A business analysis methodology for integrated equipment health management in high value assets

The use of intelligent sensors and real-time data communication enables operations and maintenance decisions based on accurate condition monitoring of equipment and assets. This growing area of technology, increasingly known as Integrated Vehicle Health Management or IVHM, opens exciting opportunities to improve availability and avoid unnecessary maintenance. High and reliable availability of assets like aircrafts, trains and power plants are crucial to their operations effectiveness. However, the benefits of health management system to the asset operations need to be carefully justified. This paper presents a business analysis process to generate different health management options according to the asset operations, and a cost benefit tool that helps to evaluate the options. The process and tool were assimilated from industrial practice and is illustrated with an example of a naval dockyard.