Georgi Kirilov

Many businesses suffer from limited reliability and maintenance resources, which together with equipment aging increases the risk of asset failures and impacting the business objectives. The initial investment in FMECA/RCM analysis is a great solution for the first couple of years, but the asset care strategy needs to be "live" and adjusted based on the current asset risk and risk appetite (commercial conditions). Periodical re-evaluation of the criticality and FMEA will fill the gap however, the resource requirements make this approach attractive only for limited and very risky facilities, where it will be economically feasible. The proposed solution uses the initial FMECA/RCM data (static risk), asset care strategy data, CMMS data, and asset health data to evaluate the current asset risk and highlight the assets, to be focused on. It is a methodology, which can be applied in a simple way using spreadsheets, as well as more advanced dashboarding tools or APM software packages.