- Asset Management Excellence: Optimizing Equipment Life-Cycle Decisions
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Notes I made from Asset Management Excellence: Optimizing Equipment Life-Cycle Decisions
1. Life Cycle Asset Management (LCAM) is an integrated approach to optimizing the life cycle of your assets beginning at conceptual design, continuing through shut down and decommissioning. Thorough planning, analysis and timely execution allow appropriate data-driven decision-making to occur and enable LCAM to deliver optimum:
Operating and maintenance strategies
Reliability engineering processes
Work control/planning and scheduling processes
Equipment criticality and hierarchy in the appropriate enterprise resource system format
Purchasing and stores processes
Start up and commissioning plan
Executive dashboards with performance baselines and targets
2. Three foundational elements must be in place to support life cycle asset management:
Management Strategy, Optimum Organizational Design and Long-term Asset Planning.
3. Life cycle phases of process asset systems
4. RADAR-based maintenance phrase/framework
5. Asset management is often one of the last options to maximise cost savings in a competitive global economy due to its intrinsic complexity, especially in many developing countries. Asset management in the process industry must consider the commissioning, operational and end-of-life phases of physical assets when commencing a design and implementation project. However, current asset management models show inefficiencies in terms of addressing life cycle costs comprehensively, as well as other aspects of sustainable development. An asset life cycle management (ALCM) model is subsequently proposed for assets in the process industry, which integrates the concepts of generic project management frameworks and systems engineering with operational reliability in order to address these inefficiencies.
Reference: D. Campbell, J., K.S. Jardine, A. and McGlynn, J. (2010). Asset Management Excellence: Optimizing Equipment Life-Cycle Decisions. 2nd ed. CRC Press, pp.11-30, 161-163, 301-305.