Asset reliability is an essential part of asset management. Failure to manage it is failure to succeed. It can result in loosing customer satisfaction, profitability and possibly lost of lives. Maintenance plays a significant role in holding the asset performance to a reliable level as failures are predicted and controlled. Reliability requires sufficient understanding of the used assets which can be achieved by developing a useful knowledge management system.
This aspect is important as it saves cost of faliure, cost of customer dissatisfaction and most importantly human safety.
Assessing possible system failure using fault tree analysis and other troubles shooting tools can help demonstrate critical aspects of an asset. Following, process operators should be aware of it, risk mitigation plans should be created and reliability should be enhanced. THis can eliminate the risk of COPQ. Upon successful use of KM an organization can then improve its operating standards, meet and exceed regulatory legislation and continuously develop the sector as suggested by EFQM.