Introduction

Asset Lifecycle Management (ALM) is based on companies owning assets because they want to do something with them and not all assets are equal because criticality varies.

Assets are placed in service and work together to create value. The value derived starts with the designed useful life of the asset and ends when the asset fails or is obsoleted and dismantled.

It is important to understand how assets fail and what is required in the operating context to ensure the designed value is safely achieved within a tolerable risk and with minimum cost. In other words, what maintenance is required and when is it required to achieve the designed intended value? How often should we inspect our equipment to ensure we achieve safe operation? How can we utilize reliability to extend the useful life of the equipment while optimizing our maintenance and inspection costs?

This white paper addresses how an ALM strategy, can help companies can ensure that the right work is done, at the right time, using the right information, allowing organizations to focus on efficient execution – all while capturing institutional knowledge and adjusting strategies based on current failure data.