Every operation includes a certain amount of risk. Risk-Based Asset Management (RBAM) provides engineers, managers and technicians with the ability to analyze potential risks by prioritizing reliability efforts on critical equipment and failures that impact their operations. In this course, you will explore how to improve asset availability and meet reliability goals by applying a risk-based approach to asset maintenance and operations.

During the course, you will classify and analyze assets and failures to rank equipment criticality and draft a risk plan. Next, you will build a failure mode and effects analysis (FMEA) to define control strategies and populate an equipment maintenance plan. Group activities in the class include examining how life cycle cost influences investment, and choosing key performance indicators to manage a reliability program.

Learning Objectives

• Draft components of an asset management plan: risk and maintenance plan
• Describe what an asset management organization needs to know to manage risk and improve performance
• Describe the four phases in a risk-based asset management model
• List ways to extend the life of assets and evaluate their effectiveness
• Use a failure mode and effects analysis (FMEA) to analyze risks and map control strategies to failure modes
• Describe how audits, reviews, and key performance indicators drive continuous improvement
• Practice applying a standard process for preventive maintenance optimization
• Select the optimal strategy for renewal or disposal based on asset management strategy

Who Should Attend?

This is ideal for people responsible for the design, installation, commissioning, operation and maintenance of capital assets and auxiliary equipment. This includes project engineers, reliability engineers, maintenance managers, operations managers, and engineering technicians.

Certificate Tracks

Part of the Life Cycle Institute Reliability Engineering Certification and the LCI Maintenance Management Certification Program.

Course Resources
Risk-Based Asset Management Course Information (PDF Document)
Life Cycle Institute Course Schedule 2022-2023 (PDF Document)
Life Cycle Institute Maintenance Management Certification (PDF Document)
Life Cycle Institute Reliability Engineering Certification (PDF Document)