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Types of Asset Analysis: What's that You Need? by vanita Nandanwar
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Types of Asset Analysis: What's that You Need? |
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Business
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Asset analysis is done by analyzing various processes such as failure analysis, cost analysis, breakdown analysis, reliability analysis and Weibull analysis. In failure analysis, the asset analysis and the management company has to identify the problem and to find a correction to the problem. To prevent future failures the company must understand the cause of the failure. When any of the parts fail, it will have effects on the safety of the resources and also in the delivery of the goods. It will also result in costly repairs. The main function of the failure analysis is to disclose the reason for failure or breakdown of event and also to find out the solution to control or eliminate future failures. The report made by the company in failure analysis is known as a failure analysis report. Failure analysis focuses on the capability of the model to control and to eliminate future failures. The objectives of breakdown analysis are: • Description about the activities of the company and their operation and explaining how they work and what aids they use. • Process analysis for matching the requirements of the existing operation. • To identify the lean potential in the existing operation. • Modeling the goal for supporting the operation in formulating objectives. • Measurable indicators are presented to show the degree of progress achieved. The first objective of breakdown analysis is to provide a quality manual for the client company. The quality manual will be the integrated operating system for all the staff where they can easily find all the information. Life data analysis is also known as Weibull analysis. Life data analyst has to make predictions about the life of all the products from a representative sample of units. After analysis this data can be used for estimating the characteristics of the product such as reliability and probability of failures, failure rate and mean life of the product. Weibull analysis involves: • Gathering of life data for the product. • Estimating the parameter which will fit the distribution to the data. • Selecting a lifetime distribution which will fit to the data. • Modeling the life of the product.
Related Articles -
failure analysis report, breakdown analysis, Weibull analysis,
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