CD —

Advanced Methods in Making Optimal Decisions in Asset Maintenance, Replacement and Reliability

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The Professional Development Centre within the Faculty of Applied Science and Engineering at the University of Toronto offers a Physical Asset Management Certificate Program. Part III of this program, entitled "Optimizing Maintenance Decisions," involves four days of the eight-day program. Our CD, Advanced Methods in Making Optimal Decisions in Asset Maintenance, Replacement and Reliability, consists of 550 PowerPoint slides. It presents key material from these four days, including the following:

Basic Statistics, Risk Assessment and Economics

  • Analysis of Component Failure Data

  • Probability Density, Reliability and Hazard Functions

  • Weibull Analysis

  • Dealing with Censored Data

  • Aspects of Discounted Cash Flow Used in Capital Equipment Replacement Analysis

  • Estimating the Interest Rate Appropriate for Discounting

  • Present-Value Calculations

  • The Effects of Inflation in the Analysis

  • Calculating the Equivalent Annual Cost (EAC)

  • Selecting the Best Alternative to Minimize Life Cycle Cost

Optimizing Maintenance and Replacement Decisions

  • Reliability Improvement through Preventative Replacement

  • Case Studies in Establishing Optimal Component Replacement Procedures

  • Reliability Improvement through Inspection — Establishing Optimal Frequency and Depth

  • Establishing inspection intervals for equipment used only in emergency conditions (Failure finding intervals for protective devices)

  • Reliability Improvement through Asset Replacement

  • Economic Life of Capital Equipment

  • The "Classic" Economic Life Model

  • Case Studies in Establishing Optimal Replacement Strategies for Capital Equipment — Fixed and Mobile

  • Use of AGE/CON and PERDEC Software for Capital Equipment Replacement

  • Role of Simulation to Establish Maintenance Resource Requirements

Optimizing Condition Based Maintenance Decisions

  • How to Interpret and Act upon the Results of Condition Monitoring using EXAKTtm : The Condition Based Monitoring (CBM) Optimizer.