Most common asset management myths

by | Apr 20, 2016 | General

Top Myth:

  1. That asset management is a technical discipline and has little relationship to financial management
  1. That maintenance is worked out after the design is complete
  2. That asset management is all about avoiding asset failure
  3. That OEM provided maintenance can be unreservedly followed because after all, they know the answer best
  4. That increasing the frequency of overhauls or component replacements will increase reliability
  5. That asset management has no relationship with risk management
  6. That the best/ only mechanism I have to manage any given failure mode is a redesign by the OEM
  7. That there is no need for knowledge about statistics in the management of assets
  8. That buying a new one will fix this problem/ remove this failure mode/ give us a lower cost
  9. I have to manage any given failure mode as a re-design by the OEM
  10. That assets fail more often the more they are used
  11. That all I need to know is the MTBF of an asset, in order to manage it well

13. That “on-condition maintenance” and “run-to-failure” is the same thing

Don’t forget about the AM Council’s 6 free e-books for download that explore some of these myths in more detail.