A database of accurately ranked assets is the foundation of almost any preventive, predictive, or condition-based asset management program. Without accuracy in this process, any program that has its basis in this data will fail. Understanding how the asset ranking can be leveraged across other areas is powerful. The asset’s numerical criticality value can be used to prioritize a repair backlog for planning, a ready backlog for scheduling, where to focus Bill of Material (BOM) optimization, a spare parts plan, and assets to receive scheduled maintenance, both preventive and condition based. Verifying and updating your site’s asset list is an important step prior to ranking.
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