Quantitative Assessment
Leverage Data for Better Return on Asset Value
There’s no way to facilitate a proper Condition Assessment analysis or comply with strict compliance standards if you don’t know what data you store, transmit or access. A quantitative assessment maps and classifies your asset’s operating and maintenance history and data so you can map a dollar amount to a specific risk.
Quantitative Assessment Criteria:
- Age of the assets (install date)
- Duty cycles (operating cycles) and loading
- Operating within safe limits
- Number of trips and protective devices activated (if applicable)
- Operating standards (within design parameters and safety margins)
- Maintenance records and compliance
- Asset Performance Measurement
- Major overhauls past and future (if any)
- Modification and upgrades (if any)
The quantitative assessment is data driven but may require interviews with subject matter experts and actual nondestructive performance testing (i.e. vibration testing, thermography, oil analysis, dye penetration, etc.). The assessment must also be verified during the field inspection and qualitative assessment process. The Quantitative Assessment is based on accepted metrics, and templates and criteria should be agreed to by the stakeholders prior to the start of the analysis.
Typical metrics for considerations:
- PM compliance
- Operating within safe operating limits
- Operating protocols and procedures
- Maintenance strategy exist and is being followed
- Maintenance records are kept accurately
- Root Cause Analysis (RCA) performed on repeat failures
- Bad Actor Analysis and defect elimination
- Regulations and regulatory requirements are met