Asset reliability programs are a set of initiatives for tracking the health, effectiveness and locations of both fixed and moveable assets. It involves routine maintenance, as well as the collection and analysis of equipment operating data to measure efficiency throughout their useful lives.
A good reliability engineering program provides insight on the frequency of asset failures, cost of operation, maintenance and repair, and the quality of maintenance work. Over time, an organization needs to evaluate metrics such as mean time between failures (MTBF), mean time to repair (MTTR), and mean time to failure (MTTF) to ascertain the suitability of the selected maintenance strategy. [Read more…]