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15

Time-Based Replacement Policy

One of a number of different types of asset replacement policies.

Replacement of an asset after a pre-defined amount of time has transpired. For example:

  • Replace roof when it is 25 years old
  • Replace boiler when it is 20 years old

Listed below are the different types of time-based replacement policies:

Evaluation

Time-based replacement policies are generally best suited to the following types of assets:

Some of the drawback of the time-based replacement policy are summarized below:

  • There is a possibility of performing a preventive replacement shortly after failure replacement which may lead to a waste of resources. 
  • The condition of the asset may not warranty replacement. The same asset may degrade at different rates depending on exposure conditions.
  • This approach is not suited to assets that behave stochastically
Asset replacement policies must align to asset risk profiles in order to achieve optimization and satisfy ISO 55001 requirements
Fig.  Asset replacement policies must align to asset risk profiles in order to achieve optimization and satisfy ISO 55001 requirements.


A balanced asset replacement mix helps the organization to achieve optimization in conformity with ISO 55001 principles
Fig. A balanced asset replacement mix helps the organization to achieve optimization in conformity with ISO 55001 principles.


Fig. Network diagram of alternative asset replacement policies with Time-Based Replacement (TBR) highlighted in yellow.
Fig. Network diagram of alternative asset replacement policies with Time-Based Replacement (TBR) highlighted in yellow.

See also:
Compare with:

Sample distribution of the percentage of assets under each of the five replacement strategies - the replacement mix.
Fig. Sample distribution of the percentage of assets under each of the five replacement strategies - ie., the replacement mix.

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