Asset Strategy Development

Overview

Developing effective asset strategies is crucial to ensure that your plant assets operate at their peak potential. By meticulously examining both known and potential failure modes, we can proactively address issues and minimize the likelihood of unplanned failures. Our streamlined approach combines historical data with insights from internal Subject Matter Experts (SMEs) to pinpoint the most probable failure modes for the future. As a result, our implemented strategies yield a high Return on Investment (ROI).

Description of Service

Below are the typical steps involved in the process:

1. Identify the System to Analyze –   Choosing an asset system that is manageable for analysis is essential. Developing strategies for a vast array of units or systems is impractical. Instead, we divide the system into manageable subsystems that the team can effectively handle.
2. Analyze History -  Examine the historical work orders for the designated assets. 
3. Load Assets – Load the asset information into the asset strategy development tool
4. Identify Failure Modes –  For every asset in scope, we will assess both existing and potential failure modes, considering associated risks related to safety, environmental impact, operational efficiency, and cost. 
5. Develop Actions –  To address specific failure modes, collaborate with the teams to devise actionable steps. The frequency of these actions should align with the identified risks. 
6. Develop Report –  A detailed report containing all necessary information for executing the strategy within the operational system (such as CMMS, Operator Rounds, Mechanical Integrity Solutions, etc.) will be provided.  

Duration

A typical engagement will be one week. The consultant will arrive on site on Monday afternoon and will work with the team through Thursday afternoon. The consultant will provide a status overview for management on Friday morning if requested. 

For more information, contact us at info@prelical.com