Asset Management and Life Cycle Flashcards
6 cards from real CMRP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Asset Management and Life Cycle flashcards as text
What is 'condition-based replacement' as an asset management strategy?
Answer: Replacing an asset when condition monitoring data indicates it has degraded to a predefined threshold
Condition-based replacement uses actual asset condition data to trigger replacement decisions, avoiding both premature disposal and running assets to catastrophic failure.
Which term describes the documented minimum performance standard an asset must meet to fulfill its required function?
Answer: Performance standard
A performance standard defines the specific functional capability (output, speed, quality, safety) that an asset must achieve to be considered fit for service.
In asset management, what does the acronym CAPEX stand for?
Answer: Capital expenditure
CAPEX (capital expenditure) refers to funds spent to acquire, upgrade, or extend the life of a physical asset, typically capitalized on the balance sheet.
What is the primary benefit of integrating a CMMS with an enterprise resource planning (ERP) system?
Answer: Seamless sharing of work order, inventory, and cost data across maintenance and financial systems
CMMS–ERP integration allows maintenance costs, parts consumption, and asset data to flow directly into financial and supply chain systems, improving accuracy and reducing manual entry.
Which strategy involves replacing groups of components simultaneously, even if only one has failed, to reduce total downtime?
Answer: Block replacement
Block replacement replaces all components in a group at the same time (e.g., all bearings in a pump train) to take advantage of a single planned outage.
What is the key difference between 'maintainability' and 'reliability' as asset design attributes?
Answer: Reliability is the probability of failure-free operation; maintainability is the ease and speed of restoring an asset after failure
Reliability (MTBF) focuses on how long an asset runs without failing, while maintainability (MTTR) focuses on how quickly and easily it can be repaired when it does fail.