Asset condition is a measure of the health of an asset. Asset Condition is a key parameter in determining remaining useful life, and can be used to predict how long it will be before an asset needs to be repaired, renewed or replaced. Asset condition is also an indicator of how well it is able to perform its function.
Evaluating the status of asset life-cycle based on condition and reliability data, with a scientific approach and integrated data, will support your reliability program review, contributing to the reduction of the asset management costs and business risk mitigation.
A Condition analysis is a systematic approach for determining the remaining life of an asset and the asset cycle costs. The purpose is to objectively rank assets to support the decision of repair, refurbish or replace.
The condition assessment includes the review and analysis of the information and data collected in the two assessment processes (quantitative and qualitative) in order to determine or estimate remaining asset life.
Condition Assessment is a key tool for helping discover important information to optimize plant operation and maintenance and further improve the quality of RCM analysis and its outcomes.
Through its use, organizations can greatly improve their ability to make knowledgeable, fact-based decisions for:
The condition assessment can determine if it will be possible to fix the problem, to ensure the function and performance standards are met as determined by RCM/FMECA and as good as new – If it doesn’t, then the remedy might require asset replacement or refurbishment.
The Starting Point for reliability improvement should be identified by the understanding of the present condition of the machinery, equipment or asset
Factors and criteria have to be established, gathering input mainly from engineering and maintenance for a clear evaluation. Examples of characteristics that could be used to analyze assets condition should include:
Before start the Asset Condition Analysis consolidate the factors and criteria (levels for scoring). This should be validated by all the areas involved.