Fundamentally, asset management is about resource allocation to optimize system reliability. Assets are continuously aging from the date of being put into service. Asset managers must provide recommendations on where maintenance and replacement budgets are best used to prevent unplanned outages and other service disruptions. No budget or resource pool is infinite, so assets must be prioritized based on some set of criteria. A concerns index is one tool utilized to simplify those decisions.
A concerns or health index can provide an overview status of the asset. The intent is to make it easy for asset managers to assess if equipment needs immediate attention or is in good operating condition. One of the key benefits of continuous online monitoring is the ability to trend the condition of equipment. This allows asset managers to make informed decisions if a known problem needs immediate attention or if it can be addressed during next planned outage. The concerns index provides some of this guidance by scoring assets that need immediate attention differently than those that are at low risk for failure. Therefore, the concerns index a key tool when performing risk management on a large fleet of power transformers and circuit breakers.