What is Maintenance Optimization?
Maintenance Optimization is a Reliability Engineering process which helps organizations avoid unnecessary spend whilst minimizing the risk of a costly failure. Planned replacements or inspections detect or prevent failures for components or systems with increasing failure rates. This improves asset reliability and helps control maintenance spend. Increasing failure rates refer to having a Weibull distribution shape parameter Beta (β) greater than one. Specifically, the failure rates located in the right section of the bath tub curve as shown in Diagram 1 below. Admittedly, the life characteristics have to follow a Weibull distribution in this case.