Terms and asset management

Do you know that usually many people use terms associated with maintenance without being 100% clear about their meaning?

Nowadays, more and more organizations and industries are analyzing the importance of effectively managing maintenance, since it has been shown that it is a strategic area for any type of company, not only due to cost reduction, but also improves the productivity and availability of the assets.

For this reason, every day there are more people involved in processes associated with maintenance management that make daily use of expressions such as: reliability, availability, failures and many other terms. But despite being widely used, there are many discrepancies and expert interpretations about their differences.

Next, the most used terms will be described based on what is stipulated in standards such as ISO 14224 and UNE-EN 13306 among others:

Fundamental Terms:

Maintenance: It is defined as the set of technical, administrative and management actions that are intended to preserve or return an item, to the point where it can fulfill its required function. All this, during the life cycle of said element.

Required function: It is defined as a necessary action or service that an element must provide to fulfill its function.

Would you like to know more about the most used terminology in asset management?

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