An evaluation method for application of condition-based maintenance technologies

In this paper we describe a new and efficient means of selecting appropriate condition based maintenance (CBM) technologies to manage equipment and system health cost effectively. The method accounts for both the technological capabilities and organizational factors to assess the expected costs and benefits of implementation. By analyzing both the expected benefits and costs, decisions as to the most cost effective application of CBM technologies (including combinations) can be made; thus ensuring scarce facility resources are directed where they will provide the most benefit. Because uncertainty for the cost and effectiveness estimates is considered, decision makers can make informed judgements of the business risk associated with each particular alternative and thus develop more robust decisions. Also, by developing both qualitative and quantitative estimates, the method supports effective monitoring of decisions to ensure desired outcomes are achieved.