Asset Lifecycle Information Management
Download Life Cycle Asset Management Whitepaper (PDF)
Overview
Life Cycle Asset Management (LCAM) is an integrated approach to optimizing the life cycle of your assets beginning at conceptual design, continuing through shut down and decommissioning. Thorough planning, analysis and timely execution allow appropriate data-driven decision-making to occur and enable LCAM to deliver optimum:
- Operating and maintenance strategies
- Organizational structure
- Staffing requirements
- Optimized PM/PdM procedures
- Reliability engineering processes
- Work control/planning and scheduling processes
- Equipment criticality and hierarchy in the appropriate enterprise resource system format
- Purchasing and stores processes
- Maintenance inventory requirements with min./max. stocking levels
- Training plan
- Start up and commissioning plan
- Decommissioning plan
- Executive dashboards with performance baselines and targets
To ensure effective asset investment decision-making and to achieve sustainable results in business performance, companies must take a holistic approach that addresses not only infrastructure assets, but also the supporting resources, business processes, data and enabling technologies that are critical to success. This holistic approach to life cycle asset management enables vast amounts of asset data to be effectively managed and leveraged at a practical day-to-day business level. With this approach, companies can institutionalize asset management and make it a focus of the day-to-day business. Only by incorporating asset management into daily business routines can a company achieve optimum performance and full asset potential.
Foundational Elements
Three foundational elements must be in place to support life cycle asset management: management strategy, optimum organizational design and long term asset planning.
Management Strategy Development
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