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Monetary risk

Once probability of failure and consequences of failure have been calculated for each asset, monetary risk is calculated as:

\(Risk = PoF \cdot CoF\)

Risk matrices for each asset class, along with cost-benefit analyses of interventions (reinvestment and maintenance) are submitted to the regulator, allowing utility and regulator to reach concensus on the right balance of cost and reliability.

Individual asset risk

Given an asset with a probability of failure = 0.08% per year and consequences of failure equal to £18,232, we can visualize and analyize which risk class this asset has with the following functions:

# Generate an empty 5x4 matrix
matrix_structure <- risk_matrix_structure(5,4,NA)

# Monetary risk for one asset
risk_coordinates <- risk_calculation(matrix_dimensions = matrix_structure,
                                     id = "Transformer1",
                                     pof = 0.08,
                                     cof = 18232,
                                     asset_type = "6.6/11kV Transformer (GM)")

risk_matrix_points_plot(matrix_structure,
                        dots_vector = risk_coordinates,
                        dot_radius = 4)

Asset class risk

Given a population of assets within the same asset class, we can visualize how monetary risk is distributed with the following example:

# Generate an empty 5x4 matrix
risk_data_matrix <- risk_matrix_structure(5,4,NA)
risk_data_matrix$value <- sample(1:30,size=nrow(matrix_structure),replace = T)

risk_matrix_summary_plot(risk_data_matrix)

Non-linear bins

Sometimes it is desirable to create the matrix with non-linear intervals, since each interval represents a bin of CoF and PoF, bins which typically increase in size as the CoF and health scores increase. The inputs x_intervals and y_intervals should match the x and y dimensions of the risk matrix data frame, but can contain any values, since these are internally normalised to 1.

# Generate an empty 5x4 matrix
risk_data_matrix <- risk_matrix_structure(5,4,NA)
risk_data_matrix$value <- sample(1:30,size=nrow(matrix_structure),replace = T)

risk_matrix_summary_plot(risk_data_matrix,
                         x_intervals = c(0.1,0.1,0.1,0.2,0.3),
                         y_intervals = c(0.75,0.75,1,1.5))

Matrices with different dimensions

Although the CNAIM standard specifies a rigid 5x4 matrix, it might be desirable to implement different size risk matrices. The CNAIM R package offers this flexibility. For example, to make a 4x4 matrix:

# Generate an empty 4x4 matrix
risk_data_matrix <- risk_matrix_structure(5,4,NA)
risk_data_matrix$value <- sample(1:30,size=nrow(matrix_structure),replace = T)

risk_matrix_summary_plot(risk_data_matrix)