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Implementation Priority

The extent of the benefits that can be achieved by implementing an advanced asset management program depends on:

  • Existing maintenance costs
  • Any potential or existing capacity problems (e.g. in high growth areas)
  • Overall age of assets
  • Existing levels of service (reliability/production issues)
  • Current cost of service required.

For individual assets, the priority should be based on:

  • Examining older assets with higher probability of failure first 
  • Examining high consequence of failure or critical assets next
  • Examining high cost, poor performing assets next. These assets are normally at the lower end of their condition decay curves.

Assets can also be prioritized on:

  • Poor current performance (low availability/reliability)
  • High current unplanned maintenance costs (e.g. exceeds 15% of replacement cost)
  • High current consequence of failure (e.g. consequences exceed replacement cost)
  • High ratio of unplanned to planned maintenance cost (e.g. unplanned maintenance exceeds 50% of maintenance costs)
  • High total maintenance costs (e.g. exceeds 20% of replacement value).

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