INFRASTRUCTURE ASSET MANAGEMENT ANALYTICS STRATEGIES FOR SYSTEMIC RISK MITIGATION AND RESILIENCE ENHANCEMENT

Abstract

The effective implementation of infrastructure asset management systems within organizations that own, operate, and manage infrastructure assets is critical to address the main challenges facing the infrastructure industry (e.g., infrastructure ageing and deterioration, maintenance backlogs, strict regulatory operating conditions, limited financial resources, and losing valuable experience through retirements). Infrastructure asset management systems contain connectivity between major operational components and such connectivity can lead to systemic risks (i.e., dependence-induced failures). This thesis analyzes the asset management system as a network of connected components (i.e., nodes and links) to identify critical components exposed to systemic risks induced by information asymmetry and information overload. This thesis applies descriptive and prescriptive analytics strategies to address information asymmetry and information overload and predictive analytics is employed to enhance the resilience. Specifically, descriptive analytics was employed to visualize the key performance indicators of infrastructure assets ensuring that all asset management stakeholders make decisions using consistent information sources and that they are not overwhelmed by having access to the entire database. Predictive analytics is employed to classify the resilience key performance indicator pertaining to the forced outage rapidity of power infrastructure components enabling power infrastructure owners to estimate the rapidity of an outage soon after its occurrence, and thus allocating the appropriate resources to return the infrastructure to operation. Using predictive analytics allows decision-makers to use consistent and clear information to inform their decision to respond to forced outage occurrences. Finally, prescriptive analytics is applied to optimize the asset management system network by increasing the connectivity of the network and in turn decreasing the exposure of the asset management system to systemic risk from information asymmetry and information overload. By analyzing an asset management system as a network and applying descriptive-, predictive-, and prescriptive analytics strategies, this dissertation illustrates how systemic risk exposure, due to information asymmetry and information overload could be mitigated and how power infrastructure resilience could be enhanced in response to forced outage occurrences.