A Review on Risk Management of Wave Energy Converter by Using Method of Risk Identification of The Project Life Cycle and Method of Failure Modes and Effects Analysis
Keywords:Renewable Energy, Wave Energy Converter, Risk Management, Project Life Cycle, Failure Modes and Effects Analysis
Utilization of wave energy is considered as new renewable energy technology in Malaysia and exposed to a lot of risks. This study emphasis on a Wave Energy Converter (WEC) that harvest energy from waves and convert it into electricity. Objectives of this paper are to study the method of risk identification on WEC by using two different approaches and identify whether the method is suitable to be use. The first method is risk identification on WEC’s Project Life Cycle (PLC). It focused on the identification of risks, separates it by every stage of the PLC and determine the origin, impact and risk level. The second method is Failure Modes and Effects Analysis (FMEA). It concentrates on diagnosing crucial failure modes of WEC and the priorities of risks are determined through Risk Priority Number (RPN) and provide recommended solutions via discussions. The expected outcome in these methods is to know on how to handling various type of risks whether it comes from phases of PLC or from individual components of the WEC.