Asset performance is a concept that can be applied to a set of like assets within the same class or category for visibility of a portfolio of all assets. Asset performance can be defined as a function of condition, operational capacity, reliability, and maintainability where:
-
Asset Condition is the calculated condition score. See Determining the asset residual life.
-
Asset Operational Capacity is the comparison of a user-defined driving parameter versus the needed throughput of that parameter. In the prior building example, the square footage per employee could be the operational parameter. If that parameter is set at 175 square feet per employee and if there are 60 employees, the building must measure 10,500 square feet. If the building measures 14,900 square feet, it matches the operational needs.
-
Asset Reliability is an indicator of how often the asset fails. It is measured by MTBF (meantime between failure). It can be calculated for a given asset or for a set of assets of the same asset class.
-
Asset Maintainability is an indicator of how easy it is to maintain the asset after it fails. It is measured by MTTR (meantime to repair). It can be calculated for a given asset or for a set of assets of the same asset class.