Asset Health Assurance
"Asset health" is a metric that quantifies the overall state of a piece of equipment relative to the presence of an identifiable defect. This metric can be applied to specific pieces of equipment, process systems, plant areas, or the overall health of an entire plant or facility. To know and manage asset health, key foundational elements are needed, including a complete asset catalog with asset criticality rankings and equipment maintenance plans that address the findings of a failure modes analysis. Understanding asset health and managing risk across all of your assets is core to not only understanding your current performance and cost structure, but also being able to project future performance and cost.