This years Reliability 2.0 meeting in Las Vegas was a great meeting with a bit of bowling, gambling and interesting discussions on topics like Monte Carlo Simulation. (Which seems like a fitting topic for Las Vegas.) Reliability 2.0 2014 included 2 papers authored and co-authored by Isograph employees. Dr. Gabriel Lima’s (Isograph Partner) paper titled “Practical Models for Decision-Making in Asset Management” . As an economics professor Gabriel was able to give a unique point of view regarding what motivates asset management strategies. Factors such as increased reliability, improve availability, reduced unit cost, reduced risk and improved frequency of failure . Below is a photo from Gabriel 3 hour training course. If you are interested in the course notes please contact me firstname.lastname@example.org .
Dr. David Wiseman a die hard Liverpool soccer fan, nuclear physicist and employee of Isograph also presented a paper titled “Monte Carlo Simulation as an Aid to PM Optimization” . In this paper David clears up the common misconception that massive amounts of data are needed to perform a simulation to optimize your PM intervals. For a basic simulation all that is needed is the Mean Time To Repair (MTTR), the price of the PM interval and less than a weeks worth of test data. Using this data a recommended PM interval and Cost Benefit Ratio are easily calculated.
We all walked away from the conference with minor gambling losses and a better idea on how to approach our asset management models. For additional information please contact Isograph: 949 502 5919 email@example.com , www.isograph.com