Course Overview
This course focuses on enhancing decision-making capabilities for equipment maintenance and replacement strategies. Participants will learn how to evaluate maintenance options, apply cost-benefit analysis, predict equipment failure, and optimize asset lifecycle costs. It bridges technical and financial perspectives to support strategic planning and reliability-centered maintenance.
Course Objectives
By the end of this course, participants will be able to:
- Understand the economic and operational drivers of maintenance and replacement decisions
- Apply lifecycle cost analysis to evaluate maintenance strategies
- Determine optimal replacement timing based on risk, performance, and cost factors
- Use reliability data and failure models to support decisions
- Balance preventive and corrective maintenance approaches
- Apply tools such as RCM, Weibull analysis, and Total Cost of Ownership (TCO)
- Develop data-driven policies for long-term asset management
Who Should Attend
This course is ideal for:
- Maintenance and reliability engineers
- Asset managers and plant engineers
- Operations managers and supervisors
- Maintenance planners and strategists
- Financial analysts involved in asset planning
- CMMS and EAM system users
Course Outline
Introduction to Maintenance and Replacement Strategies
- Reactive vs. proactive maintenance
- Maintenance philosophies: RCM, TPM, PM Optimization
- The economics of maintenance and replacement
Life Cycle Costing (LCC) and Asset Management
- Life cycle phases: acquisition, operation, maintenance, and disposal
- Calculating LCC and TCO
- Financial implications of maintenance vs. replacement
Decision Models for Maintenance and Replacement
- Replacement models: age-based, economic life, condition-based
- Cost-benefit analysis for replacement options
- Downtime cost and risk evaluation
Reliability and Failure Analysis
- Failure patterns and modes (bathtub curve)
- Weibull analysis and MTBF, MTTR
- Predictive analytics and condition monitoring
Maintenance Optimization Techniques
- Maintenance strategy selection
- Preventive vs. predictive vs. condition-based maintenance
- Use of CMMS data for optimizing decisions
Spare Parts and Inventory Management Considerations
- Impact of spares on downtime and asset strategy
- Critical spares and lifecycle alignment
- Inventory cost implications in maintenance planning
Asset Replacement Planning and Budgeting
- Capital planning for asset renewal
- Integration of maintenance and replacement into asset strategy
- Long-term forecasting and investment analysis
Case Studies and Practical Applications
- Real-world examples of optimized replacement decisions
- Group exercises using asset decision models
- Common pitfalls and how to avoid them