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In this paper, we formulate a risk management model for improving operation and maintenance activities in electricity transmission. The model is based on the five core elements of risk identification, risk measurement, risk assessment, risk evaluation, risk control, and risk monitoring and is applied to an actual case study of improving equipment availability of an electricity transmission network through proper operation and maintenance of 440 kV switchgear. We find that the model can be applied effectively in identifying and assessing potential risks and developing appropriate corrective actions to contain and control the identified risks efficiently.
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Tummala et al. (2001) studied this question.
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