What Do Your PM Tasks Really Do for Your Asset Care Strategy? (2024)

Proper asset care is critical to ensure that equipment is available to meet production schedules, support process flows and comply with environmental, health, safety and regulatory requirements.

Asset care is the execution of the most cost-effective control strategy to address the predominant failure modes of that particular asset with its operating envelope. The intent of this strategy is to provide the required asset utilization at the lowest life cycle cost while also ensuring the asset makes it to the budgeted end of life.

This care could be an operator care task, a predictive technology, a preventive maintenance task or job plan, and even doing nothing at all (run to failure). The asset care strategy is an output of an engineered system that includes a business process, RASI, and a properly configured management information system (Maximo, SAP, etc.) to ensure sustainability of the strategy.

Unfortunately, most preventive maintenance tasks lack the detail that will provide quantitative data for equipment history, and they are written without considering failure modes.

The solution is to practice Preventive Maintenance Optimization (PMO), using all aspects to write preventive maintenance procedures that are value added, comprehensive, repeatable, organized, and specify a correct duration and interval of execution. Good preventive maintenance procedures will improve equipment reliability and increase predictability of failures.

Here are a few critical success factors to help you evaluate the preventive maintenance tasks in your current maintenance program:

Value-Added: These tasks should include acceptance criteria and how to properly determine what is acceptable. Measures or meter points also should be used for collecting data that can be trended to determine when condition-based maintenance is required. The result will be the longest useful life at the lowest operating costs. Personnel should see the value in the task, which in turn will increase the likelihood of it being effectively and consistently performed.

Comprehensive: PM tasks must include periodic calibration of critical components to ensure that the entire system is consistently maintained in near perfect calibration. They also should include periodic adjustment of clearances, drive belt tension, and other power transmission and operation components. Many system components are comprised of belts, gaskets, etc., that have a finite life, and the preventive maintenance tasks must include periodic replacement of these components.

Repeatable: PM tasks are written so various maintenance technicians are likely to perform the tasks in the same way with the same results. Task definitions must be complete and provide enough details to assure effective performance of the tasks. Tasks should be effectively organized to permit easy identification and use by the technicians. They should include sufficient disassembly and reassembly instructions, and could even include drawings, pictures or other visual aids to effectively perform the tasks.

Organized: PM activities consist of multiple tasks that must be performed as expeditiously as possible to minimize downtime. Therefore, all preventive maintenance tasks must be organized into a logical sequence that facilitates effective and efficient execution of the required tasks. In addition, all supporting data (e.g. the task lists, drawings, specification sheets, etc.) must also be organized to exactly match the tasks to be performed.

Duration: PM tasks should have the correct mean time to perform. The specific time intervals are provided for each task with the time intervals verified by direct observation of the supervisor and updated as part of the planning and scheduling process. Having sufficient supervision consistently present during preventive maintenance tasks will ensure that allotted time is used effectively and that tasks are completed successfully.

Interval: The frequency of the task should be consistent with the original equipment manufacturer’s (OEM) recommendation until the likelihood of occurrence of the failure mode the task is addressing is better understood from reviewing work order history or industry data. The correct interval will be reflected in the analysis of breakdown, trouble-call and correct maintenance historical data.

Once you have all the above aspects covered in your preventive maintenance tasks, your asset care strategy will have the infrastructure in place to support the relentless pursuit of continuous improvement. This in turn will provide the highest asset utilization at the lowest total cost of ownership through improved equipment uptime, increased production output, and decreased labor and material costs.

Conversely, if you find that most of your preventive maintenance tasks do not hold up to this scrutiny, then consider an evaluation of the business processes, RASIs, and management information systems that support asset care in your operation.

This article appeared in the June edition of Life Cycle Engineering’s RxToday newsletter.

About the author:
Jeff Jones is a reliability technician and master training specialist with Life Cycle Engineering. Jeff has more than 23 years of maintenance and reliability experience. His expertise is in boilers and associated equipment, HVAC systems, hydraulics, compressed air and other mechanical distributive systems. Jeff also has had extensive experience in mechanical integrity programs, rotating equipment, hierarchy development, criticality analysis, simplified failure modes and effects analysis (SFMEA), equipment maintenance plans, and job plan development and optimization. You can reach Jeff at [email protected].

What Do Your PM Tasks Really Do for Your Asset Care Strategy? (1)


About the Author

Jeff Jones

Jeff Jones is a reliability technician and master training specialist with Life Cycle Engineering. Jeff has more than 23 years of maintenance and reliability experience. His expertise is in boil...

