plant and allows for a more balanced approached

Every power generation manager is, in a sense, a risk manager balancing maintenance spending, technical performance and unavailability to maximize the financial performance for their assets. To combat this risk, companies employ a variety of different management strategies. However, many times, the analysis tools to support the strategies and tactical decisions are so complex and time-consuming that managers default to their experience and biases rather than undertake meaningful and objective analyses of their program's effectiveness. Managers are in need of a simple, data-driven method that describes the effectiveness of their maintenance program and quantifies tiffany engagement rings the risk of underperformance of major systems, the asset, groups of assets, or a fleet within the plant and allows for a more balanced approached to implementing maintenance programs.

Beyond the analyses and the numbers, managers are also in need of a credible tool that tiffany sale provides the basis for communication of the maintenance program's effectiveness at the various levels of the generation organization. This communication tool must work equally well for both technical and financial managers.

Solomon developed its maintenance risk methodology to both describe maintenance effectiveness and provide a means of communication throughout the organization, allowing for the greatest potential improvement. The methodology involves a visual framework that focuses on the risk of sub-optimization of the financial and technical tiffany on sale performance of the asset rather than merely emphasizing one aspect such as reliability.

Unreliability is considered by most teardrop rings as the probability that a system or component will not be able to perform its mission over a period of time. The effect of this unreliability can be measured in terms of the financial impact of the event causing the reliability. The management of the probability (that is, frequency) and the consequences (that is, severity) is typically captured through a company's maintenance management program.

However, do all events result in the same severity? More specifically, what affects the financial performance of the asset more, a few costly events or numerous low-cost events} Our maintenance risk methodology simultaneously addresses both frequency/unreliability and severity/ cost to assess the effectiveness of the maintenance program and provide the manager with a tool to improve their decision-making capabili-ties in balancing the maintenance program.