The foundation of a solid Condition-Based Asset Strategy is the initial Failure Mode & Effects Analysis (FMEA) for each asset. This can be done in a more uniform process by first defining Asset Criticality. By identifying the most critical components, you can more systematically implement the improvements that have greater effect on the overall organizational performance commitments.
The first step in helping an organization develop an Asset Strategy is to identify each asset’s criticality, and the impact its failure will have on the following:
– Safety – Environmental – Production – Cost