Review of Asset Hierarchy, Criticality Assessment and Risk Analysis Practices

The MTA NYC Transit (NYCT) has begun an enterprise-wide Asset Management Improvement Program (AMIP). In 2012, NYCT developed an executive-level concept of operations that defined a new asset management framework following a systems engineering approach. NYCT has recognized the need for a fully developed asset hierarchy to enable the evaluation of performance and cost at different levels within the agency. To that end, NYCT has initiated this project as one of the initial steps in better understanding the state of the art in asset management. This report presents methodologies used for asset registration, asset hierarchy, and criticality and risk assessment, gathered from an extensive literature review and interviews with industry experts. The interviews included companies from the water, oil and gas, and rail industry in the US and UK; however, their names need to remain confidential. In addition, a review of asset management standards is included as an appendix to this document