From an asset management perspective, it is necessary to understand the root cause of plant failure in order to establish effective condition monitoring and asset management strategies. Insurance companies, and other organizations, have conducted considerable research into the reasons for plant failure. Not surprisingly, many plant studies into mechanical and electrical equipment failures reveal similar system failure root causes.
Figure 17: Primary Causes of Mechanical Equipment Failure
The data in Figure 17 has been taken from a number of industries of varying ages and capacity factors. In general, the data indicates that human intervention in the machine in the form of lubrication quality, and contamination control, is the primary factor in the longevity of a mechanical plant. The data also indicates that lubrication analysis is the prime control method for determining mechanical plant condition, particularly in a rotating mechanical plant.
Ian Barnard's unique book, Engineering Asset Management an Insurance Perspective, is a compilation of experiences and observations in the fields of asset management, engineering consulting and insurance. He has been exposed to asset management systems from all parts of the world and from all types of industry. His book presents the best of the best in asset management systems and highlights common pitfalls which prevent these systems from achieving excellence. The underlying theme of the book is that it is not technology that defines an effective asset management system, but rather people. While this book presents an insurance perspective on engineering asset management systems, a central tenet of insurance is that if it saves the insurance company money, it will save the client money.