Asset Management has introduced a few key concepts which require a shift from focusing on initial investment to optimizing Total Cost of Ownership (TCO). This is rooted in a risk-based and science-based approach to understanding the requirements of the assets throughout the useful life. The risk-based approach drives prioritization and optimization; whereas, the science-based approach honors the Subject Matter Experts (SMEs) experience as well as seeking meaningful data to drive decisions. Shifting from a mindset of initial cost, scope and schedule to a focus on TCO requires a catalyst for change. Design for Reliability (DfR) answers this call. Recognizing that Design for Reliability (DfR) involves self-discovery and the vulnerability to admit: "We don't know what we don't know" is the only way to break down the silos that hide a wealth of perspective, expertise and experience which can translate into value for those willing to explore. Recognizing and engaging stakeholders to incorporate their expertise, ownership and perspectives, early in the concept and design phases, provides the opportunity to define and achieve Operational Readiness (OR), reduce the leakage from CapEx to OpEx, optimize TCO, engage the ownership and expertise of the workforce, and realize the desired performance. This presentation includes real DfR examples and results from OEM partnerships, component redesigns, and innovative relationships. The integration of DfR into the early phases of the Capital Engineering Process, by including key stakeholders during Front End Planning (FEP) and Front End Loading (FEL) fuels the ownership and enthusiasm for Capital Projects. Learn how to involve and celebrate stakeholders in these early phases to differentiate the value of your Capital Projects.
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