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What Do Your PM Tasks Really Do for Your Asset Care Strategy? (2024)

FAQs

What Do Your PM Tasks Really Do for Your Asset Care Strategy? ›

Improved asset life and reliability: By addressing asset maintenance needs proactively, preventive maintenance can increase asset life and reduce the number of failures that require equipment repair and replacement. Increased safety: Maintaining assets before they reach failure can mitigate the risk of injury.

What makes a good asset management strategy? ›

Your asset management plan should have:

A timeframe for each task or improvement activity. Dependency on business functions or teams to complete each task. Consider creating a mix of short-, mid-, and long-term initiatives to ensure the availability of funds and staff for successful implementation.

What is asset care strategy? ›

Asset care is the execution of the most cost-effective control strategy to address the predominant failure modes of that particular asset with its operating envelope.

What strategies are relevant to asset maintenance? ›

Within the spectrum of asset maintenance, strategies can range from preventive and predictive maintenance to corrective and condition-based interventions. Each form is designed to meet specific operational needs, optimize resource utilization, and minimize the risk of downtime.

What is the PM maintenance strategy? ›

A preventive maintenance strategy requires regular inspection and upkeep in order to address potential issues before they become more serious repair or replacement needs. Preventive maintenance is the opposite of reactive maintenance, which deals with equipment failures as they occur.

What are the three goals of asset management? ›

The 4 Most Important Goals for Asset Management
  • Identifying Waste.
  • Improving Efficiency, Performance and Utilization.
  • Facilitating Data Collection.
  • Maximizing Return on Investment.

How does asset care work? ›

How does Asset Care work? Asset Care utilizes a deferred fixed interest annuity and an income rider to fund a 10-payment whole life policy that allows access to 100 percent of the life policy death benefit to help pay for qualifying LTC expenses.

What should be in a strategic asset management plan? ›

Acquisition and implementation: Plan for acquiring new assets with a focus on long-term value and alignment with strategic needs. Maintenance and operation: Develop strategies for maintaining assets to ensure they are kept in optimal working condition, minimising downtime and extending their useful life.

What is an asset care planner? ›

An Asset Care Plan (ACP) is a generic maintenance plan that is developed for each Asset Type, and applied to all Assets that are based on the Asset Type. An ACP for an Asset Type comprises all the common Tasks that are required to maintain Assets that are based on the Asset Type.

What are the 4 maintenance strategies? ›

4 types of maintenance strategy, which one to chose?
  • Corrective maintenance.
  • Preventive maintenance.
  • Risk-based maintenance.
  • Condition-based maintenance.

How can I improve my asset management plan? ›

5 Steps to Building an Effective Asset Management Plan and Asset Planning
  1. Complete an asset inventory. You can't effectively manage your assets if you don't know what assets you have! ...
  2. Calculate life-cycle costs. ...
  3. Set levels of service. ...
  4. Apply cost-effective management. ...
  5. Execute long-term financial planning.

What is the 10 rule of preventive maintenance? ›

The "10% Rule" in preventive maintenance is a guideline that recommends performing maintenance on equipment when the cost of maintenance or repairs is less than 10% of the equipment's replacement cost.

What is PM strategy? ›

By Kate Eby | November 2, 2023. Project management strategies equip managers with the tools to plan, execute, and complete projects successfully. We've spoken to experienced PMs to create a complete guide to PM strategies, including Waterfall, Agile, Lean, Six Sigma, and more.

How to quickly create a preventive maintenance PM strategy in 6 steps? ›

How to Create a Preventive Maintenance Schedule
  1. Step 1: Prioritize Assets by Maintenance Needs. ...
  2. Step 2: Identify a schedule based on maintenance triggers. ...
  3. Step 3: Prioritize maintenance tasks. ...
  4. Step 4: Assign responsibility for maintenance tasks. ...
  5. Step 5: Document work with preventive maintenance checklists.
Aug 29, 2024

What are the 3 main asset management types? ›

The three main asset types are equities (stocks), fixed income (bonds) and cash. Every investor should be familiar with these types of assets when considering an investment strategy. When building a portfolio, a primary goal is to end up with a diversified mix of two or three of the main investment asset types.

What is a good asset allocation strategy? ›

Thus, a typical asset allocation strategy for middle-aged investors might include a mix of 60-70% stocks and 30-40% bonds and cash. This balanced approach aims to continue growing the portfolio while minimizing the potential impact of market downturns.

What is strategic asset management? ›

Strategic asset management (SAM) is a framework that uses data-based decision-making to optimize the lifespan of assets. SAM combines financial, operational, and maintenance best practices to ensure the best return on investment and the sustainability of assets like infrastructure, buildings, and equipment.

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