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Asset Criticality Ranking: Value for Each Management Level

By Ralph Tileston, GenesisSolutions, an ABS Group Company

Enterprise Risk Management

Asset dependent organizations need to be continually educated and diligent about the importance of classifying assets in terms of the impact of asset failure on the organization. By using a prescriptive method to identify and classify failure consequences, organizations can most effectively allocate asset care resources within their enterprise asset management (EAM) model. Within the reliability based maintenance asset management model, this prescriptive means is a facilitated process called asset criticality ranking (ACR).

Using a list of all assets to be managed, ACR defines the relative importance of asset failure consequences to the overall business. This is accomplished by evaluating asset failure consequences against graduated criteria within several business impact factors. Regardless of the business impact factors and criteria applied, ACR results in a numerical criticality score for each asset, which then can be put to use in a variety of ways, from daily maintenance workflow management to capital project funding decisions.

By using ACR, asset management stakeholders can systematically arrive at an agreement about which assets are important to the business and why, thereby appropriately applying resources for their care.

 

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