Why Measure Assets?
Measuring the performance of systems and their associated logistic support is an essential part of any asset management strategy. However, the inability to properly establish data collection objectives and poor analysis assumptions or data quality can undermine your efforts and cause expensive mistakes or lost opportunities.
This course will provide participants with an understanding of how to achieve business objectives through the appropriate use of asset performance metrics. In particular, it will provide an overview of commonly used metrics and as well as guidance on how to avoid common pitfalls. Participants will learn where to obtain relevant asset performance data within their organisation, the types of data quality issues that may be encountered and how to conduct data quality assurance. The course will explain the relationship between specific performance metrics and the activities which form an asset management program. A number of case studies will be reviewed to demonstrate the different metrics and measurement systems used by different industries.
The course aims to provide participants not only the theory and examples of measuring asset performance, but also some practical tools which can be used within their workplace. To do this the course will cover in depth the Mean Cumulative Function. This empirical function identifies trends in asset performance without the need for intricate assumptions about a particular mathematical model or parameter values. Participants will be shown how to calculate the MCF both manually and using MS Excel Spreadsheets. At the conclusion of the course, participants will be able to apply the Mean Cumulative Function (MCF) analysis technique to support their asset management decisions.
Participants only need to know how to add, multiply and use MS Excel to undertake this course. In order to maximise the relevance of the course, interested participants are required to provide the instructor with their industry , a brief description of what type of equipment they utilise and their operational context. Participants are requested to bring a laptop computer to assist with the practical exercises.
The Measuring Asset Performance course will cover the following topics:
- Overview of Asset Management and Asset Objectives
- Types of assets
- Methods to measure asset performance
- Common asset performance metrics, advantages and traps
- Total Equipment Efficiency Performance
- Overall Equipment Effectiveness
- Availability (operational, inherent, and others)
- Reliability (mission, basic)
- Per resource metrics (cost, tradesmen hours)
- Per life unit metrics (kilometres, tonne, hour, per demand)
- Metrics to allow investigation into the reasons of poor performance
- Data collection and data quality management
- Case studies on asset performance metrics
Participants will learn how to apply metrics to answer the follow types of questions about their assets:
- Identify increases in resource consumption as equipment ages (cost, tradesmen hours, parts usage).
- Identify changes in equipment failure rates over time (critical failures per hour, services per year, failures per kilometre)
- Determine equipment cost per usage metric (cost per operating hour, tradesmen hours per kilometre)
- Determine the effects of asset management decisions
- Compare equipment performance between different variants, production lots, manufacturers
- Compare equipment operating performance in different environments (operators, maintainers, locations, usage rates)
- Identify the worse and best performing assets at different stages of equipment life.
This Measuring Asset Performance course provides participants with the theory, metrics, case studies and tools to measure their asset performance, and answer fundamental questions about how to support asset management decisions.
- If purchasing for more than one person, specify the number of people attending the course by altering the quantity of the course in the shopping cart. Our staff will contact you shortly after placing the order to confirm the details of each person as well as dietary requirements.
- More details of the course will be provided separately well before the commencement of the course.
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