Forecasting maintenance excellence

Striking a good balance between the cost of maintenance and cost of failure is essential. Profit margins are under ever-increasing pressure making it impossible for companies to carry-on with their current operational expenditure. Ageing assets coupled with workforce reductions add further dimensions to the challenge. Maintenance Excellence will play a big role in the oil and gas industry to manage all these challenges.

In the following webinar, DNV discussed 4 tips to improve your maintenance strategy.

Operational Expenditure Modelling
Weibull distribution and Planned renewal
Spare Optimisation
Cost of Failure VS Cost of Inspection

Plant-wide reliability models

Over the years DNV has developed an approach to performance forecasting called Plant-Wide Reliability models. Plant-Wide Reliability models accounts for all production aspects of the asset. This advances traditional asset management methods (e.g. RCM, RBI…) which focus on local-production loss events i.e. related to the equipment item. Localized reliability aspects are important but unable to describe the performance for the entire plant.

The main KPI explored in these models is production efficiency (or production availability) and Utilisation. This is a powerful metric used to understand what is the productivity of the system considering unplanned and planned shutdowns in addition to operational bottlenecks.

Plant - Forecasting Maintenance Excellence - plant-wide