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What is it?
It is a continuous improvement system utilizing a closed-loop feedback path in which the maintainer and operator work together to collect and record
data relating to failures of assets. This data is then reviewed and analyzed by a reliability engineer, considering such factors as Failure Rate, MTBF,
MTTR, MTBM, Availability, Cost, etc. The resulting analysis identifies corrective actions that should be implemented and verified to prevent future
failures from recurring.
Corrective actions and the impact to total cost of ownership are small during the conceptual design phase and then have greater impact as the asset gets
farther along in its life cycle. The earlier the failure cause is identified and positive corrective action implemented, the greater the asset utilization and the
lower the total cost of ownership.
To learn more about Life Cycle Institute, contact: 800-556-9589 | education@LCE.com | www.LCE.com 6