When properly executed, Physical Asset Management can significantly impact an organization's bottom line by reducing maintenance costs, increasing the economic life of capital equipment, reducing company liability, increasing the reliability of systems and components, and reducing the number of systems and components.
This course will provide participants with the tools and methodologies to achieve maintenance excellence in their organization. The course has been designed to help managers care for their assets efficiently and effectively through sound and timely decision-making.
Further, the course will also discuss the ISO 55000 including its elements, structure and requirements for an asset management system; the benefits of adopting ISO 55000 and how it align with other management systems; the roadmap to achieve certification and subsequent business improvement; the various approaches including HAZOP and risk-based inspection; the total productive maintenance (TPM), people-centric maintenance and quality improvement; the methodologies covering asset management of projects, quantum leaps in process improvement and supplier partnering program (SPP); and the failure process and age versus reliability patterns.
During this interactive course, participants will learn to optimize human and asset performance by focusing on behavior and results; carryout balance scorecards, benchmarking and key performance indicators; identify the basic economics and the aspects of discounted cash flow used in capital equipment replacement analysis; apply present-value calculation and recognize the effects of inflation in the analysis; estimate the interest rate appropriate for discounting; calculate the equivalent annual cost (EAC) and minimize life cycle cost; recognize basic statistics and the problem with uncertainty; optimize maintenance and replacement decisions covering network system reliability and maintenance tasks; employ reliability centered maintenance (RCM); and optimize condition based maintenance decisions.