Maintenance and Reliability Maturity – 2

2020-06-092020-06-20

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. Read more “Maintenance and Reliability Maturity – 2” →

Asset Management

Interview with MRO Magazine – part 1

2020-06-042020-06-20

Managing Maintenance and Reliability Part 1

TOPIC: Managing Maintenance and Reliability Part 1 Read more “Interview with MRO Magazine – part 1” →

Asset Management

Maintenance and Reliability Maturity – 1

2020-06-032020-06-20

Maintenance and reliability – one is the 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. Read more “Maintenance and Reliability Maturity – 1” →

Asset Management

Asset Prioritization

2020-06-022020-06-20

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

Asset Prioritization is 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.

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

Asset Management

Entropy Part 3 – Maintenance

2020-05-142020-06-20

What happens in maintenance and many operations can be explained with a simple, but a scientific concept – Entropy. Entropy is a thermodynamic 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 Part 3 – Maintenance” →

Asset Management

Entropy Part 2 – Economics

2020-01-202020-06-20

In part 1 I introduced 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 Part 2 – Economics” →

Asset Management

Entropy Part 1 – Fundamentals

2020-01-172020-06-20

Engineers are familiar with the concept of “entropy” and the laws of thermodynamics. The second law of thermodynamics states that the total entropy of an isolated system always increases over time. It can remain constant in ideal cases where the system is at a steady-state or undergoing a reversible process. So what does that mean for us in the world of asset management and maintenance? Read more “Entropy Part 1 – Fundamentals” →

Asset Management

Asset Management in Public and Private Sectors

2020-01-152020-06-20

Most of my firm’s clients are in the private sector but occasionally we do some public sector work. We usually notice a number of distinct differences in practices and in what motivates those practices. It would be nice to say that one can learn a lot from the other, but in truth, both can learn a lot from each other.

I thought it might be useful to compare and contrast the two sectors (based on personal observations) and then propose an idea for learning from each other. Read more “Asset Management in Public and Private Sectors” →

Asset Management

I want it now and I want it cheap

2020-01-142020-06-20

When it comes to information, entertainment, finding your way around and communications we more or less have it all at our fingertips. It’s also available to us just about anywhere. We can even order and pay for coffee to pick up on our way from the commuter train to the office – no line ups for delays. We can book houses, rooms, hotels, airlines, vacations and rental cars at the touch of our fingers with apps that show us the cheapest options. Read more “I want it now and I want it cheap” →

Asset Management

Show me the money!

2019-11-112020-06-20

Benjamin Franklin’s axiom, “An ounce of prevention is worth a pound of cure”, has been used most commonly when referring to health care. It is also highly appropriate in reliability and maintenance circles.

Of course, we complicate it in business by wanting to know what the prevention will cost and what we save by avoiding the cost of the cure. Read more “Show me the money!” →

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

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