Crush your inspection process. Identify high-ranking risks. Repair equipment that directly improves your utility's reliability.
Identify Risk Accurately
PZM identifies risk by combining the probability of a negative event occurring with the consequence of the negative event.
Confidently Deploy Capital
Put your capital expenditure dollars to work in the highest risk areas by utilizing PZM's Risk Matrix algorithm.
PZM's electrical utilty software generates reports and analytical data you can act on to save money, time and resources.
Take Control of Your System
From management, to inspector, to field technician—PZM helps electrical utilities optimize their inspection and maintenance operations.
Automated Email Reporting
Keep your Board and colleagues up-to-date and in the loop with PZM's automated email reports.
Simplify Your Operations
Get rid of the clipboard & paperwork. PZM keeps teams on-track by identifying critical deficiencies, inspection schedules and risk variables. All in the cloud.
Risk is the potential harm that may arise from some present process or from some future event.
In everyday usage, risk is often used synonymously with probability; but, in professional risk assessments, risk combines the probability of a negative event occurring with how harmful that event would be or the consequence of the negative event.
Risk has two components:
- Probability of a Negative Event
- Consequence of a Negative Event
As an example, if I asked you to flip a coin for a hundred
bucks—heads I win, tails you win. You might
take that bet and consider your chances at 50/50.
But if I made that same bet for $1,500 dollars, you would probably not take the bet. Even though your probability stayed the same, your Risk went up because the consequence of the negative event went up!
PZM Risk Matrix — Defining Risk
In the utility world the level of risk can be explained by using two trees growing into a powerline.
Each tree has the same probability of causing an outage. But,
one tree may only cause a minor outage of two city blocks or
houses, while the other tree would cause a major feeder outage
that takes out 12 businesses and a neighborhood of 250
The probability of each tree causing an outage is the same, but the consequence varies greatly.
Risk assessment is measuring the two quantities of risk, the consequence of the potential loss, and the probability that the loss will occur.
PZM employs a Risk Matrix as a structured way to assess risk by using the following steps:
- Identify deficiencies using equipment-specific inspections.
- Measure the consequence of each deficiency if a failure were to occur.
- Measure the deficiencies probability or chance of failure.
- Score the risk of the deficiency based on both the consequence and probability of failure.
- List the deficiencies from the highest risk to the lowest.
Risk assessment may be the most important step in the risk management process.
The most significant factor in risk management is that a risk assessment is performed and it is done using as simple methods as possible.
PZM accomplishes this goal and delivers the utility operator their deficiencies so that the greatest loss and greatest probability of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled later.