When it comes to managing an organization’s physical assets, it is crucial to understand the difference between criticality, consequence and risk. Organizations that focus on risk attempt to reduce intolerable risks to tolerable levels, while ignoring critical assets posing a low-risk. While companies may acknowledge the criticality of their assets, they may do little or […]
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Defining Failures and Being Consistent
To identify when maintenance is required, we need to define failure. The traditional view was that as equipment gets older, it is more likely to fail. Failure was defined as when the equipment breaks down and is no longer operational. However, studies have shown that the majority of failures are not age related. In the […]