Decision making is more often than not , a choice between alternatives, rather than merely choosing the right or best solution to a problem.
This is especially true for property owners and managers when it comes to property maintenance.
- Deciding to defer maintenance on a particular structural item, can sometimes be the correct choice
- Deciding to defer maintenance for financial reasons can be the appropriate choice
This is however when you know the facts and can make that informed decision.
What about the stuff you don’t know.
In RCA(root cause analysis) have we experienced that the most common denominator for unexpected failures to be failure to adhere to a routine maintenance cycle. This non adherence again was mostly due to not knowing.
- EG. Merely applying silicon oil to a gate hinge quarterly will prevent premature degradation. Failure to do this exponentially increase the maintenance and repairs over time and reduce the EUL(expected useful life by up to 5 years. The 80/20 principle.
But you must know this!
With a LTMP is the idea to have a comprehensive source of information that drives and support informed decision-making over time. The first step in the process of compiling a LTMP is, understanding you asset base,
Apart from understanding your asset base from a technical perspective is there also the health and safety perspectives.
A LTMP must thus at minimum include the following:
- Here are some of the key metrics
- EUL – Expected Useful Life
- RUL – Remaining Useful Life
- # – Number of units
- SQM – Squared meters
- CRC- Current replacement Value
- DRC – Depreciated replacement value
- Failure propensity – normalized Failure probability
- ISO Score – Health index based on ISO-Standard
- Risk Cost– Potential cost associated with failure event.
- Last/Next renew– dates item renewed or scheduled.
- EAC – Equivalent annual cost
- Marginal cost per item ,Cyclic maintenance and risk cost for each item