Theoretical yearly rate Theoretical rate is the estimated rate of deterioration based on expert opinion, equipment specifications, or historical data. It can differ from the asset design rate based on the analysts’ experience and expectations. See Also Selected yearly rate Degradation rate selected on the failure mode to apply to the failure mode’s indicator. See Also Number of inspections The number of inspections that returned the inspection effectiveness value. When the Evaluate Inspection Effectiveness function is run for the site, APM identifies processed indicator readings that specify an inspection effectiveness value within the specified time period. Using the rules set up for the site, the process calculates the inspection effectiveness value for each indicator. See Also Inspection effectiveness Inspection effectiveness provides a measurement of the thoroughness, sensitivity, and efficiency of the inspection strategy. When the Evaluate Inspection Effectiveness function is run for the site, APM identifies processed indicator readings that specify an inspection effectiveness value within the specified time period. Using the rules set up for the site, the process calculates the inspection effectiveness value for each indicator. See Also
