Asset Criticality Ranking and Pareto Analysis

Topics covered: Risks and consequences, how likely is failure, and prioritizing your program using the Asset Criticality Ranking and Pareto analysis.

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asset criticality ranking and pareto analysis

The Asset Criticality Ranking and Pareto analysis are two powerful and easy to generate metrics that enable you to prioritize everything you do with your reliability improvement program.

Without these two metrics, how do you decide:

  • Which assets should you first analyze with RCM and/or FMEA (you don’t have the time to analyze every asset)?
  • Which assets will you apply condition monitoring to (you can’t afford to monitor every piece of equipment)?
  • For which assets will you make absolutely sure you have spares in place?
  • Which assets should you focus on for reliability improvements?
  • Which assets must you absolutely perform root cause failure analysis on when they fail?
  • Which assets with you first generate procedures and a bill of materials?

And the list goes on.

Rather than having to think about the 10,000 assets in your plant, you can focus on one – the most critical asset. Next, you focus on the second asset in the list. And so on.

These lesson modules were taken from the Asset Reliability Practitioner® ARP-E course for Reliability Engineers, but it is also important for condition monitoring managers, the Reliability Program Leader, the Maintenance Manager, and anyone else involved with spares management and work management (planning and scheduling).

ENCR - Environmental Non-Conformance Report ENCR

Note that you will be credited with this course fee if you upgrade to the ARP-E course.

DURATION: 3 hours

The course includes approximately 2 hours 33 minutes of video lessons, delivered by Jason Tranter, the founder, and CEO of Mobius Institute.