Services (TES) value streams and support activity assets, existing within a common framework for TES, a new design framework for technologies prioritisation within the TES context is proposed to tackle the aforementioned challenges. Learn how the framework functions and see case study usage in this presentation.
This presentation was given at the IAM Annual Conference 2020. Shown here in part, gain access to the full presentation and over 30 others by buying on-demand access to the Conference.