POWER April 2011 - 17
Financial results must also be put into terms that management
can understand. Corporate management must review hundreds of
pages of documents and reports each day; so to be effective, the reports
must be simple, yet informative. Most financial reports should
be in summary form and one page long. If additional information is
required, management will ask for it. The format of the report should
be familiar to management so that it can be quickly reviewed. Two
important parameters to cover are ROI and payback period.
Periodic documentation of financial performance must be an
integral part of the program. This documentation does not have
to be complicated, but it does require a commitment of time and
energy. Economic data should be collected immediately after a
problem has been identified and resolved, when facts, figures,
and estimates are still fresh in peoples' minds.
Many successful programs have developed a simple report format
to periodically highlight the financial savings that a program has
provided. In addition to keeping management informed about successes,
they are a convenient source of information for quarterly
or annual reports. They can also be used to highlight significant
findings such as the need to improve worker skill levels, consistently
poor-quality repairs coming from a specific contractor or repair shop,
or concern about operating equipment beyond design capacity. The
reports can also be used to educate maintenance and production
people on the very real benefits that the program has provided.
Finally, they provide valuable documentation to support expanding
the program to incorporate new technologies, to include new areas
of the plant, or to include new types of equipment.
Include All the Costs
In these financial reports, be sure to include all the appropriate
costs related to the PdM system (Figure 3). The typical cost categories
of a machine condition-monitoring program include:
■ Direct labor and management
■ Hardware, software, and installation
■ Technical service
3. Distribution of costs. One survey identified these categories
of plant maintenance spending. At this plant, a successful PdM
plan implementation reduced maintenance costs and machine breakdown
rates by at least 50% each. Source: Rosemount Analytical, Emerson
Process Management
Mechanical equipment
Process equipment
Other, 4%
Tool, 2%
Materials, 2%
Insulation, 2%
Paints/coating, 3%
Piping, 5 %
Electrical, 7%
Furnaces/boilers, 6%
Vessels, 8%
Heat exchangers, 10%
Drives, 7%
Mixers/agitators, 2%
April 2011 | POWER
www.powermag.com
17
Values, 7%
Pumps, 8%
Compressors, 7%
690
Instruments, 20%
Instruments & valves
Electrical equipment
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POWER April 2011
Table of Contents for the Digital Edition of POWER April 2011
Contents
POWER April 2011 - Cover1
POWER April 2011 - Cover2
POWER April 2011 - Contents
POWER April 2011 - 2
POWER April 2011 - 3
POWER April 2011 - 4
POWER April 2011 - 5
POWER April 2011 - 6
POWER April 2011 - 7
POWER April 2011 - 8
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POWER April 2011 - Cover3
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