1
Introduction
1.1Background
This book aims to contribute to a new vision of physical asset management and emphasizes several tools to manage the entire life cycle of physical assets. However, because this last concept is not well consolidated yet in professional language, throughout this book, I will use similar concepts, as is the case for the equipment/facilities/machines concepts and the more general concept of maintenance objects.
The objective of this book is to propose real approaches for all phases of a physical assetâs life cycle that may be summarized in the followings times and steps:
âąt1âDecision about acquisition
âąt2âTerms of reference
âąt3âMarket consultation
âąt4âAcquisition
âąt5âCommissioning
âąt6âStarting production/maintenance
âąt7âEconomic/lifespan issues
âąt8âRenewal/withdrawal
The next figure (Figure 1.1) shows the synthesis of all the preceding steps that will be described in this chapter as the global framework of this book.
Figure 1.1
Stages of a physical asset life cycle.
The cycle starts at time t1, with the decision about acquisition. This time has much more importance than it has traditionally been given. At this point, aspects like the following are analyzed carefully:
âąThe physical assetâs functions.
âąThe production levels expected from the asset.
âąThe estimated budget that may be allocated for its acquisition.
âąThe geographical location and conditions of asset implantation, which include aspects like the temperature, humidity, and environmental conditions.
âąOthers may be applicable according to the nature of the activity of the organization.
At time t1, the decision about acquisition relates directly to the planning requirement of ISO 55001, because it may attend to:
âąThe asset management objectives and planning to achieve them.
âąThe strategic asset management plan (SAMP) is the guide to setting asset management objectives.
Time t2, the terms of reference, is carefully defined. This step must be one of the most relevant for the rest of the asset life cycle. At this point, aspects like the following must be taken into consideration:
âąDetailed definition of the assetâs functional specifications, namely the following:
âąWhat are the roles of the asset?
âąHow long is the daily operation?
âąWhat is the risk associated with the use of the asset?
âąWhat is the risk associated with third parties?
âąOthers applicable for each specific situation.
âąDetailed service and technical specifications, namely the following:
âąTechnical specifications
âąReliability ratios:
âMean time between failures (MTBF)
âMean time to repair (MTTR)
âMean waiting time (MWT)
âOthers
âąMaintenance specifications
âąSetting of spare parts
âąDetailed definition of the documents underlying asset acquisition, like the following:
âąTechnical data
âąOperating manual (entry into operation)
âąDeployment guide
âąList of components and recommended spare parts
âąAssembly plan
âąDetail plan
âąLubrication plan
âąLine diagram
âąLogical diagram
âąCircuit diagram
âąPipe diagram and instruments
âąDrawing of implementation
âąAssembly drawing
âąReport of the test program
âąCertificates
âąDetailed definition of the assetâs conditions of reception and installation, like the following:
âąIn the reception phase, it must be verified whether the delivery complies with the terms of reference specifications and the supplierâs proposal.
âąAll manuals should be examined and must be complete and match the version of the asset provided.
âąThe installation must be coordinated and supervised by a specialist or team of specialists to which the equipment belongs.
âąBefore the assetâs entry into operation, all licenses and required legal regulatory approvals should be obtained.
âąDetailed definition of commissioning conditions:
âąAt this stage, it is essential to carry out a set of tests, experiments, and checks to demonstrate and prove that the asset complies with the standards and regulations specified in the terms of reference.
âąOther aspects that must be considered are the following:
âąAvailability of new technologies
âąCompliance with safety standards or other mandatory regulations
âąAvailability of spare parts and the number of years that they are available
âąObsolescence that can limit the assetâs competitive use
âąGuarantees...