Not Knowing What You Have
In common manufacturing industry parlance, this is known as the FDH (Fat, Dumb and Happy) approach to asset management. While it might seem intuitively obvious, many organizations either don’t appreciate the need to know with a high level of confidence, the assets that they have or they choose not to take the time to do so. Either way, this has to be the first major step taken towards ensuring that one’s asset management program is effective.
Over or Under Maintenance
During the operational phase of the asset life cycle, there can be a problem of over maintaining as well as under maintaining. The key issue regarding over maintaining typically involves two issues that will make the asset management system ineffective. Firstly, there is generally a significant cost associated with the execution of non-value-added maintenance
Many organizations suffer first of all from a lack of understanding of the inherent design capabilities of their assets and secondly, how best to operate within their ranges to optimize the asset life cycle. For some assets, either operating below or above the design range adversely affects the life of the asset.
Improper Risk Management
The basic tenet of best practices asset management dictates that a plan is implemented that not only manages the operation and maintenance of an organization’s assets but also manages the risks associated with the ownership and use of the assets.
Sub-optimized Asset Management Systems
Enterprise Asset Management (EAM) systems, in recent years have become more popularly used within organizations to manage assets. Most systems have inherent deficiencies that prevent holistic management of all the required areas of the plan.
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