TRC-2018 Learning Zone 40:40

by Marie Getsug, Jacobs

Asset Management has introduced a few key concepts which require a shift from focusing on initial investment to optimizing Total Cost of Ownership (TCO). The 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 (SME’s) experience as well as seeking meaningful data to drive decisions. Shifting from a mindset of initial cost, scope and schedule to a focus on Total Cost of Ownership (TCO) requires a catalyst for change. Design for Reliability (DfR) answers this call. Recognizing the Stakeholder SMEs by capturing their perspectives, recommendations and experience in a Design for Reliability (DfR) Toolkit is one way to positively affect both the leakage from CapEx to OpEx and the results of Capital Engineering Projects. Building the timely activities and requirements applied at each of the DfR stage gates, by formally incorporating the contributions of each Stakeholder, fuels the results and enthusiasm for DfR and Capital Engineering Projects. Celebrate the perspectives of Stakeholders by discovering their contributions.