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
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
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:
Course Outline
I. Introduction to asset management and asset life cycle management
II. Life Cycle Management
III. Life cycle definition and application
IV. NPV Processing and financial principles to asset
V. Life-cycle cost modelling and simulation
VI. Condition assessments and asset life progression
VII. Optimal life determination principles and modelling
VIII. Life cycle management supporting operational readiness
IX. Life-cycle focus applied to ageing assets
Details
Venue