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A maintenance prioritisation approach to maximise return on investment subject to time and budget constraints

A maintenance prioritisation approach to maximise return on investment subject to time and budget... Purpose – Asset maintenance activities need to be prioritised as budget and planned outage time is often limited for all maintenance work to be carried out. The purpose of this paper is to develop a technique for prioritising maintenance work that maximises the return on investment under the constraints of budget and time. Design/methodology/approach – Three indices are proposed to be used as indicators for prioritising maintenance. These indices are termed: maintenance investment index (MII), time index (TI) and budgetary index (BI). These indices permit prioritisation of asset maintenance based on the required emphasis on return on maintenance investment, time and budget respectively. Findings – It is found that approaches to prioritising maintenance which integrate the critical dimensions in the decision making process are lacking in the literature. There is a need for such an approach to assist decision makers to ensure enterprise's objectives and targets are maximised with given budget and planned shutdown time. Practical implications – The proposed techniques will assist engineers and mangers to develop their maintenance plan according to the enterprise needs and constraints and allowing management to make a better informed decision in maintenance. Originality/value – This paper provides a new technique for ranking maintenance that maximises return on investment. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Quality in Maintenance Engineering Emerald Publishing

A maintenance prioritisation approach to maximise return on investment subject to time and budget constraints

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Publisher
Emerald Publishing
Copyright
Copyright © 2008 Emerald Group Publishing Limited. All rights reserved.
ISSN
1355-2511
DOI
10.1108/13552510810899472
Publisher site
See Article on Publisher Site

Abstract

Purpose – Asset maintenance activities need to be prioritised as budget and planned outage time is often limited for all maintenance work to be carried out. The purpose of this paper is to develop a technique for prioritising maintenance work that maximises the return on investment under the constraints of budget and time. Design/methodology/approach – Three indices are proposed to be used as indicators for prioritising maintenance. These indices are termed: maintenance investment index (MII), time index (TI) and budgetary index (BI). These indices permit prioritisation of asset maintenance based on the required emphasis on return on maintenance investment, time and budget respectively. Findings – It is found that approaches to prioritising maintenance which integrate the critical dimensions in the decision making process are lacking in the literature. There is a need for such an approach to assist decision makers to ensure enterprise's objectives and targets are maximised with given budget and planned shutdown time. Practical implications – The proposed techniques will assist engineers and mangers to develop their maintenance plan according to the enterprise needs and constraints and allowing management to make a better informed decision in maintenance. Originality/value – This paper provides a new technique for ranking maintenance that maximises return on investment.

Journal

Journal of Quality in Maintenance EngineeringEmerald Publishing

Published: Aug 15, 2008

Keywords: Maintenance; Production management; Return on investment; Productive maintenance

References