Performance Measurement & Reporting Flashcards

Which ISO 55001 clause contains the requirements for monitoring, measurement, analysis, and evaluation of asset management performance?

Answer: Clause 9 – Performance evaluation

Clause 9 covers monitoring, measurement, analysis, evaluation, internal audit, and management review.

A plant records 400 hours of operation and 5 failures for a pump during a quarter. What is the pump's MTBF?

Answer: 80 hours

MTBF equals total operating time divided by the number of failures: 400 / 5 = 80 hours.

Which of the following is the best example of a leading indicator for asset reliability?

Answer: Percentage of preventive maintenance completed on schedule

PM compliance predicts future reliability, whereas outages, repair costs, and incidents record past results.

OEE is calculated by multiplying which three factors?

Answer: Availability, Performance, and Quality

Overall Equipment Effectiveness = Availability × Performance × Quality.

What is the primary purpose of a management review under ISO 55001?

Answer: To ensure the asset management system's continuing suitability, adequacy, and effectiveness

Top management reviews the system at planned intervals to confirm it remains suitable, adequate, and effective.

An organization tracks 'wrench time' for its technicians. What does this KPI measure?

Answer: The share of paid time technicians spend performing hands-on productive work

Wrench time is the percentage of a technician's time spent on direct, value-adding maintenance work.

Which concept describes the clear alignment of frontline asset performance metrics with organizational objectives?

Answer: Line of sight

Line of sight links day-to-day asset activities and measures to strategic organizational objectives.