Asset Condition Assessment

‘Knowing the condition of any asset can be a challenge’. in your mind you always wonder, Are my Assets up for the job?

This is quite a basic statement but the impact of understanding the condition of the assets can be a huge factor in their ongoing use and life. This knowledge becomes important in understanding at what level must we focus maintenance at to maintain the health of the asset and ensure it functions well for its full life span.

In other words does the asset require minimum maintenance or heavy maintenance?

We can only know this if we understand the condition of the asset.

Although we are looking at the Condition Assessment element of the life cycle, do not forget that this only one element of the cycle and the wheel of the cycle must keep turning to generate the information we require for each element to work effectively. The cog that drives the wheel to generate the information required, is in the centre. The Asset Care Performance Management System.

Asset Condition Assessment – Eight Elements

There are eight elements relating to Asset Condition Assessment that we will be working through in the following articles. In this article we will be discussing the first two elements.

  1. We need to understand the current state of our asset.
  2. We also need to know what the required level of service from the asset is.
  3. What assets are critical to sustain the required performance and therefore should be prioritized.
  4. What are my best ongoing Continual Improvement Program strategies?
  5. What is the Operational Performance
  6. Where are the Sources of Information
  7. What about Structural deficiencies
  8. What is my strategy for the best long term funding requirements?

 Asset Condition Assessment – State of Assets

To be able to understand the current state of our asset, we need to know what assets we own and where they are, all of which we covered in the previous chapters. In addition however we also need to know what condition the asset is in and how well is it performing, so that we can determine its remaining useful life and economic value? Apart from a visual inspection the historical records of previous maintenance recorded from work orders will play a vital role.

 Asset Condition – Required Level of Service

Every asset is purchased for a particular reason and when purchased, expectations and forecasts will be projected for the asset, based on its specification criteria. This is known as the required level of service (LOS). This information can be obtained from a number of different parties, such as

  • Management
  • Clients and regulators
  • Company records

Having obtained the required level of service expected, we then need to assess how is the asset performing now in relation to its expected performance?

The current state of the assets and the required level of service are the first two vital ingredients that are required to provide information relating to an accurate assessment of the condition of the company assets.

Contact Joe  Schoeman and the Schorp  Group  Team for more information.
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