Your Reliability Engineering Professional Development Site
THE BUSINESS RISK EQUATION SHOWS YOU HOW MUCH YOU WILL LOSE FROM ANY FAILURE EVENT
THE COMPLETE BUSINESS RISK EQUATION EXPLAINS WHAT INFLUENCES YOUR CHANCE OF SUCCESS IN BUSINESS
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Risk = Consequence x Opportunity x Uncertainty of the Opportunity
One of the most important business equations of them all is the full form of the business risk equation shown above.
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How to use Condition Monitoring Reports to do Maintenance Planning of the Maintenance Work Activities that will prevent Equipment Failure
This article by Peter Brown, a vibration analysis condition monitoring expert, explains how to address and action condition monitoring reports from your condition monitoring service provider.
Abstract
Maintenance Planning From Condition Monitoring Reports. Having developed the finest condition monitoring programme that provides all the data required to predict plant behaviour it is now necessary to convert that data into information and to plan it in for action by the maintenance team at a time that is compatible with operations.
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WHICH CRITICAL SPARE PARTS YOU CARRY IN THE MAINTENANCE STORE ALWAYS REVOLVE AROUND HOW MUCH RISK YOUR COMPANY IS WILLING TO BEAR. IT IS PURELY A RISK BASED BUSINESS DECISION. LOOK AT THE ECONOMICS OF THE RISK DECISIONS AVAILABLE AND GO WITH THE BIGGEST CHANCE OF SUCCESS.
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I have a question about critical spare parts determination that I always have a problem with. I do not know if this topic is included in the online preventive maintenance training I and my team of engineers are doing with you, that’s why I am asking the question.
How can I determine which are the critical spare parts that we have to keep on stock?
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Here is a story of multimillion dollar aircraft failures that could have been prevented by spending $25. But no one did the risk analysis right using a financial model of the consequences. It’s also the story of why RCM is a poor maintenance strategy selection methodology. RCM will send you to financial disaster and you won’t even know it. Learn how to decide when doing preventive maintenance is far better for business success than doing the on-condition maintenance recommended by business-destroying RCM analysis.
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Let a Plant Wellness Way EAM System-of-Reliability halve your Annual Maintenance Costs
The Plant Wellness Way is business paradigm to create world-class performance and results in any operation by the correct selection and use of engineering, operating, maintenance, and reliability strategy and practices.
The six IONICS steps are used to develop lifecycle asset management, reliability improvement and maintenance management strategy and activities needed for endless operational excellence. Simply identify where you are in the above process map, come in at that point, and then continue on through the process to the point where your answers are available.
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You must select OHS risk management mitigations appropriate to a job safety hazard using a formal method that delivers safe work practices.
Each task safety control will need to be developed, assessed for suitability, and recorded so it’s clear what the plan is, and how it is to be done.
In the end, there is a practically designed, completely resourced, fully scheduled, and totally sure safe work practice procedure approved for use.
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When equipment working parts are operated within their precision quality standard zones, world-class reliability is guaranteed.
The figures below demonstrates the importance of setting precision quality standards to achieve outstanding equipment reliability. It comes from a conference presentation on the production equipment reliability improvement in a steel mill in Australia.
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This is an example of the value of identifying the variability in your business processes and removing them before spending money on new capital works. A simple production rate distribution bar chart shows you whether you have a “hidden factory” and how big it is.
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Use Ben Franklin’s Distribution Curves for Performance Monitoring and Fast Improvement. Ben Franklin used statistical analysis to change his life. By measuring his ‘gaining of Virtue’ he quickly became rich and famous. You can change your business performance in the same way. But be cautious – Franklin’s method changed his behaviour forever.
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To be a great Maintenance Planner and Scheduler you need to know a lot about your equipment’s’ engineering, how to manage complicated projects well, use world class maintenance processes for creating equipment reliability, and a whole lot more.
Recently I was asked what skills and competencies a Maintenance Planner and Scheduler needs to master to do world class maintenance planning and scheduling.
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Getting excellent enterprise physical asset utilization and maximum asset performance needs business-wide and life-cycle-long coordination and cooperation.
By coordinating and merging business-wide data and asset historical performance records into useful asset information, you can make timely and informed decisions that safely and profitably maximize the performance and value contribution of your enterprise physical assets
To go down the path of getting operating asset optimization it is necessary that you first identify what measures will be used to determine the “optimal asset utilization” state.
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Behind all lasting business success is the ability to make business processes work successfully. Random success in business is due to luck. But lasting success relies on knowing how to use statistical process control to make your processes more successful more often.
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Asset reliability assessment when buying running and used operating plant and equipment. Aging asset reliability assessment can be done quantitatively if all past component stresses are know, or it is down qualitatively when only operating and maintenance history is available.
I am a developing reliability professional and often read your articles. I was wondering if you could give me a bit of advice about the subject of aging asset reliability assessment for operating assets?
Can you please share your thoughts on reliability assessment for a thermal power plant, and its importance in acquisition of a running ageing plant. Is it a common practice to look at this aspect prior to acquisition and is it practical? And if so, how do we go about it?
Thank you for your advice.
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How well should a maintenance job be planned ? All maintenance work needs a plan that lets the maintainer do the work correctly, safely, in the least possible time and for the least cost. Selecting the information and details that go into the maintenance job plan is vital to its success. Leave out necessary specifics and facts and you put the job at increased risk of failure, loss and waste. Exactly what details are necessary to allow maintenance work to flow wonderfully well at minimal cost and time are important for a maintenance planner and their managers to know.
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Understanding ISO 55001 clauses is vital for building a compliant ISO 55001 Asset Management System. Understanding ISO 55001 clauses is easy with a logical flowchart.
The meaning of the contents in the ISO 55001 asset management standard must be correctly interpreted and properly addressed in your asset management system
To fully understand the implications of an ISO 55001 clause, it is necessary to strip each sentence, phrase, and sub-point down into its logical elements
Learn how to turn the text in an ISO 55001 clause into a logical flowchart that lets you fully appreciate the implications and build the correct application in your asset management system.
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