PROGRAM'S BACKGROUND

This knowledge building program covering the use of Life Cycle Cost (LCC) analyses to communicate solutions to management and members of the financial community. LCC evaluates many alternatives to identify the alternative with the least total cost of ownership. Evaluations are based on the entire cost of ownership including design, procurement, installation, maintenance, repair, and disposal costs. LCC analyses are based on the concept of Net Present Value (NPV) and can be discrete or probabilistic in nature. Participants will learn how to put reliability engineering skills into financial accounting terms. Each attendee will also learn techniques to perform real world studies to evaluate the sensitivity of assumptions and uncertainties in the LCC model. Exercises are used to help the participants learn the concepts and the step by step process of a LCC analysis.

This program teaches the principles of improving asset management and maintenance decision using fundamental principles of Reliability Engineering. Attending this program will broaden ones technical ability to tackle asset reliability in a more effective manner using the many tools learned.

This program teaches the fundamentals of Reliability Centered Maintenance (RCM). The program is not process specific but gives the participant fundamental tools and knowledge required to participate in any RCM analysis process. The program will use life cycle cost analysis and an understanding of equipment failure characteristics to achieve an optimal maintenance program that meets specified safety, environmental, and economic goals. The program focuses on preserving equipment functions by identifying appropriate preventive maintenance (PM) tasks, predictive maintenance (PdM) tasks, failure finding tasks, and other actions that protect against failure or mitigate the consequences of failure.

PROGRAM'S OBJECTIVES

This Program’s Attendees Will Be More Able To Know About:

›       What Life Cycle Costing (LCC) is

›       The difference between standard costing and LCC

›       How to determine the entire cost of ownership

›       How to calculate net present value (NPV)

›       How to quantify reliability engineering activity into financial terms

›       How to perform real world LCC studies

›       How to present LCC data to management and the financial community

›       What is the LCC PHILOSOPHY?

›       The steps for performing a LCC analysis

›       The concepts of Net Present Value and Future Present Value

›       How to use LCC to make better asset acquisition decisions

›       To communicate the results of the LCC analysis

›       Recognize when a LCC analysis is warranted

›       Test the assumptions and uncertainties of the LCC analysis

›       Become familiar with financial concepts such as net savings, savings to investment ratio, adjusted internal rate of return, and discounted payback

›       Use LCC to evaluate the varying efficiency levels of competing designs

›       How to use LCC for value engineering to buy the right solution based on long term cost rather than the least cost solution today

›       How to apply reliability statistics to improve asset management

›       What is the Life Cycle Cost philosophy

›       The steps for performing a LCC analysis

›       The simple 5 Why method of failure investigation

›       Fundamentals of Event and Causal Factor Mapping for incidents and failures

›       Fundamentals of using Logic Trees to uncover the physical, human, and latent causes of failures

›       Fundamental RCM philosophies

›       Failure Modes and Effects Analysis for RCM

›       The difference between FMEA and FMECA

›       How to identify mechanical, electrical, and stationary failure modes using condition monitoring (PdM) technologies

›       How to identify the common traps of each PdM technology

›       Basics in the usage of Monte Carlo simulation in RCM and Availability analyses

›       Components of Human Factors Engineering in reliability

›       The important terms and definitions in reliability statistics

›       How to apply basic statistics in the maintenance environment

›       How to calculate Net Present Value (NPV)

›       The importance of RCM

›       Evaluating failure consequences

›       Fundamental Reliability Centered Maintenance (RCM) philosophies

›       How to evaluate failure consequences

›       How to select preventive maintenance tasks and intervals

›       How to select predictive maintenance tasks and intervals

›       How to select failure finding tasks and intervals

›       What other function protective actions are available

›       When run to failure is appropriate

›       How to package and implement RCM analysis results

›       Commercial RCM standards

›       Various approaches to RCM

›       Fundamental RCM philosophies

›       Identifying and allocating resources for a RCM program

›       Techniques for prioritizing systems for analysis

›       Use of Weibull and statistical analysis in RCM processes

›       Packaging and implementing RCM analysis results

›       Barriers to implementation and getting buy in from all levels 

PROGRAM'S ATTENDEES

›       Engineering and Technical Professionals and Supervisors from any industry

›       Maintenance Planners and Coordinators

›       Operations and Manufacturing Professionals and Supervisors

›       Foremen and Team leaders

›       Plant Engineers and Maintenance System Professionals

›       Section Engineers and Planners

›       Maintenance Managers

›       Reliability and Maintenance Engineers

›       Top level Maintenance Technicians

›       Production Managers

›       Production Supervisors

›       Plant Engineers

›       Maintenance Supervisors

›       Reliability and Maintenance Engineers

›       Maintenance Technicians

›       Operators

›       Plant Engineers

›       Anyone who is involved in operating and maintaining of assets

›       Craft, first line Supervisors, Engineers, Reliability and Maintenance Engineers, and Managers

›       Plant, equipment and reliability engineers, supervisors, and managers with little or no previous financial experience

›       Anyone who is involved in reliability engineering strategies or methodologies to include design engineers for capital projects

PROGRAM'S OUTLINE

Module I: Introduction to Life Cycle Costing

›       Introduction to the basics of finance in reliability

›       Balance sheet

›       Profit/loss statement

›       Cash flow statement

›       Depreciation

›       Ratios

›       Introduction to time value of money (TVM)

›       Net Present Value (NPV)

›       Future Present Value (FPV)

›       Return on Investment (ROI)

›       Internal Rate of Return (IRR)

›       Time value analysis & life cycle decision making

›       Plant equipment project analysis

›       Putting it all together

›       effects and treatments for taxes

›       Driving improvement with life cycle cost

Module II: Introduction to Reliability Engineering

›       Reliability Engineering fundamentals

›       Reliability statistics

›       Life Cycle Cost Analysis

›       Failure Modes and Effects and Consequence Analysis (FMECA)

›       Reliability Centered Maintenance (RCM)

›       Root Cause Analysis (RCA)

›       Weibull Analysis

›       RCM with Monte Carlo Simulation

›       Availability Simulation

›       Condition Monitoring

›       Human Factor Engineering

›       Reliability Centered Design (RCD)

›       Failure Reporting, Analysis and Corrective Action System (FRACAS)

Module III: Reliability Centered Maintenance (RCM)

›       Introduction to Reliability Centered Maintenance (RCM) concepts

›       RCM analysis preparation

›       Techniques for prioritizing systems for analysis

›       Failure Modes and Effect Consequence Analysis for RCM

›       Evaluating failure consequences

›       Statistics in RCM

›       Statistical principles used in RCM

›       Use of Weibull analysis in RCM processes

›       Selecting the right maintenance tasks for reliability

›       How to select preventive maintenance (PM) tasks and intervals

›       How to select predictive maintenance (PdM) tasks and intervals

›       How to select failure finding tasks and intervals

›       Other functional maintenance strategies

›       When Run to Failure is appropriate

›       Packaging and implementing RCM results

›       When to use a Subject Matter Expert team

›       Barriers to implementation and getting buy in from all levels

ADDITIONAL DETAILS