- This event has passed.
Life Cycle Asset And Maintenance Management
16th November 2016
The total cost of ownership of an asset is often far greater than the initial capital outlay cost and can vary significantly between the different alternative solutions to an operational need. Consideration of the costs over the whole life of an asset provides a sound basis for decision-making. With this information, it is possible to:-
- Assess future resource requirements
- Uncover potential costs of potential acquisitions
- Decide between sources of supply
- Account for resources used now or in the past
- Improve system design
- Optimise operational and maintenance support, through more detailed understanding of input requirements over the expected life cycle
- Assess when assets reach the end of their economic life and if renewal is required
The life cycle costing process can be simple as a table of expected annual costs or it can be a complex model that allows for the creation of scenarios based on assumptions about future cost drivers. The scope and complexity of the life cycle cost analysis should generally reflect the complexity of the assets under investigation, the ability to predict future costs and the significance of the future costs to the decision being made by the organisation.
A life cycle cost analysis involves the analysis of the cost of a system or a component over its entire life span. Typical costs for a system may include:
- Acquisition costs
- Operating costs
- Cost of failure
- Cost of repair
- Cost of spares
- Downtime costs
- Loss of production
- Maintenance costs
- Cost of corrective maintenance
- Cost of preventative maintenance
- Cost of predictive maintenance
- Disposal costs
This course take delegates through the six steps of LCC which are “Problem Definition”, “Cost Elements definition”, “System Modelling”, “Data Collection”, Cost Profile Development” and “Evaluation”.
Who Should Attend
• All plant Engineers engaged in maintenance, turnarounds and minor projects
• All project personnel involved in the project design and management
• Plant financial personnel
• Contractor personnel involved in plant maintenance and projects
Key Learning Points Include:
• To make plant personnel aware of theimportance of overall equipment availability atthe least cost
• To share financial principles to enable engineers to arrive at the least cost options in solving technical problems
• To enable project managers/engineers to justify higher initial cost where lower overall life cycle cost and higher reliability result
• To make all participants aware of the time value of money and the Cost of Non Conformance (PONC)
Our definitive portal, The Power Times provides information and news on power generation, transmission and distribution entities. There is in-depth coverage of projects, contracts and business news, to technological innovations and improvements, and to future market trends. We offer technology-focused e-newsletters, company search via online product and company directories. Other facilities include job postings, events calendar, interactive news commentary, blogging, social media connections, technology basics and much more.
We are, The Hotel Times an online hospitality news portal to provide quality information to hoteliers and industry consultants. The portal serves a worldwide audience of hospitality professionals, providing them with both daily updated content and interactive services. The site offers industry news, multimedia streamed features, discussion platforms, a recruitment center, a supplier marketplace and several focus areas in areas such as technology and sales & marketing.
The Pharma Times portal provides pharmacists, pharmacy technicians, and others in the industry with the most comprehensive suite of web-based tools and pharma information available. The vast pharmaceutical and biotech industry is comprehensively covered to keep you up-to-date on breaking news, company announcements, trends and analysis.
The SME Times portal present articles that provide actionable information for small business owners and their employees, and aspiring entrepreneurs. Profiles of entrepreneurs will be inspirational making you learn how to be one and progress to the next level. Our support to the small business community has resulted in an online discussion forum to share ideas and knowledge, ask questions, find help and encourage each other.
The Property Times presents real estate news, information, advice, research, opinion and commentary for industry professionals and consumers alike. We are dedicated to sharing input from industry professionals, articles on breaking news, and statistics showing exactly what’s going on in the market. With up-to-date news published by our organization, investors stay informed on local and national trends. Thus a more informed decision leads to making higher net returns.
For further information of this course, please email to email@example.com