Optimizing Ageing Assets and Operational Readiness
About the course:
The current economic climate focused on productivity and cost cutting which has followed our recent boom time has resulted in a unique situation.
There are significant amounts of new assets still being deployed, together with pressures to extend the life of ageing equipment. This has sparked a renewed interest in productivity and operational readiness initiatives based on a more thorough assessment of equipment health and integrity.
These efforts all rely on better management of information and the analysis of this information to identify the less obvious opportunities for improvement in productivity and savings.
Justification of options is now a basic requirement and detailed economical decision making tools and quantitative assessment of condition and health risks are required to support big decisions. This has led to an increased understanding of the need to improve asset knowledge and then to pro- actively manage and take control of asset life events.
The recent release of the ISO 5500X series on Asset Management Systems provides an effective mechanism to support asset life management.
Key Learning Objectives:
- Learn how to develop and maintain effective asset management plans to take control of asset life events
- Apply the most appropriate analysis and modelling methodologies to present life cycle forecasts, maintenance activity selection and optimal life determination
- Master the process of developing effective zero based budgets, focused on reliability improvement of critical equipment
- Ability to align the focus to be applied to new assets in support of operational readiness as opposed to ageing assets
- Realize the importance of master data to support life cycle management and continual improvement
Virtual Instructor-Led Training
Day 1 – 8.30-11am and 1pm to 3.30pm
Day 2 – 8.30-11am and 1pm to 3.30pm
Day 3 – 8.30-11am and 1pm to 2:00pm
Course Outline
I. Introduction to asset management and asset life cycle management
- Asset Management and Business Performance
- ISO 5500X framework for managing assets
- Asset Management Plans as mechanism to support Asset
II. Life Cycle Management
- Developing and maintaining Asset Management Plans
III. Life cycle definition and application
- Life cycle phases and definition of asset life
- Factors impacting on asset life
- Failure behavior and asset life
- A risk based approach to focus on the right assets
IV. NPV Processing and financial principles to asset
- Components of Life-Cycle Cost
- Book value and depreciation policies
- Depreciation policies
- Exercise – Payback, Internal Rate of Return and Net Present Value
V. Life-cycle cost modelling and simulation
- Event base budgeting and zero base budgeting principles
- Case studies and exercises – Maintenance life cycle costs and budgeting
VI. Condition assessments and asset life progression
- Maintenance and asset condition
- Mechanisms to determine and assess asset condition
- Relationship between asset condition and remaining life
- Effective reporting on asset health and condition
VII. Optimal life determination principles and modelling
- Case studies
- Repair/Replacement Modelling
- Life Span Scenario Modelling
VIII. Life cycle management supporting operational readiness
- Operational Readiness Critical Path
- Asset Management Plan alignment to support Operational Readiness
IX. Life-cycle focus applied to ageing assets
- Defining Ageing Asset Concerns
- Asset Management Plan alignment to support Ageing Asset management
