Maximize Asset Performance with Asset Criticality

Our Asset Criticality module helps organizations like yours make data-driven decisions about how to allocate resources and prioritize maintenance activities. By assigning criticality levels to assets and systems, you can ensure that the most critical assets receive the attention they need to function at peak performance, while also optimizing your maintenance budget and resources. With our powerful yet intuitive Asset Criticality module, you’ll be able to get a bird’s eye view of your assets and systems and make informed decisions about how and when to act.
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Asset Criticality

The overall level of risk is determined by the combination of these dimensions, frequently visualised in a risk matrix. Determining equipment criticality is a prerequisite to determining the appropriate asset strategies for each asset.

Steps in determining asset criticality include;

  1. Agreeing on risk matrix to be used
  2. Creating an asset register and asset hierarchy
  3. Determining the consequence rating of each risk factor that impacts the asset
  4. For each risk factor determining the probability/Likelihood of failure/occurrence
  5. The risk level of the asset is determined by the total consequence multiplied by the probability of occurrence
  6. Based on the risk level the assets are then categorized into High, Medium or Low criticality

For all High and Medium criticality assets, we then conduct a full FMEA to ensure that the assets remain at an acceptable level of risk.

Our foundation for asset management is built on the ISO 55000 standard. To learn more about this click here.

 

  • The Module enables organisations to rank systems and assets in order of priority based on their criticality. This is a risk based approach.
  • ISO 31000:2009 – Risk Management – Principles and Guidelines defines risk as “the effect of uncertainty on objectives”. The risk assessment process starts by first identifying risk events. In turn, these risk events have two dimensions, that is ‘The consequence of an event’ and ‘The likelihood of an event’
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