Equipment

Refers to any system that monitors and maintains things of value to an entity or group. The practice of managing assets to achieve the greatest return (particularly useful for productive assets such as plant and equipment), and the process of monitoring and maintaining facilities systems, with the objective of providing the best possible service to users. The coordinated set of activities to ensure the delivery of value derived from physical assets.

The difference between the failure rate of an item on newly designed equipment and the expected failure rate after product improvement to eliminate dominant failure modes; this reduction in the failure rate is generally exponential and can be predicted from early failure data.

Within a product, system, subsystem, or equipment, a component is a constituent module, part, or item.

Techniques used to estimate the condition of in-service equipment to determine when to perform maintenance, providing a means to optimize preventative maintenance and equipment use while avoiding unwanted downtime.

The ability to interchange, without restriction, like equipment or portions thereof in manufacture, maintenance, or operation. Like products are two or more items that possess such functional and physical characteristics as to be equivalent in performance and durability, and are capable of being exchanged one for the other without alteration of the items themselves or of adjoining items, except for adjustment, and without selection for fit and performance.