Inspection
Work Planning
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The relative importance of an asset based on the consequences and likelihood of failure, used to prioritize engineering and maintenance activities.
Asset Criticality is the structured evaluation and ranking of assets according to the business, safety, environmental, operational and financial consequences associated with their failure. Criticality assessments support risk-based decision-making by identifying which assets require the greatest attention throughout their lifecycle.
Understanding Asset Criticality allows organizations to prioritize maintenance, inspection, investment and engineering resources where they deliver the greatest reduction in operational risk and business impact.
Asset Criticality provides an important input into Asset Performance Management, Risk-Based Inspection and maintenance strategy development. It should consider both the consequences and likelihood of failure together with organizational risk tolerance.
Asset Criticality should not be based solely on replacement cost. Safety, environmental, production, regulatory and business consequences should all be considered during criticality assessment.
Risk-Based Inspection; Reliability engineering; Maintenance planning; Spare parts optimization; Capital investment planning; Enterprise Asset Management.
Assigning High, Medium and Low criticality ratings.; Prioritizing preventive maintenance activities.; Determining inspection intervals using criticality rankings.; Identifying safety-critical equipment.
ISO 55000; API RP 580; IEC 60812; API RP 580; API RP 581
VisualAIM connects glossary concepts to the asset records, inspection histories, and workflows they describe.
