Asset Management

Blogs about Asset Management and related topics including LCC and ISO 55000 series standards.

Are you informed, or data distracted? You need AIM

Asset Information Management ensures the delivery of maximum value to your business. Decisions informed by timely, accurate, and complete evidence (information) are what propel achievement. Learn what we do wrong so often and what we can do about it.

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How to keep the boss out of jail

Here’s a case where they didn’t know how to keep the boss out of jail! In Jan 2019, a mine tailing dam (the structure used to contain waste from mining operations) collapsed. The video below shows the event. 259 people were confirmed dead and 11 declared missing. Cause – liquefaction – a commonly occurring phenomenon, and one that this particular mine had been warned about. Outcome – fatalities and associated human cost, suspended operations (for a brief period), company reputation, criminal charges (executives and engineering consultants). Risk management is an often neglected part of our job. (more…)

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Business Case Estimator Insights

Reliability is what you get when you do the right maintenance the right way. Doing things inefficiently is expensive and leads to failures. Doing the wrong things leads to failures. Fixing one does not automatically fix the other. You need to focus on both. What's it worth to you? Read this article to find out.

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Maintenance and Reliability Maturity – 2

In part 1 of this 2 part series, “Maintenance and Reliability Maturity”, I point out that achieving the maximum value from your physical assets will require excellence in 2 main dimensions, efficiency, and effectiveness. Those are described more fully in our recent book, “Paying Your Way“. I also promised a Maintenance and Reliability Maturity Assessment tool. That tool is now available to you, our readers.

The link below will take you to a web-page that is only accessible via the link – it is not included in our website’s menus or other links. When you click on it, you will see a brief explanation of how to use it and then a series of 10 questions, 5 on efficiency, and 5 on effectiveness. In a few of them we use terms that have precise definitions, so please read those definitions (in light blue boxes) before entering your answers to the questions in the light green answer cells. (more…)

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Maintenance and Reliability Maturity – 1

Maintenance and reliability maturity provides an understanding of both how well we do maintenance and how good is our maintenance program. One delivers a major business result, the other is a big part of how you get there. Doing maintenance with precision and care, so the job is done once and done well by the right people and without delay is what maintenance organizations strive for. Some achieve it, some struggle to do so. If they can achieve that, then they are being efficient.

That achievement pays for itself in completed work at the lowest cost to the organization in terms of spending and time to execute. On the graph below, that takes them up the vertical scale. (more…)

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Asset Prioritization and Criticality

Asset Prioritization and criticality are used to provide a structured approach to determining the relative organizational risks and failure consequences associated with assets.  This provides a means for the organization to focus on critical risks to the business.

Do you understand where your asset risks are, and their potential consequence?

Risks are categorized by the nature of the risk that the organization needs to manage.  Risk categories can include: (more…)

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Entropy and Economics – Part 2

Entropy and economics, like entropy and maintenance, are related. In part 1 there is a simple 3 legged stool model: design, maintenance, and operations being it’s 3 legs. It can deliver high performance at low cost and risk – i.e.: high productivity. It is important to keep the legs balanced and indeed intact! Doing so requires a bit of investment. In thermodynamic terms, we need to put some energy into the system to keep the entropy from growing. That energy is an investment in maintenance and the payoff comes in the form of steady, predictable revenues with a high margin for profit. Those words should be music to accountants’ ears. (more…)

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