Wow.. is what you will say after reading this.
In this publication will we give you insight into the golden thread between an asset life cycle, its value and cost dimensions.
life-cycle management is the core foundation of a succesful asset management strategy (ASM) as implemented with a long-term maintenance plan(LTMP).
A typical structural item of a property has a certain universal life expectancy(LE) like a Timber window frame – 43 years. It how ever do not just disintegrate at year 43. The longevity tapers of, as the item age and degrade, in a bell-curve pattern with a mean at its LE. There is a distinct pattern for each item and item type. Like an aluminium frame has a more narrow pattern, compared to a pattern for timber frames that is more flatter. These LE’s are subject to the assumption that certain maintenance and renewal activities will be performed by the owner. Non adherence will reduce the LE of an item.
Sounds boring…just hang on…this is more important than you think.
Now the more “meaty” part.
We all know that an item sometimes fails long before its LE and sometimes last way longer than it’s LE. And most of the times an item may be in working condition, but becomes to costly to maintain. Thus, it make sense to consider items not only i.t.o its LE, but also its Economic useful life(EUL).
Interpreting the EUL of an item thus gives insight into the cost and value dimension through out the lifespan on an item
Using an ISO model can we adjust the failure bell curve for aging and degradation. Variables included are quality, environmental influences, usage and maintenance. this gives us the failure propensity and risk cost dimensions of an item through the life of an item.
let’s pull all of this together
- From LE we get a framework for planned activities required to achieve the life expectancy. With this we can determine the monetary implications of these activities and formulate a LTMP to manage these activities and provision timeously.
- Using EUL gives us the ability to actually quantitatively plan for “unplanned failures/repairs” . With this can we timeously provision for these events. We can even implement preventative and predictive measures to limit or prevent failures and minimize secondary or resultant damages to adjacent infrastructures.
- Combined, enable us to maximize value by maximizing the ownership(life) and minimize the cost of ownership (reduced maintenance costs and failures).