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This Life Cycle Asset Management article series introduces and discusses life cycle asset management strategies, systems and processes for optimizing operating asset economics, reliability, performance, and return on investment.
Life Cycle Asset Management, Enterprise Asset Management (EAM), Engineering Asset Management, and Physical Asset Management (and their linguistic variations) are considered to be synonymous names. Life Cycle Asset Management is used to title this series, as it has the correct connotation of what is intended when the applicable strategies are adopted by organisations.
‘ISO 55001 Asset Management – Management systems – Requirements’ is an international standard for certification of life cycle asset management systems and posts about the ISO 55000 asset management suite of documents are included in this series.
The purpose of this Life Cycle Asset Management series is to provide reputed, useful content that brings value and improves asset performance when used in operations and organisations.
The Life Cycle Asset Management series of articles are provided with permission of Plant Wellness Way EAM and Lifetime Reliability Solutions.
NOTE: The series does not include coverage of related commercial or vendor software or database management applications.
The Rate of Occurrence of Failure (ROCOF) curve is the sum of all the individual component failure curves across the service life of an asset. As shown below, it looks like a bathtub, giving it the nickname, a bathtub curve.
Equipment reliability is malleable by choice of policy and quality of practice.
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Every organization and organism’s performance is limited to the capability of its design. If you want better business results, then get or build a new organization with systems designed to naturally deliver the outcomes and profits you want. Nothing else you do will ever work as well!
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PLANT WELLNESS WAY EAM METHODOLOGY USES THE ‘IONICS’ STRATEGIC ASSET MANAGEMENT PLAN FOR BUILDING AN ASSET MANAGEMENT SYSTEM
SIMPLY FOLLOW THE INDUSTRIAL AND MANUFACTURING WELLNESS BOOK TO CREATE YOUR ORGANIZATION’S ISO 55001 SAMP
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This activity-based costing (ABC) method calculates the actual cost of a failure incident and uses the total dollar value to the business as the means to rate equipment criticality. The criticality of an item of plant is determined by the cost consequences and losses of equipment failure across the whole company. Using this method puts a real dollar value on a production equipment loss incident. This financially robust and reliable method provides an accurate way to prioritise production equipment and to justify the necessary risk management and maintenance measures to protect against failure. It recognises that a production failure event has cost repercussions throughout an organisation affecting many people and departments, with all of them incurring costs. These costs are lost business profit that could have been earned and banked, but for the incident. The financial model reflects the actual production and maintenance practices in the operation and their cost implications to the whole organisation if they are inadequate. It delivers clear indication of the responsibility’s managers, supervisors, operators, and maintainers have of properly running, maintaining, and caring for plant and equipment to prevent production-losses to the business.
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This simple example explains how to calculate the failure rate of parts, known as the Hazard Rate, using a drinking glass. Historic records, like maintenance, operating, supply chain, and financial information, are accessed to understand the situation being analyzed and gather modelling data. Once all necessary information is collected and the situation is investigated, then proposals to address and solve the problems causing and permitting the failure to happen are selected and a business case is developed.
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Technological inheritance, defect inheritance, and quality inheritance transfer to the future. To create a better future for your organization you first must create a better past so it can later inherit the preordained successes you designed and imbedded into your company.
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PREVENTIVE MAINTENANCE STRATEGY IN A PLANT WELLNESS WAY EAM SYSTEM-OF-RELIABILITY
IN A PWW EAM SYSTEM-OF-RELIABILITY, PREVENTIVE MAINTENANCE STRATEGY IS TO REPLACE PARTS WHEN EXCESSIVE STRESS BUILD-UPS IN THEIR MICRO-STRUCTURE
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Full of new, powerful solutions, the Plant Wellness Way EAM methodology ensures operations and companies get to world class equipment reliability
Let a Plant Wellness Way EAM System-of-Reliability halve your Annual Maintenance Costs
People investigating the Plant Wellness Way enterprise asset management (PWW EAM) methodology want to know exactly what happens when they use it, especially how the analysis and implementation will be done in their own operation. A PWW EAM System-of-Reliability brings you three massive business advantages:
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Reliability is something that can be created. It is the result of the standards, processes, and practices that are used. By removing causes of failures and controlling the factors that allow their creation, you proactively eliminate failure events. By eliminating failures, you deliberately create reliability. The reliability creating processes in the Plant Wellness Way EAM methodology let any operation or site reach the heights of world class operating asset reliability.
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In the Plant Wellness Way EAM system-of-reliability methodology you set world class performance targets for every work task. You do that so the people doing the job know what world class work looks like. Then you ask them to find new, successful ways to deliver world class outcomes in the tasks they do. That way you guarantee world class success.
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[Read more…]We are facing difficulty in developing a definition of Critical Spare Part Inventory. No one is able to define it in its true essence. The situation is further confused with the difference to strategic spare parts. Any guideline or standard where we can find it ?
In the past, every Plant Manager had their own definition of Critical Inventory which changed with time. In optimization of Inventory, the first step is to establish a definition of Inventory considering all factors like production loss, redundancy, safety hazard, failure frequency, and of course, the lead time? Still I am stuck in this phase. I cannot progress, and don’t know what to do 1st, 2nd, and so forth to proceed further in this journey?
In some industries, 40% of maintenance repairs result from original equipment manufacturing failures. And up to 35% of maintenance is traceable to design engineering mistakes. That totals 75% of maintenance costs during operation can be from prior life cycle process blunders
To get utmost operating plant and equipment reliability, you need to purposefully design and build your business processes to guarantee maximum reliability from each and every phase of the asset life cycle
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“Chance-of Success-Mapping” is probably the most revolutionary concept used in Industrial and Manufacturing Wellness. It is certainly one that will help managers most when they want the best choices for their organization
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This article outlines key concepts that an organization needs to be aware of to bring about optimal asset health by removing risks and managing their causes. The Plant Wellness Way EAM methodology focuses on the relationship between asset health and business performance. It contains the processes and analysis tools to develop a system-of-reliability that fully supports operating asset health for the greatest ROI from each asset throughout its life cycle.Risk is the total losses suffered when any asset’s components may fail. The causes of failure are the environmental and operating stresses that affect a component’s microstructure. This means that world class reliability is the effective, complete remove of the causes of failure, also known as risks, from your operations.
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