Managing Assets Effectively for Sustainable Results

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The pyramid of knowledge

Businesses need to adopt a holistic view of asset lifecycles to plan optimal operational and maintenance strategies that achieve commercial aims, favorable regulatory treatment and customer satisfaction. 

This strategy must be supported by integrated processes and systems based on the effective utilization and analysis of asset and system information. Kinectrics’ advanced solutions are based on these fundamental elements of success – What data to collect, how to collect it, how to measure it, how to analyze it together with other data, and how to interpret and respond to the results to develop in-depth asset expertise and best practice management.

Strategy and Processes

Standards have been written about Asset Management, most notably the British Standard PAS-55. This standard is very much in line with Kinectrics’ proposed asset strategy i.e., that existing assets are effectively managed as they age and their condition degrade and in the context of ongoing pressure for optimum financial and technical performance. 

This determination drives processes that provide opportunities for regulatory, financial, and other objectives to be considered along with engineering considerations, to achieve a balanced, sustainable asset program.

Condition and remaining life

Kinectrics has extensive expertise in identifying asset failure modes and in resolving the degradation issues that can lead to end-of-life for the assets. Using this knowledge base, Kinectrics has developed a methodology to calculate Asset Health Indices that can be used directly in assessing the probability of failure, the expected remaining life and ultimately, the overall asset risk.

For evaluating remaining life and the need for replacement, Kinectrics can also assess asset functionality such as obsolescence and capacity ratings.

Reliability and performance

Kinectrics carries out some of the most comprehensive and advanced reliability analyses in the industry, including studies on specific asset performance, substation design and overall bulk electric system. These analyses can provide direct valued-added input into your decision making, evaluation of investment options and the prioritization of viable projects.

Evaluating risk

Kinectrics uses sophisticated probabilistic models for determining the probability of failure, and calculates the expected ‘net-present-value’ cost of equipment maintenance and failure during a specified time period. This ability to combine engineering and financial information using Kinectrics’ powerful software model has proven to be very valuable in the re-investment decision-making process.

For more information, contact

Steve Cress, 416.207.6000 x6557, steve.cress@kinectrics.com