Versatile Economic Risk Tool

The foundation of the Versatile Economic Risk Tool is based on the methodologies of the Generation Risk Assessment (GRA) and uses a systematic approach to prioritizing systems, structures, and components based on estimated operation reliability and the impact on future power generation. The GRA provides management with insight that helps with decisions on maintenance, component repair/replacement, design modifications, and other issues associated with electricity generation and equipment reliability programs. Although the benefit of the GRA is understood in the nuclear community, there are negative aspects associated with the current approaches. Traditional GRA modeling is time consuming, convoluted, and considers only the static portion of generation risks. The Versatile Economic Risk Tool addresses the drawbacks of the traditional GRA through simplifying and/or automating the requirements for an effective GRA model. The Versatile Economic Risk Tool also integrates in-depth parametric variability within models to evaluate system, structure, and component generation risks as a function of time. The Versatile Economic Risk Tool addresses the shortcomings of the GRA by automating the study of equipment reliability and degradation from an electricity generation perspective by coupling fault tree analysis and statistical analysis software that support repetitive, parametric analyses. Versatile Economic Risk Tool case studies are presented to provide insight into the potential benefit provided.