Home        About       News       Library       Contact
1

Life

Total Life Concepts
Listed below are some life concepts that are generic in nature and endeavour to quantify whole life:
Listed below are some life concepts associated with actuarial principles

Obsolescence Life Concepts
Listed below are some life concepts that are defined by factors other than physical deterioration, such as economic obsolescence and technological obsolescence:


Consumed Life Concepts
Listed below are some asset management concepts to illustrate the amount of life that has been used up at a particular point in time:

Remaining Portions of Life
Listed below are some asset management concepts to illustrate the amount of life that is estimated to be remaining at a particular point in time:
Comparative Life Concepts
Listed below are some asset management concepts to illustrate the life of an asset relative to its age:

Analysis of Life
Listed below are some asset management concepts to assist in the analysis of life:

Managing/Controlling of Life
  • Maintenance
  • Repairs
  • Renewals
Some of the key statistical elements of an asset survivor curve
Fig. Some of the key statistical elements of an asset survivor curve.


The whole life of assets can be divided into life stages
Fig. The whole life of assets can be divided into life stages - early life, mid-life and late-life, with different maintenance strategies at each life stage.



Decisions should consider the whole life of assets, including the I-P interval and the P-F interva
Fig. Decisions should consider the whole life of assets, including the I-P interval and the P-F interval.



The risk spectrum extending along the P-F interval to illustrate the varying strategies in the Pre-P and Pre-F periods. For example, a shift from Time-Based Maintenance (TbM) to Condition-Based Maintenance (CbM)
Fig. Changing risk parameters over the life of an asset.


 
1
Fig. Curve indicating the impact of maintenance on the service life of assets.


(c) Copyright Asset-Insights, All Rights Reserved - "Insight, foresight and oversight of assets"