A preventative maintenance method and a system for estimating the risk of failure of an asset based on intrinsic parameters such as failure history combined with causative factors like weather and independent external risk factors such as vandalism and risk of flooding. The present invention may further have a system for estimating the risk of failure of an asset based on intrinsic parameters, such as failure history combined with causative factors such as weather and independent external risk factors like vandalism and risk of flooding having a location based asset/service failure risk estimator, an external risk estimates database for feeding and an integrated failure risk database, the external risk estimates database feeding the integrated failure risk database.
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