Asset Management

Written by Nicholas Kamuda
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One of the most modern practices of physical asset management is the practice of RCM, or reliability centered maintenance. The practice of RCM involves organizing the expectations of a product into a list of evaluation criteria, and basing maintenance procedures on that list. One central tenant of RCM physical asset management is that maintenance requires preserving the functions of assets, not just the assets themselves.

Asset Management using RCM2 is a process that includes defining asset expectations and risks involved if the asset were to enter into a failed state. RCM2 asks that users determine all of the possible ways that the product can fail to live up to those expectations, and identify what possible causes there are for those failed states.

RCM2 recognises that there are six failure management policies available to address the failure modes and their associated consequences. Which type of maintenance is appropriate depends on the kind of the risk involved and the technical specifics of the failure mode. The six main kinds of maintenance processes include predictive and preventive maintenance, failure finding, modifications to the product or operation, and run-to failure.

History of RCM Physical Asset Management

Reliability Centered Maintenance began with the Air Transport Association re-evaluating their maintenance practices with interdisciplinary task forces known as the Maintenance Steering Group Task Force. This included members of the FAA as well as representatives of the individual airline companies and manufacturers. In 1976, the U.S. Department of Defense commissioned a report. This report was issued in 1978 and became the foundations upon which RCM2 is based.

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