Condition Monitoring and Assessment
Condition monitoring of assets must be:
- Economically justified as a benefit to the business of the organization
- Be carried out in a cost effective and efficient manner.
In general this relates to:
- Identifying the likely failure modes and distress indicators
- Determine the most appropriate condition monitoring techniques
- Carrying the technique out at an interval that is:
- Economically viable and derives benefits that exceed costs
- Suitable to the condition of the asset.
Fault analysis also needs to be carried out because in some cases the failure of components does not result in the failure of the system. It may be only when high levels of component failure occur that the system (and the service delivery) fails.
The general process for condition monitoring is shown below:
Assessing Risk to an Organization
EXISTING CONDITION OF ASSET | Perfect 1 | Good 2 | Fair 3 | Poor 4 |
Age of Asset (% effective life) | >20% | 30-50% | 50-80% | >80% |
Condition Monitoring Available (warning) | Excellent | Simple | Poor | None |
Protection Shutdown Devices (automatic) | 100% | 70% | 40% | 0% |
Time Available to System failure | Long Time | Day | 1 Hour | Nil |
Standby Available (redundancy) | Over 100% | 50% | 25% | 0% |
Time of Travel to Installation by Normal Maintenance Call | On Site | >15 Min | >30 Min | >1 Hour |
Replacement Value of Asset (will failure result in damage to the asset) | Nil | 40% | 60% | 100% |
Cost of Failure ($ expressed as a percentage of the asset value) | Nil | 40% | 60% | 100% |
What Secondary Damage is Likely? | Nil | Minor | Medium | High |
Is Value of the Asset Depleting with Time? (e.g. electronics) | Yes | Medium | Minor | No |
What is the New Asset Likely to be Worth? | >50% | >70% | 100% | >100% |
What is the Probability of Failure (%age if no maintenance after?) | 1Yr 1% | 2Yrs 10% | 5Yrs 40% | >10Yrs 100% |
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Calculating Probability of Failure |
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Asset Condition Assessment and Ranking
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