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.