Lucity 7.40 Enhancements: Risk Analysis

This is a series of blog posts on the new enhancements available with Lucity Version 7.40 including:

Starting with the 7.40 release, all of the Lucity inventory modules have several new fields to assist with risk analysis.  These fields are:

  • Probability of Failure
  • Consequence of Failure
  • Risk
  • Replacement Cost
  • Replacement Date
  • Replacement Value
  • Present Value
  • Remaining Life

Risk, Present Value, and Remaining life are calculated fields.  By default, Risk is calculated as Consequence of Failure * Probability of Failure but this calculation can be customized.  Present Value and Remaining Life are calculated based on Construction records entered in the inventory Construction module.

We are looking to extend the risk assessment and analysis features available in the Lucity software suite and are very interested in hearing your desires.  What features would you like to see in future Lucity releases for risk analysis?  If you would be interested in participated in a design focus group on risk analysis please leave a comment below or contact a Lucity representative.

One comment on “Lucity 7.40 Enhancements: Risk Analysis

  1. Clint says:

    Redundancy plays a large part if risk analysis. Would like to see a redundancy field that is involved with the Consequence field.

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