All facilities and infrastructure assets deteriorate with time and use. To maintain the effectiveness and value of an asset, renewal work should be performed periodically, and when the asset has reached the end of its functional useful life, it should be replaced. At the heart of any lifecycle management program is the effort to preserve the existing system’s performance and reliability by anticipating future renewal and replacement (R&R) needs and to ensure that adequate and timely funding is planned.
We will provide key tips and good practices for getting capital and O&M funding from senior decision makers. The presentation is targeted at the intermediate level and assumes basic experience by the attendee in the areas of asset inventory, condition assessment, and determining replacement asset value. Five case studies from the public and private sector will be used to show practical application of the highlighted tips and good practices.
Examples will be given where technical and communication efforts were effective and where they were not. An Excel-based approach will be provided to avoid proprietary tools; however, the integration and use of varying data sources and technology applications, including probabilistic approaches using Monte Carlo simulation, will be provided.
“R.A.I.” the Reliability.aiTMChatbot
You can ask "R.A.I." anything about maintenance, reliability, and asset management.