Data in Asset Management


Julian Watts

Data in Asset ManagementChair Associate Director

This paper presents a framework for assessing the impact of the data collection process on the validity of key measures in reliability. The quality of data is affected by many organisational and behavioural factors. The aims of developing this framework are to

(1) identify inputs/steps that have the most significant impact on the quality of key performance indicators such as MTTF (mean time to failure) and MTTR (mean time to repair), (2) identify ‘weak’ links in the data collection process, and (3) identify potential remedial actions. Development of this framework will assist the understanding of assumptions used in reliability calculations and improve the quality of underlying data and the data collection process. Consequently, this is a vital step in the continued development and use of data based decision-making models for reliability assessment. Click here to read more

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