Articles tagged Asset management

Asset Management Fundamentals

First master the fundamentals
Basketball Olympic Gold Medallist Larry Bird

The industrial world today is abuzz with a lot of terminologies and jargons mainly stemming from today’s technological advances in the areas of sensors, data, communication and electronics. Each day brings in something new for the Asset Owners from the service providers who claim that their technology, product or service is ‘unique’ and has been ‘never seen before’. While a lot of these offerings are innovative in many aspects, the real question lies in how do they fit within the ‘fundamentals of the Asset Management’? [Read more…]

by Mike Sondalini Leave a Comment

Show All The Total Losses of Breakdowns

A good way to change mindsets and behaviors toward preventing forced outages and stoppages is to show everyone in the operation the total business losses of breakdowns.

It is incredible what the total business losses of breakdowns can rise too. Plant and equipment breakdowns are ultimately due to having wrong thinking and doing wrong practices. In this response to an FAQ, I advise to tell your people the true costs of breakdowns. Let them share the pain and loss suffered by the business and start them thinking of better ways to care for their operating assets.

[Read more…]

by JD Solomon Leave a Comment

Communicating Asset Management: Four Powerful Articles Improve Success

Communicating with FINESSE and JD Solomon Inc. are jointly focusing on asset management in early 2024. The articles include how to facilitate asset management plans, ways that asset management plans fail, how organizational context impacts implementation, and how to communicate asset management to senior management. These powerful articles will improve your asset management success!

5 Tips to Improve Facilitation of Asset Management Plans

Facilitation is a structured session(s) in which the meeting leader (the facilitator) guides the participants through a series of predefined steps to arrive at a result that is created, understood, and accepted by all participants. Not all asset managers are great facilitators.

These are my Top 5 tips for facilitating asset management plans:

5. Get the Right People Involved

4. Don’t Overthink the Gap Analysis Tool

3. Create a Charter

2. Establish Organizational Context

[Read more…]

by Bryan Christiansen Leave a Comment

4 Signs That Show Your Asset Reliability Program Is Outdated

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…]

by James Kovacevic 2 Comments

Learning About Asset Management

My personal insights on Asset Management

NOTE: This post will be a little different from my normal posts. Instead of discussing a specific topic, I will be covering my journey in understanding Asset Management and some key takeaways from the journey. [Read more…]

by James Kovacevic 1 Comment

The 39 Subjects of Asset Management

Understanding the different functions and disciplines of asset management

The Global Forum on Maintenance and Asset Management (GFMAM) has worked with the major bodies (SMRP, PEMAC, IAM, etc.) to achieve a consensus on the major subjects within asset management.

These subjects are intended to describe the complete scope of topics within asset management. You can download the GFMAM guide for free here. It is important that anyone who wishes to understand asset management has an understanding of each of these topics, and hopefully some experience in each. [Read more…]

by James Kovacevic Leave a Comment

The Key 3 Asset Management Documents

Understanding these asset management documents will set the stage for an asset management program.

Aligning an organization is a critical step to implementing and ensuring the success of an asset management system. Various change management techniques will be used to bring about the change, but how do you ensure the message, direction, and principles of the asset management program are communicated consistently and clearly? [Read more…]

by James Kovacevic Leave a Comment

Making Asset Management Work

Understanding the Concepts and Principles of Asset Management

In order to implement an asset management system, it is vital to understand what is involved in an asset management system. The aspects involved have been tested over time through many different industries. These industries have proven to be what it takes to be successful.

So let’s see what it takes to be successful in asset management. [Read more…]

by James Kovacevic Leave a Comment

What is Asset Management?

Understanding the Value of an Asset Management System

All stakeholders have different perspectives, and as a result, place value on different aspects of an asset. Trying to balance all the requirements is not an easy task. Whether the requirements are performance, cost, or the level of risk. Keep in mind, that performance can not only be uptime or OEE, but the beauty of a park, or the condition of a road. This is where asset management comes in. [Read more…]

by Katie Switzer 2 Comments

Why Parents Make the Best Reliability Engineers

I am a parent of two young children. As a result of my experiences as a mom, I feel that parents make great Reliability Engineers because there are so many shared skill sets. Please enjoy this lighthearted comparison to start your week out with a little humor.

First, I have to point out the development of a brand new Reliability Engineer requires the same skills of lubrication and vibration that the conception of a child requires. [Read more…]

by James Reyes-Picknell Leave a Comment

Capital Asset Management: Setup — part 2

The rest of us are missing the boat!

Check out part 1, too.

RCM has two potential uses – to set you up for success or to regain success from the jaws of failure.
Regardless of when you use it though, RCM alone isn’t enough to get all the benefits. Applying it after the systems are in service, to recover shortfalls in performance, and then failing to follow up on RCM’s results only delivers part of the benefit. That’s where the aircraft and nuclear industries and the military have it right – they take those extra needed steps. The rest of us don’t! [Read more…]

by James Reyes-Picknell Leave a Comment

Capital Asset Management: Setup — part 1

Plan to Get Capital Asset Management Right

This is the first of a three part series.

Except for a few industries where mistakes can have high costs in terms of human life or massive environmental impact most of us do a poor job of setting ourselves up for success. We build or acquire new capital assets making little or no provision for spare parts, training of maintainers and operators in new skills and knowledge. Most of us do a very poor job of providing technical documentation to the support disciplines – project engineering often simply files whatever it has gathered and often in a file scheme tied to contractor contract numbers rather than using the asset hierarchy that everyone else will use in one form or another. Commissioning activities rarely push the new assets hard enough – they ramp up slowly, almost gingerly, because so few really know much about how it all should work. They are unprepared for any semblance of normal operations. [Read more…]

by James Reyes-Picknell 2 Comments

Managing Failures Before They Occur

Welcome to part eight of my 10-part series of blogs called “Uptime Insights”, where we explore a journey of excellence in maintenance.

To stay on top, managers must implement strategies that keep operations performing at high levels. In these articles, I will show you how to achieve excellence in maintenance – a critical business process in any capital intensive industry.

Uptime Insights Part Eight:

Asset Reliability

Being proactive with your assets is all about managing failures before they occur.

You can reduce or eliminate the consequences of failure by forecasting what is likely to happen and deciding in advance about what to do about it. The advantage to doing this is that major business impact due to equipment breakdown can be avoided.

High performing companies manage proactively – they foresee and avoid problems.

It’s good for business! [Read more…]

by Mike Sondalini Leave a Comment

Making a World-Class Asset Management Organization?

The very best asset managers have maintenance under control.

Their entire organization’s systems and methods are tuned to preventing unplanned stoppages. They only do that which has first been thought through and prepared for.

But most importantly they understand the key factor to excellent asset care and work toward it continuously and energetically.

Keywords: preventative maintenance, reliability-centered maintenance, RCM, total productive maintenance, TPM. [Read more…]

by Mike Sondalini 2 Comments

Benchmarking using Replacement Asset Value

A benchmark is the end distance point from the start.

In the world of maintenance, it is the name for the targets that an organization sets for itself in an improvement program.

Benchmarking is often against world-best practice and it is used to provide direction and focus in an organization’s efforts to improve.

When RAV is chosen as the benchmark it means that the annual cost of maintaining the plant will be measured against the value of the plant.

RAV is a percentage of the cost to replace the plant. The lower the RAV the more effective the maintenance effort. [Read more…]