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Measuring cost
reductions, revenue and performance improvements and extension of
equipment life.
Finding the “Cost Opportunities”
“Cost Opportunities” Approach
Evaluating the Cost/Benefit relationship of the PdM System begins
with identifying all the “Cost Opportunities”, i.e. the costs that
could be eliminated through the PdM System. Calculating and
accumulating these costs are the basis for determining the Return on
Investment (ROI).
Reduce Unscheduled Downtime – Improve Uptime
Unplanned incidents are reduced through the early warning indicators
from the PdM System. Monitoring and trending the condition of the
components and the lubricants reduces or eliminates unplanned
failure events.
Reduce Materials and Workload
Changing workloads from calendar based to condition based reduces
costs of materials, parts and labor for certain tasks, e.g.
equipment overhauls, bearing replacements, oil changes, and
frequency of bearing re-greasing.
Reduce Cost of Replacement Parts
Reducing or eliminating component failures through predictive
analysis produces a high return on investment. e.g. Sensors and
Lubrication indicators show problems leading to failure of bearings.
By fixing the balance or lubrication problems at a minor cost, the
major cost of a failed bearing set is saved.
Extend Life of Equipment and Components
The PdM System is designed to provide information to optimize the
maintenance and extend the life of the equipment and the major
components.
Soft Cost/Revenue Improvements
Increased uptime and improved performance of equipment creates an
improvement in the market position enabling higher utilization and
increased day rates. Improved maintenance practice can contribute to
reduced insurance costs and improved safety.
Direct Reduction of Overall Maintenance Costs
The benefit of combining several Cost Opportunities will yield an
overall reduction in total maintenance costs. The cost reductions
may include: parts, materials, labor (direct, idle and potential
workforce reduction), outside services, direct downtime costs,
maintenance practice improvements, equipment performance
improvements, life of equipment improvement, insurance and safety.
Calculating Return on Investment (ROI)
Calculating the total Return on Investment (ROI) and estimating
payback of the PdM System is an ongoing process using the monetary
values and financial methodologies established by the Driller’s
accounting system. Many variables are used in measuring the
cost/value relationship to the PdM System.
Projecting the Dollar Value of the Cost Opportunities
Financial values for the cost opportunities are established
considering:
- The cost of a
day of non-productive charged time (downtime)
- The costs of
major equipment/parts replacement
- The value of
reduction in spare parts replacements
- The cost of
unnecessary maintenance actions
- The value of
reduced unplanned events
- Average cost per
work order – planned versus unplanned
- Dollar value of
each “cost opportunity” saved
TIdata’s Remote
Condition System significantly extends the life of equipment,
improves its performance, increases uptime, reduces maintenance
costs and eliminates critical failures. It optimizes the use of
valuable personnel, supports collaboration and shared expertise, and
centralizes IT based information sharing.
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