Definition of asset performance management (APM)
Asset performance management (APM) is a framework comprised of the next generation of methods used to ensure optimal performance throughout an asset's full lifecycle. It includes capabilities of data capture, integration, visualization and analytics. These are integrated to improve reliability and availability of assets. Condition monitoring, predictive forecasting, operational forecasting and reliability-centered maintenance (RCM), risk-based inspection (RBI), quantitative risk analysis (QRA), safety integrity level (SIL), and integrity operating window (IOW) are also included in APM.
DNV GL is redefining APM with its asset performance management software solutions. To effectively manage an asset, companies need to have an all-encompassing risk-based approach to design and operations. This means incorporating to the short and long-term decision-making process well-established techniques taking advantage of industry knowledge and standards.