Business-oriented prioritization: A novel graphical technique

Pascual, R, Del Castillo, G, Louit, D and Knights, P (2009) Business-oriented prioritization: A novel graphical technique. RELIABILITY ENGINEERING & SYSTEM SAFETY, 94 8: 1308-1313. doi:10.1016/j.ress.2009.01.013

Author Pascual, R
Del Castillo, G
Louit, D
Knights, P
Title Business-oriented prioritization: A novel graphical technique
Journal name RELIABILITY ENGINEERING & SYSTEM SAFETY   Check publisher's open access policy
ISSN 0951-8320
Publication date 2009-08-01
Year available 2009
Sub-type Article (original research)
DOI 10.1016/j.ress.2009.01.013
Open Access Status DOI
Volume 94
Issue 8
Start page 1308
End page 1313
Total pages 5
Editor G. E. Apostolakis
Place of publication Oxford , U.K
Publisher Elseiver
Language eng
Subject 091005 Manufacturing Management
869999 Manufacturing not elsewhere classified
Abstract Traditionally, Pareto analysis has been used to select the most critical components and failure modes of a system. A clear disadvantage of this technique is that it requires preselecting a single criterion to establish priorities. More recently, a graphical log-scatter diagram technique has been proposed. It considers three key performance indicators simultaneously: reliability (MTBF), maintainability (MTTR), and unavailability (D). This technique considers only times and does not include economical effects explicitly. This article extends both techniques to explicitly consider both direct and indirect costs to prioritize from the point of view of an asset manager or from a maintenance decision-maker, as required. Due to the economic-based approach of this article, cost discounting is also considered inside financial costs such as—but not limited to—reliability-related investments. Also, the results are displayed on simple and accessible graphs which make them particularly useful for conveying results to non-technical managers. The methodology is illustrated by analyzing a shovel from the copper mine industry, and it clearly shows how the proposed technique facilitates business oriented decisions and how they should change under different market conditions.
Keyword Prioritization
Physical asset management
Q-Index Code C1
Q-Index Status Confirmed Code

Document type: Journal Article
Sub-type: Article (original research)
Collections: 2010 Higher Education Research Data Collection
School of Mechanical & Mining Engineering Publications
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Citation counts: TR Web of Science Citation Count  Cited 9 times in Thomson Reuters Web of Science Article | Citations
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Created: Thu, 03 Sep 2009, 17:58:17 EST by Mr Andrew Martlew on behalf of School of Mechanical and Mining Engineering