Asset Failure Modes

The performance of an asset declines (at varying rates) throughout its effective life until it eventually requires renewal or replacement. This decline or failure impacts on the overall system.

There are several ways an asset can fail to provide its required level of service or reach the end of its effective life. These failure modes are:

Lack of Capacity

The growth in demand has or will outstrip the asset's ability to provide the service required.

Inefficiency

Due to technological change, the asset could be effectively replaced by an updated asset.

Obsolescence

Due to a lack of spare parts etc., the asset can no longer be maintained to provide the service required.

Level of Service

Due to possibly a number of factors the necessary reliable performance cannot be achieved without excessive maintenance, renewal or repair costs.

Structural Integrity

The age of the asset is such that it reaches the end of its effective life and mortality failure occurs.

No Longer Required

The organization's objectives, strategies, needs or core activities no longer require the asset and it can be disposed of.

Operator Errors

Human error can often result in the early failure of an asset, e.g. not following optimal maintenance practice on plant and equipment or wrong operational procedures.