Asset Management Archives - Conscious Asset

Are you informed, or data distracted? You need AIM

2020-08-302020-12-05

Asset Information is far more than just data, and it must be managed. We want to be informed, not distracted by our data. Our goal is to make “evidence-based decisions”. The “evidence” of what is going on can be very useful if it is accurate, timely, complete, and fit for its intended purpose. Increasingly, we are turning to our computers for that evidence. But do we find it? Or do we end up searching through data looking for that “needle in the haystack”? Do we spend our time making informed decisions, or seeking information from an increasingly large and confusing array of dis-organized, out-of-date, inaccurate, and incomplete data? Data must be fit for purpose.

Asset Management

How to keep the boss out of jail

2020-07-162020-12-05

Here’s a case where they didn’t know how to keep the boss out of jail! In Jan 2019, a mine tailing dam (the structure used to contain waste from mining operations) collapsed. The video below shows the event. 259 people were confirmed dead and 11 declared missing. Cause – liquefaction – a commonly occurring phenomenon, and one that this particular mine had been warned about. Outcome – fatalities and associated human cost, suspended operations (for a brief period), company reputation, criminal charges (executives and engineering consultants). Risk management is an often neglected part of our job. Read more “How to keep the boss out of jail” →

Assessment

Business Case Estimator Insights

2020-07-092021-02-16

Our business case estimator insights show you both savings and earnings potential for improvements in maintenance and reliability. If you are reading this, you probably think there is some opportunity to improve your operational reliability and maintenance performance. You might want to create a business case for change that you can use to get senior management approval and funding. You are in the right place. Read more “Business Case Estimator Insights” →

Asset Management

Maintenance and Reliability Maturity – 2

2020-06-092020-12-05

In part 1 of this 2 part series, “Maintenance and Reliability Maturity”, I point out that achieving the maximum value from your physical assets will require excellence in 2 main dimensions, efficiency, and effectiveness. Those are described more fully in our recent book, “Paying Your Way“. I also promised a Maintenance and Reliability Maturity Assessment tool. That tool is now available to you, our readers.

The link below will take you to a web-page that is only accessible via the link – it is not included in our website’s menus or other links. When you click on it, you will see a brief explanation of how to use it and then a series of 10 questions, 5 on efficiency, and 5 on effectiveness. In a few of them we use terms that have precise definitions, so please read those definitions (in light blue boxes) before entering your answers to the questions in the light green answer cells. Read more “Maintenance and Reliability Maturity – 2” →

Asset Management

Maintenance and Reliability, part 1 with MRO

2020-06-042021-02-16

Managing Maintenance and Reliability Part 1

Managing Maintenance and Reliability Part 1 an Interview with MRO Magazine Read more “Maintenance and Reliability, part 1 with MRO” →

Asset Management

Maintenance and Reliability Maturity – 1

2020-06-032020-12-05

Maintenance and reliability maturity provides an understanding of both how well we do maintenance and how good is our maintenance program. One delivers a major business result, the other is a big part of how you get there. Doing maintenance with precision and care, so the job is done once and done well by the right people and without delay is what maintenance organizations strive for. Some achieve it, some struggle to do so. If they can achieve that, then they are being efficient.

That achievement pays for itself in completed work at the lowest cost to the organization in terms of spending and time to execute. On the graph below, that takes them up the vertical scale. Read more “Maintenance and Reliability Maturity – 1” →

Asset Management

Asset Prioritization and Criticality

2020-06-022020-12-05

Asset Prioritization and criticality are used to provide a structured approach to determining the relative organizational risks and failure consequences associated with assets. This provides a means for the organization to focus on critical risks to the business.

Do you understand where your asset risks are, and their potential consequence?

Risks are categorized by the nature of the risk that the organization needs to manage. Risk categories can include: Read more “Asset Prioritization and Criticality” →

Asset Management

Asset Management is more than Maintenance

2020-05-262020-12-05

Asset Management is more than maintenance and reliability, yet many often think they are the same. Asset Management is far broader and considers the entire life cycle.

How does your organization differentiate between asset management, and maintenance and reliability?

Early in the discussions around asset management, some organizations simply renamed their Maintenance and Reliability departments to Asset Management departments, even though they continued to do the same tasks and activities they always did. Read more “Asset Management is more than Maintenance” →

Asset Management

Entropy and Maintenance – Part 3

2020-05-142020-12-05

Entropy and maintenance are more related than you might think. What happens in maintenance and many operations can be explained with this simple thermodynamic concept. Entropy is a concept that represents chaos and degradation. It occurs naturally in any physical system and will naturally grow (i.e.: the system will become more chaotic) if we don’t do something to arrest its growth. Doing something requires the expenditure of energy, so energy is what counters entropy. Read more “Entropy and Maintenance – Part 3” →

Asset Management

Entropy and Economics – Part 2

2020-01-202020-12-05

Entropy and economics, like entropy and maintenance, are related. In part 1 there is a simple 3 legged stool model: design, maintenance, and operations being it’s 3 legs. It can deliver high performance at low cost and risk – i.e.: high productivity. It is important to keep the legs balanced and indeed intact! Doing so requires a bit of investment. In thermodynamic terms, we need to put some energy into the system to keep the entropy from growing. That energy is an investment in maintenance and the payoff comes in the form of steady, predictable revenues with a high margin for profit. Those words should be music to accountants’ ears. Read more “Entropy and Economics – Part 2” →

Do you understand where your asset risks are, and their potential consequence?

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