Asset Management Flashcards

What is the asset lifecycle in maintenance and reliability?

Answer: The complete life of an asset from acquisition through operation to disposal or replacement

The asset lifecycle encompasses all phases: planning, acquisition, installation, operation, maintenance, and eventual decommissioning or replacement.

What is Reliability Centered Maintenance (RCM)?

Answer: A systematic process to determine the most effective maintenance strategy for each asset based on its failure modes

RCM analyzes the functions, failure modes, and consequences for each asset to develop the most cost-effective maintenance strategy, which may vary by component.

What is a spare parts criticality analysis?

Answer: Evaluating spare parts based on their impact on operations to determine optimal stocking levels

Criticality analysis evaluates each spare part's importance to operations, lead time, and cost to determine whether to stock it, the optimal quantity, and reorder points.

What does 'life cycle cost' include?

Answer: All costs from acquisition through operation, maintenance, and disposal over the asset's entire life

Life cycle cost includes purchase, installation, energy, maintenance, downtime, and disposal costs — often revealing that cheaper initial purchases may cost more over time.

What is condition-based maintenance?

Answer: Performing maintenance based on actual equipment condition indicators rather than fixed schedules

Condition-based maintenance monitors actual equipment parameters (vibration, temperature, oil analysis) and triggers maintenance when indicators show degradation.

What is a criticality ranking for equipment?

Answer: A classification of how important each asset is to production, safety, and environmental compliance

Criticality ranking evaluates equipment based on its impact on production, safety, quality, and environmental compliance, helping prioritize maintenance resources.