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Life Cycle Asset Management

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.


by Mike Sondalini Leave a Comment

Dangers of Inventing Your Own KPIs to Measure Production Performance

Dangers of Inventing Your Own KPIs to Measure Production Performance

A certain Operations Manager started inventing production KPIs in order to measure reliability from a production perspective. So he got together his colleagues and they came up with this formula.

Reliability = Good Production / (Net Production Hours + Nominal Speed)

When asked to define ‘good production’, I was told that it was the saleable production remaining after losses such as speed losses, first time quality, downtime, change overs, etc. were taken off.

After 3 years of running TPM (Total Productive Maintenance) across 3 factories, they made the following observations. The mean time between failure (MTBF) of equipment in all 3 factories increased. The production volumes increased. However the Reliability remained flat. How can this be? Something is not right. Is the above formula incorrect?

Is there a better way to calculate Reliability from a production perspective?

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini 1 Comment

Physics of Failure Analysis for Roller Bearing Failures 

Physics of Failure Analysis for Roller Bearing Failures 

 A tutorial explaining the Physics of Failure method applied to regularly failing roller bearings in a dewatering press. After three years of exhaustive efforts to solve the cause of the bearing failures it was decided to test Physics of Failure Analysis with the aim of finding a lasting answer. 

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini 1 Comment

Producing Zero Operational Risk

Producing Zero Operational Risk

The likelihood of component failure reflects the operational risk present. By reducing the likelihood of component failure to zero, zero operational risk is achieved.

Operational Risk is a mathematical formula, with variables that can be manipulated and controlled to reach the desired outcome. Below are three equations related to operational risk that you can use to change your future.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

Process Flowcharts for Better Business Performance

Process Flowcharts for Better Business Performance

You will find example process diagram layouts with the most effective flowchart templates to use, what to include in them so that the flow chart drives business results and personal performance (and you will be surprised at how easy they are to create). With the right layout and the inclusion of ACE 3T (Target-Tolerance-Test) quality assurance standards your process flowcharts and procedures will drive business and workplace performance. First it is necessary to layout your flowcharts so it is totally clear what must happen in a process or procedure, who is responsible to make it happen, and how their performance will be measured. 

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

Your Most Important Business Equation

Your Most Important Business Equation

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

—

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.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

Determine which Critical Spare Parts to Keep in Stock

Determine which Critical Spare Parts to Keep in Stock

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.

—

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?

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

Plant Wellness Way Methods Summary

Plant Wellness Way Methods Summary

 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.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

The Value of Precision Quality Standards

The Value of Precision Quality Standards

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.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

How to Use Ben Franklin’s Distribution Curves for Performance Monitoring

How to Use Ben Franklin’s Distribution Curves for Performance Monitoring

 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.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

How to Get Optimal Enterprise Physical Assert Utilization and Asset Performance

How to Get Optimal Enterprise Physical Assert Utilization and Asset Performance

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.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

Reliability Assessment and Acquisition Method

Reliability Assessment and Acquisition Method

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.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

Decoding the ISO 55001 Asset Management Standard – Understanding ISO 55001 Clauses

Decoding the ISO 55001 Asset Management Standard – Understanding ISO 55001 Clauses

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.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

The Role and Responsibilities of the Engineering Manager

The Role and Responsibilities of the Engineering Manager

Advice on the Key Duties and Responsibilities of the Modern Engineering Manager Role

The duties of the engineering manager role usually include capital project management and maintenance management, two vital aspects that must be done exceedingly well in an industrial operation.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

The Instantaneous Cost of Failure from Breakdowns

The Instantaneous Cost of Failure from Breakdowns

The Instantaneous Cost and Failure from Breakdowns is Huge. When a failure incident occurs, there is a consequential loss of profits and amassing of costs. The cost of failure includes lost profit, the cost of repair, fixed and variable operating costs wasted during the downtime, and a myriad of consequential costs that surge through the business. They are all paid for by the organisation and seen as poor financial performance. The costs of failure cannot be escaped and are counted in fortunes of lost profit per year. Total defect and failure true costs are not normally recognised by managers, yet they can send businesses bankrupt. In the instance of a failure, all its costs and losses are automatically incurred on the business. These costs can only be prevented by not having the failure in the first place. This article explains the ‘Instantaneous Cost of Failure’ (ICOF) and introduces a proactive technique, ‘Defect and Failure True Costing’, that helps companies recognise and prevent this tremendous waste of money.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

by Mike Sondalini Leave a Comment

15 Ways to Remove Operational Risk

15 Ways to Remove Operational Risk

To increase reliability, you need to decrease the chances of failure occurring. Each chance of failure creates risk. Operating risk can be mitigated and managed by meeting all 15 Precision Maintenance excellence targets.

This list of precision maintenance excellence targets is how to ensure component parts, and the equipment they are in, always operate with optimal reliability. Each requirement must be met to the highest standard. By doing this your equipment and machinery are operating with the least microstructure stress possible and getting utmost reliability.

[Read more…]

Filed Under: Articles, Life Cycle Asset Management, on Maintenance Reliability

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Headshot of Mike SondaliniArticles by Mike Sondalini
in the Life Cycle Asset Management article series
articles provided with permission of Plant Wellness Way EAM and Lifetime Reliability Solutions

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