Savings and costs period The period of time used to calculate the costs of a failure and the avoidance savings. See Also Number of failures every... Extrapolation of the number of failures that will occur in the designated period. See Also Avoidance savings APM calculates the avoidance savings using: • Downtime costs • Downtime per occurrence costs • Failure costs • Consequence costs • Cost of multiple failures • Secondary damage costs APM uses the time period specified in feasibility settings to arrive at the savings per period. See Also Criticality, Initial Risk, or Mitigated Risk APM calculates a criticality value using the severity of failure consequences and the probability of the failure occurring. When you are evaluating the feasibility of recommended tasks, the criticality value is considered the initial (or unmitigated) risk. APM uses the time between consequences value to calculate the mitigated probability and risk. See Also Total cost As you enter cost information for proposed tasks, APM updates the tasks’ cost per period. See Also Probability The probability of failure is the likelihood that the asset will fail due to the failure mode. Probability is usually described as frequent, probable, possible, unlikely, or remote. See Also Risk Reduction The amount by which the risk amount is reduced when the ETBC is taken into account. It is calculated by subtracting the avoidance savings amount by the mitigated risk amount. See Also Mitigated Risk The mitigated (or residual) risk is the level of risk remaining when the time between consequences (when inspections and maintenance are performed) is taken into account. See Also Maintenance efficiency index APM calculates the index based on the costs of proposed tasks and the avoidance savings. See Also Maintenance efficiency index APM calculates the maintenance efficiency index (MEI) based on the costs of proposed tasks and the avoidance savings. Depending on the MEI threshold, the cost of the proposed tasks is either justified or not justified. See Also Override result If the proposed tasks are not economically justified but still necessary, for example, because of regulatory requirements, the result of the evaluation is overridden. See Also Override reason Reason that it is necessary to override the result of the feasibility evaluation. Select a reason from the list defined for the site. See Also Override reason Reason that it is necessary to override the result of the feasibility evaluation. Enter the reason manually. See Also
