Publication

Streamlining asset maintenance throughout analysis of its usage data

Paul Xirouchakis, Maurice Ruibal
2008
Conference paper
Abstract

Recently, with the advent of emerging technologies such as radio frequency identification (RFID), various sensors, and wireless telecommunication, we can have the visibility of asset status information over the whole asset lifecycle. It gives us new challenging issues for improving the efficiency of asset operations. One of the most challenging problems is the predictive maintenance that makes a prognosis of the asset status via a remote monitoring, predicts the asset's abnormality, and executes suitable maintenance actions such as repair and replacement. In this study, we will develop a prognostic decision algorithm to take suitable maintenance actions by analyzing the degradation status of an asset. To evaluate the proposed approach, we carry out a case study for a heavy machinery.

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Ontological neighbourhood
Related concepts (20)
Asset
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business.
Maintenance
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure, and supporting utilities in industrial, business, and residential installations. Over time, this has come to include multiple wordings that describe various cost-effective practices to keep equipment operational; these activities occur either before or after a failure. Maintenance functions can be defined as maintenance, repair and overhaul (MRO), and MRO is also used for maintenance, repair and operations.
Predictive maintenance
Predictive maintenance techniques are designed to help determine the condition of in-service equipment in order to estimate when maintenance should be performed. This approach promises cost savings over routine or time-based preventive maintenance, because tasks are performed only when warranted. Thus, it is regarded as condition-based maintenance carried out as suggested by estimations of the degradation state of an item. The main promise of predictive maintenance is to allow convenient scheduling of corrective maintenance, and to prevent unexpected equipment failures.
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