Asset Maintenance (Operations) - Explained
What is Asset Maintenance?
Written by J. Mance Gordon
Updated at April 21st, 2024
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
- Courses
What is Asset Maintenance?
Asset Maintenance is a method of managing assets where asset utilization is at a level that minimizes operating cost while still delivering the desired service throughout its life cycle.
What are the Types of Asset Maintenance?
Asset maintenance programs can be categorized into reactive and planned maintenance.
What is Reactive Maintenance?
Reactive maintenance is effort to maintain an assets when a need is identified (such as a breakdown).
Emergency asset maintenance is carried out when effort to repair an asset is essential to continued operations.
Non-Emergency maintenance is when maintenance is required for the asset to function, but it does not drastically interrupt operations.
What is Planned (Program Driven) Maintenance?
Planned maintenance includes maintenance that is part of a scheduled plan. It can be subdivided into preventative and predictive maintenance.
Preventive Maintenance is routine work to keep an asset operating at its intended performance level.
Predictive Maintenance is routine investigative work designed to determine when an asset may fail.
What is an Asset Maintenance Plan?
An asset maintenance plan addresses all considerations, process, and contingencies related to maintaining an asset over its lifecycle.
What are Asset Maintenance Strategies?
Asset maintenance strategies are aimed at maintaining assets at an adequate standard by addressing statutory, technical, and operational requirements.
Example of asset maintenance strategies include:
- Preventative time-based maintenance – this is undertaken at predetermined time intervals as required statutory, technical or operational reliability considerations.
- Condition-Based Maintenance – this is undertaken as a result of an asset’s condition and driven by the condition assessment process.
- Zero-Based Maintenance – apart from statutory and workplace health and safety requirements. No maintenance action is undertaken until breakdown or the asset quality falls below the minimum standard specified for the asset.