In our industrial companies, we have challenges about limited resources and budget, meanwhile you need to maintain your entire organizational assets with no budget that what dreamily is asked by stakeholders, however, they are right! There are tons of budgets thrown in no-where and need to be wisely optimized. Our mission when we step in every facility is asset criticality matrix, so we can direct our reliability efforts and organization’s budget into it. we guarantee every facility has done asset matrix, but it is outdated!
You rank every asset in the map by creating matrices that have different illustrations—usually red dots for critical ones and so on—to allow you to focus on specific factors and the determine the consequences if those assets fail: Criticality= Consequence x Detectability
Consequence: Insignificant-Minor – Moderate- Major – Extreme
Detectability: High- Medium Low
First of all you need to get the right cross function team based on the criteria: Equipment, Environment, Health &Safety, Production schedule impact, Product Quality (SISPQ), Process Impacted, consequence of failure, Business Impact, and GMP Vs. Non-GMP. That provides you a good insight into asset management best practices that give you an idea of what to look for. The adaptation of the higher-level criticality analysis tools depends on how you run things at your local level or production level where criteria vary among different organizations.
There are many matrixes in the industry, and all are applicable based on how much time/resources you must implement this matrix, it takes days to implement but its ROI is way higher than the labor time spent on these days.
Best and simplest matrix based on 3 main criteria’s: Revenue – Downtime – Utilization