Certificate in Physical Asset Management

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Course Overview

Physical Asset Management can reduce maintenance costs, increase the economic life of capital equipment, reduce company liability, increase the reliability of systems and components, and reduce the number of repairs to systems and components. When properly executed, it can have a significant impact on an organization’s bottom line. This fiveday program has been designed to help managers care for their assets efficiently and effectively through sound and timely decision-making. This certificate program gives participants the tools and methodologies necessary to achieve maintenance excellence in your organization.

Key Takeaways

Analyze the key components of physical asset management, including maintenance strategies, risk management practices, and financial planning, to develop effective asset management plans.
Apply the principles of lifecycle costing and value management to assess the long-term costs and benefits of asset management decisions, and develop strategies to optimize asset performance.
Evaluate the impact of technological advancements on physical asset management, and identify opportunities to leverage emerging technologies such as IoT, AI, and blockchain to improve asset performance and reduce operational costs.
Synthesize data from a variety of sources, including asset inventories, condition assessments, and performance metrics, to develop comprehensive asset management plans and monitor progress towards achieving performance targets.
Collaborate with key stakeholders, including maintenance personnel, financial analysts, and senior management, to communicate asset management plans and strategies, and gain support for implementation efforts.

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The Centre for Maintenance Optimization and Reliability Engineering is directed by Professor Andrew K. S. Jardine, the internationally recognized maintenance optimization expert, within the Department of Mechanical and Industrial Engineering at the University of Toronto. C-MORE’s research is driven by close interactions with industry, in particular with C-MORE consortium members and with researchers at universities worldwide. Our focus is on real-world research in engineering asset management in the areas of condition based maintenance, spares management, protective devices, maintenance and repair contracts, and failure-finding intervals. These strong industry connections not only benefit the companies we work with, but also our graduate students, who find work in the maintenance divisions of industry leaders after graduation. We apply our research with prototype software tools that obtain valuable information from data in corporate databases. Two of these tools are now commercially available through the Ontario-based C-MORE spinoff company OMDEC, and through Ivara an industry leader and innovator in asset reliability solutions. C-MORE is also the driving force behind IMEC: The Asset Management Conference, which brings together leaders in the global maintenance field. For information about the conference, you can visit our site, or view Maintenance Technology’s article about the conference. C-MORE welcomes maintenance professionals as visitors and collaborators.

Course Outline

Part 1
Leadership and control, managing risk and reliability​ Maintenance pyramid of excellence overview

Leadership, control, continuous improvement, quantum leaps​
Maintenance strategy, managing change, maintenance tactics, MRO materials management, and performance measures​

Assessing an organization’s current Maintenance Maturity​

An approach to prioritizing opportunities for improvement​
Six key steps to planning and scheduling resources effectively
Planning exercise

Reliability-centered maintenance and failure modes and​ effects analysis​

Asset–centric continuous improvement and risk reduction​
How to successfully implement an RCM program​

Strategic cost reduction

What does this mean in maintenance?​
What can we realistically achieve?​
How do we get a committed focus on Maintenance and Asset Management?

Part 2
How to approach an organization looking to improve​ their Asset Management performance​

Exercise - Case study – on an actual company looking to improve its business​
The impact of Change Management on Asset Management​ Transformation​
Why is Change Management important in Asset Mng. agreement effectiveness?​
How have successful programs embraced Change effectively?
What key steps contribute to successful change?

Introduction to decision-making optimization and its applications

Optimizing life cycle decisions Technology Trends and Asset Management​
More than just Maintenance management systems

A strategic approach to achieving maintenance excellence

Getting the technology, process, and people mix right

Part 3
Reliability improvement through preventive​ maintenance and optimal spare sticking policies​

Analysis of Component Failure Data​
Probability Density Function​
Reliability Function​
Hazard Function​
Weibull Density​
Infant Mortality​
Bath-Tub Curve​

Dealing with Censored Data, the 3-Parameter Weibull,​ and the Kolomorgov-Smirnov Test​

Upper-End Censoring​
Multiply Censored Group Data​
Estimating the Location Parameter, the Weibull Distribution​
Checking the Goodness-of-Fit of the Distribution​

Component Replacement Procedures including Glasser’s Graph​

Block Replacement Policies​
Age-Based Replacement Policy​
Setting Policies based on Safety Constraints, Cost Minimization, and Availability-Maximization​
Repairable systems​

Part 4
Exercise in Analyzing Component Failure Data Using the​ Weibull Distribution

Estimating the Weibull Parameters​
The role of the OREST Software Package

Spare parts provisioning​

Fast-moving spares​
Emergency (insurance) spares

Part 5
Reliability improvement through predictive maintenance​

Reliability Improvement Through Inspection​
Inspection Frequency and Depth for equipment in  continuous operation​
Inspection Intervals to Maximize Profit Maximizing Equipment Availability​
Inspection intervals for equipment used in emergencies (e.G. Protective devices)​
Case studies including transportation fleets (for inspection frequency) and oil and gas field equipment such as pressure safety valves (for protective devices)​

Part 6
Reliability Improvement Through Health-Monitoring Procedures​

Proportional Hazards Modeling​
Spectroscopic Oil Analysis Programs​
Optimization of Condition-Based Maintenance Procedures​
Role of EXAKT software for CBM optimization​
Case studies include the food procession industry (vibration monitoring), mining and shipping equipment such as diesel engines (oil analysis), transportation equipment such as traction motor bearings (visual inspection)​

Part 7
Life Cycle Costing (LCC) management​ and why it is important​

Definition of life cycle and its implications​
Life cycle costs categories​
Solving inter-departmental conflicts in asset replacement/ acquisition decisions​
The size of the prize​

Choosing the best buy in the long term​

Concept of the time value of money​
Defining cash flow diagram Calculating Net​
Present Value of a decision​
Estimating the time value of money in practice​

Calculating the economic life of an asset​

The trade-off between O & M costs and capital expenditures​
Establishing the economic life of fixed equipment such as an internal combustion engine.​
South American case study​
Establishing the economic life of mobile equipment including fleet vehicles and forklift trucks​
North American manufacturing case study
Establishing the economic life of the equipment that is highly utilized when new, and as it ages it is used for peak demands​
North American transportation case studies​
How to calculate the best time to replace the current asset with a more technologically improved asset – Turbo expander case study​

Part 8
Repairing an existing asset vs. buying a new one​

Loader repair/replace case study-South America
Underground pipe case study-repair a leak or replace the pipe section-North American case study​Predicting future life cycle costs of a fleet​
Case example: Based on a fleet of transformers of a major electricity distribution company in North America Carrying out LCC analysis when there are few (or no) data available​
Establishing the economic life of linear assets such as steel mains of a major gas distribution company in North America​
Estimating distribution of end of life of transformers based on experts’ opinions - from a limited data North American case study​

Software Clinic​

AGE/CON for the optimization of the economic life of mobile equipment​
PERDEC for the optimization of the economic life of plant equipment

The case studies​

Combustion engines, fleet vehicles, forklift trucks, a turbo expander, a loader repair/replace decision and a fleet of transformers. They represent real-world examples where companies saved hundreds of millions of dollars by applying LCC management principles.

Who Should Attend?

This highly practical and interactive course has been specifically designed for
Director of Engineering
Asset Manager
Physical Asset Manager
Asset Integrity Manager
Maintenance Manager
Facility Manager
Reliability Engineer
Operations Manager

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What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
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LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
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