Asset Criticality Analysis (ACA) is a systematic procedure for the analysis of a system of assets. The aim is to identify the consequence and likelihood of failure of an asset to perform its function. The results of the asset critically analysis can be used to develop an appropriate and cost effective maintenance strategy to manage organisational risk. This process enables you to optimise your maintenance strategies based on your risk vs cost appetite. Asset criticality also enables for appropriate prioritisation and response to maintenance requests and maintenance work. This allows you to make better decisions to align your maintenance effort and cost with your business drivers.
We will work with your organisation to extract the asset hierarchy from your asset management information system (SAP, MAXIMO, MAINPAC, MEX etc). The first step is a hierarchical deconstruction of the system into its component assets. Assets may refer to physical plant, control systems, software and the like. It is useful to employ simple block diagrams to illustrate this decomposition. A simpler alternative for the management of large systems is a treeview where parent items can be broken out into branches of children items.
We use our own Asset Criticality Assessment software that is aligned with AS/NZS ISO 31000, Risk management – Principles and guidelines and NORSOK Standard Z-008,Criticality analysis for maintenance purposes. We have implemented and improved our software on hundreds of projects over the last 15+ years and are committed to providing a service that is streamlined, high quality and low cost to you. We will import your asset hierarchy data into the software and configure the software for the criticality assessment process. We will also configure the software to be aligned with your risk assessment policy and risk assessment matrix.
We have the capability to quickly and effectively analyse your work history in your asset management information system and provide asset reliability analysis that will inform the asset criticality assessment process. This will allow us to pre-populate the likelihood of failure for your assets based on historical information.
The asset criticality assessment is undertaken in a facilitated workshop. We use our software and experienced facilitators to provide an efficient workshop process. The asset criticality assessment is carried out in collaboration with your experienced people from operations, maintenance, engineering and finance. These people represent the knowledge of your organisation and are crucial in providing the operational, cost, safety and other context and consequence as well as the likelihood of failure and reliability of your assets.
In the workshops, the analysis starts with choosing the appropriate lowest level of elements in the asset hierarchy. This will generally be at a proactively maintainable asset level, typically the level at which proactive actions will be applied. Your risk matrix is then used to assign likelihood of failure of the asset and the consequence of such a failure. The facilitator will workshop scenarios with the attendees and assign the most suitable likelihood and consequences. Our software speeds up the process as assets of the same type in the same or similar operational context can be multi assigned and do not have to be individually assessed.
A number of outcomes are sought:
Asset criticality ranking has multiple benefits:
We will export the asset criticality ranking data, for upload by your IT department. In past projects, we work with the IT department and their bulk upload tools or spreadsheets and export the data to fit with their existing processes. Covaris has experience with most contemporary EAM, CMMS, ERP systems (e.g. MAXIMO, SAP, MAINPAC, MEX) and can also assist in the upload if required.