Why Straight Line Depreciation Matters When companies discuss depreciation, they are usually looking at one of two things. Depreciation can refer to the actual decrease…
Inventory can make or break your maintenance performance. Other maintenance metrics and KPIs rely on having the right parts at the right time. Based on experience,…
Asset management is how organizations achieve the most value from their assets. An asset manager evaluates costs and potential risks against the potential benefits a company could realize from…
A function clearly describes what a piece of equipment is intended to do, as well as the level of performance expected to result. Functional…
What is an asset? The bare-bones definition of “asset” is any resource an organization owns, controls, and may use to create profit. Assets may be…
Maintenance tasks for indoor cycling bikes include daily, weekly and monthly cleaning, inspection, and adjustment tasks. Indoor cycling bikes are one of the core attractions of fitness centers, gyms,…
Assistive devices help individuals with disabilities live a more independent life by using technology, increasing accessibility to all. A strong preventive maintenance program can ensure that…
Purchase orders (PO) are created to start a purchasing relationship with an outside vendor or contractor. Any business that uses raw materials or hires outside services needs to issue purchase…
Maintenance management is the process of maintaining a company’s assets and resources. The purpose is to ensure that production proceeds efficiently and that resources are used effectively. Maintenance management is…
The most common ISO standards to follow for manufacturing facilities are ISO 55000, 55001, and 55002. All three of these standards require an asset management system. Such…
A bathtub curve is a visual representation of the failure rate of a product or group of products over time. By plotting the occurrences of failure over time, a bathtub…
When it comes to equipment failure, there are a few interesting trends that we see. In particular, we can see some of the challenges of effective reliability planning. Causes of…
In maintenance, a turnaround is an event where one or more assets are temporarily removed from service so that maintenance tasks can be performed. While specific turnaround procedures may…
You should budget approximately 2% to 5% of your total replacement asset value (RAV). This metric, known as %RAV, is calculated as a proportion of your facility’s value and spending.
A fixed asset is one of two major categories of physical property for a company and includes those items that remain in one location during business operation. Fixed assets do…
Some of the most common root cause analysis mistakes involve poor definitions or focusing too much on the wrong thing. Others simply ignore root causes entirely, rendering…
For root cause analysis to be effective, you need to dig deep. This ultimately comes down to having the right resources present and ready and asking “Why?”…
Utilizing key performance indicators throughout inventory control systems helps drive more effective decisions and strategies. With valuable insight from…
The collection of equipment failure data over time allows for proper asset management and life-cycle analysis. From historical equipment failure data, you…
Of the numerous RCA methods used, the one you choose depends on the depth and nature of the problem. Factors such as the number of contributing causes…
In order to decide if it is time to repair or replace an asset, you must compare the current value of the asset with the cost of repair. Simply, when…
What is equipment depreciation and why is it important? Equipment depreciation is a measure of how much a piece of equipment drops in value each year. As you…
A company or business’s assets can be some of the most valuable things that they will ever own. Millions of dollars are common…
While both availability and reliability metrics measure uptime or the length of time that an asset is operational, they differ in how the interval…
What’s idle time and how does it differ from downtime? What’s idle time and how does it differ from downtime? The SMRP distinguishes between idle time…
Criticality is a measure of how important an asset is to your process. The more critical the asset, the more of an impact it will have if…
Overall equipment effectiveness (OEE), the most common metric used to characterize the performance of a plant, is expressed as a percentage of the total planned…
Maintenance metrics are used to measure and quantify the level of achievement of a particular asset or plant process. Determining the state of the plant using…
Improve your equipment uptime by implementing well-thought-out maintenance programs, integrating and streamlining workflow, and monitoring equipment to discover and resolve root causes of failure. Although these tasks may…
Among the most important metrics and key performance indicators (KPIs) for manufacturing companies to track are: Overall equipment effectiveness (OEE) Downtime Yield, cost, and throughput Customer rejects Lead time…