Asset Performance Modeling – What is it?

Asset Performance Modeling is a high fidelity scientific / mathematical technique of describing systems functions from high to low levels of detail, so that they may be simulated over time in order to forecast the risk of equipment downtime throughout that period of simulation.  Once risks to performance are identified, strategies to mitigate the risk are also simulated, and cost effective solutions are then identified. 
The system is comprised of a detailed representation of the asset(s), expected operation scenarios, operations and repair resources and any engineering, operations and repair related constraints that may affect the systems ability to meet desired performance goal throughout the system’s operating life cycle.

Ultimately, a series of time and situational dependent operations, maintenance, supply and transportation performance metrics are forecasted.  Once these metrics are acceptable, a basis for the life cycle support strategy plan is complete.  

Asset Performance Modeling – Applicable Industries

Clockwork Solutions develops, markets, customizes, and supports SPAR™ - the most advanced modeling development platform for effective prediction and management of performance and life cycle costs of asset-intensive, complex systems.

Since 1986, SPAR-based applications and solutions have been serving the asset performance modeling needs of very large organizations and enterprises worldwide across a number of key industries, including: Defense, Power, Process and Transportation.

Asset Performance Modeling – Value and Benefits

Complex systems, operating in complex and dynamic environments, make it very difficult to streamline, let alone optimize, the support necessary to ensure that the required performance is achieved, at a minimum life cycle cost.  Industry has found that the easiest way to deal with such complexities is to simply budget for extreme reserve, in terms of spare parts, parts storage, repair capacity and repair efficiency.  In these situations, traditional analytic, non-time dependent, modeling approaches are applied, which support an extreme assumption – Always Plan for the Worst!

It’s easy to do…but has expensive consequences.  Situations will occur where there will be continuous excess spare parts of one type, and a lack of non-typical spares for other part type.  Equipment usage, operating environments, component aging, repair effectiveness, etc., will all change over time.  They are very dynamic, and a great deal of uncertainly exists.  Therefore, support requirements will change over time as well, and uncertainty must be dealt with efficiently.

Like people, no two assets are alike, even though they may have the same form, fit and function.  Therefore, utilizing a predictive modeling methodology to solve real world, dynamic problems is an enormously improved method over traditional analysis means.  Achieving the correct forecast for support resource requirements generates significant value and provides the following benefits to the organization’s bottom line:

• Reduced Support Costs
• Reduced System Downtime
• Reduced Maintenance Footprint
• Reduced Inventory
• Reduced Life Cycle Costs

For more information, download the following selected documents from our Information Center:
Total Life Cycle Management-Assessment Tool-(TLCM-AT)
Performance Asset Management – Assess Opportunities for Best ROI
Performance Asset Management – Modeling and Simulation Solutions
The Value of Proper Modeling in Performance and Resources Assessment
A Case Study in Business Venture Risk Analysis