Discuss about the Strategies For Excellence In Maintenance Management.
In the following report, an effort is being made to draw the attention towards the importance of maintenance of the fixed assets of the company. In pursuance of that various components of asset risk management are discussed including the management’s support for the risk based management system, the expectations of the stakeholders from the maintenance of the assets and proper study is conducted to find and discuss about the gaps in the maintenance processes of the assets is conducted. Finally the scopes of improvement in the existing processes are being suggested to the management for its consideration.
The maintenance of the assets is not only the point of concern for the management of the company rather it is the consideration of almost all the stakeholders of the company directly or indirectly. The proper functioning of the assets clearly affects the stakeholders in a particular way (Campbell & Reyes-Picknell, 2015). For instance in case of the halt in the operations of the operations of an entity due to malfunction in its equipment and machinery required for production, it will affect the customers of the company as the supply of the product will get hampered. It will further hamper the creditors of the company as the company will not be able to timely payback the dues because of the decreased revenue as a result of halt in the operations of the business. Hence, every stakeholder of the company has his own sets of expectations from the company in respect of the kind of maintenance the management is ensuring for its important and vital equipment.
The scope of the maintenance team is limited to the order received from the management and execution of the same. The maintenance team doesn’t possess the authority to conduct a maintenance check all by itself. The maintenance team waits for the orders to be issued by the senior management for the conducting a maintenance exercise only them it possible for them to perform their duty (Parra et al., 2016). It is a loophole that is present in the way of functioning of the organisation with respect to late responses to the needs for maintenance. If the due responsibility along with justifiable amount of delegation of authority is exercised by the management then the function of maintenance of the equipment could be undertaken in a more scientific manner than present. It will help the management to reduce it replacement cost which is generally a lot more than the maintenance costs that it incurs.
It is referred to as presence of some formal manner of documentation systems for the purposes of storage, collection, interrogation, analysis and reporting of information. These are required for the proper functioning of all the elements of the maintenance management. The organisation has various linkages present in the electronic format within the departments. They are as follows:
The records kept by the maintenance department regarding the total costs of maintenance helps the financial management team to factor in the information while calculating the net benefits that is expected of the production.
This record kept by the maintenance department helps the accurate and timely procurement of the right kind of tools by the stores department. This ensures timely conduct of the maintenance of the equipment (Chew et al., 2017).
This means the information regarding the time required by the maintenance team is communicated to the management and the schedule of the timing for which the factory will be in-operative during the day is communicated to the maintenance team. This ensures proper cooperation among them.
An effective record is maintained regarding the expected dates of conduct of maintenance of the equipment and the present condition of the machines. This ensures that in case of an emergency maintenance requirement the maintenance team provides the same.
The management is supportive and conscious about the implementation of the risk based maintenance management. Being aware about the fact that all throughout the life cycle of the project it is susceptible to certain risks, the management has divided the project into several segments or components in whose respect the application of the risk management takes place. They are as follows:
The management effectively tries to reduce the risk of the project at the concept and design part itself. This approach of the management is termed as “front end elimination” of risk or “front end minimisation” of risk. During the concept and design part of the project, the management gives due attention on variety of areas which are listed below:
During this phase of the project the management ensured that the capital equipment and systems have been manufactured, installed and connected in a safe and reliable manner (Kristjanpoller et al., 2017).
During the production phase the scope of management to reduce the risk is minimised. It gets restricted to installation of improved control systems that ensure the safety related hazards and commissioning of improved maintenance practices which ensures operational risks.
The management adopts proper facility design during this phase of the project. In absence of consideration given on this behalf the team responsible for the task of decommissioning finds itself amongst a variety of problems.
Life cycle costing is an important economic analysis which helps in the selection of the alternatives which are responsible for impacting the pending and future costs. It involves comparison of the initial investment options and identification of the least cost alternatives for a period of twenty years (Lee et al., 2016). The application of the life cycle costing method by the management in the organisation is done as follows:
Conclusion:
The management has been able to effectively implement risk based maintenance management and simultaneous application of the Life Cycle Costing mechanism for the decision making in the organisation. Going by the steps taken by the management this far, it has been able to take steps to ensure that the expectations of all the stakeholders will be met. However, the maintenance team of the organisation is still functioning as per the wishes and whims of the management rather than on the basis of the need of the hour. In case maintenance is effected when the machinery didn’t need it immediately the entity incurs unnecessary costs whereas avoidance of maintenance due to callousness of the management causes it heavy repair or replacement costs. Hence the management should look forward to delegation of authority to the maintenance team to ensure timely execution of the maintenance function (Dack et al., 2017).
Time value of money is referred to the idea that the money present at this moment is worth more than the same amount in the future because of its earning capacity. Discounting is used when the entity wants to find the present value of its investment for the purpose of comparing it with the initial outflow. Compounding is used to determine the future value of the present outflow of cash and comparing it with the expected results after the specified period of time.
The different types of availability measures are as follows:
Maintenance performance indicators are used for the purpose of evaluation of the effectiveness of the maintenance that has been carried out. It must be kept in mind that during the development of MPI it is important to relate them to both the process inputs and process outputs. Every company has to measure its maintenance performance in order to remain competitive and cost effective. The following factors have to be evaluated in detail for the purpose:
Reference
Campbell, J. D., & Reyes-Picknell, J. V. (2015). Uptime: Strategies for excellence in maintenance management. CRC Press.
Chew, M. Y. L., Conejos, S., & Asmone, A. S. (2017). Developing a research framework for the green maintainability of buildings. Facilities, 35(1/2), 39-63.
Dack, D., Taylor, D., & McDonnell, D. (2017). Using a reliability assessment approach to improve upgrade and renewal decisions of existing port and maritime structure. Australasian Coasts & Ports 2017: Working with Nature, 322.
Kristjanpoller, F., Crespo, A., Barberá, L., & Viveros, P. (2017). Biomethanation plant assessment based on reliability impact on operational effectiveness. Renewable Energy, 101, 301-310.
Lee, T., & Tso, M. (2016, October). A universal sensor data platform modelled for realtime asset condition surveillance and big data analytics for railway systems: developing a “Smart Railway” mastermind for the betterment of reliability, availability, maintainbility and safety of railway systems and passenger service. In SENSORS, 2016 IEEE (pp. 1-3). IEEE.
Parra, C., Márquez, A. C., Viveros, P., Llort, G., & Aguilar, A. R. (2016). Case Study on a Maintenance and Reliability Management Model Proposal: A Third Set of Locks Project. Optimum Decision Making in Asset Management, 1.
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