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Value driven maintenance (VDM) is a fairly new maintenance management methodology based on four maintenance value drivers and the formula of net present value (NPV) to calculate the value of different maintenance strategies. However, the dependability of the engineering assets needs to be assessed in order to make an estimation of the NPV. Therefore, the purpose of this paper is to critically analyse standardised indicators to find the most essential indicators for the four value drivers and for estimation of the NPV. Terminology containing performance drivers and killers are common in the field of asset management, but not many publications can be found for their detailed descriptions. One section in this paper is therefore dedicated to review these terms. A comprehensive description and classification of performance killers and drivers, and of indicators for VDM are presented in this paper.

Review of literature for technical terminology and review of standards for identification of indicators for maintenance performance measurement and NPV of maintenance.

Common description of technical terminology, as used by researchers, and identification of the most important indicators for maintenance performance measurement and the NPV of maintenance. Indicators classified under economic, technical, organizational and health, safety and environment (HSE) perspectives from EN 15341 standards are discussed and identified.

Description of emerging terminology in maintenance performance measurement adds to the consistency in communication of researchers and business stakeholders. Also, the identified maintenance performance indicators can facilitate performance measurement of organisations new to the process of measuring and analysing their performance.

The purpose of this paper is to provide an overview of research and development in the measurement of maintenance performance. It considers the problems of various measuring parameters and comments on the lack of structure in and references for the measurement of maintenance performance. The main focus is to determine how value can be created for organizations by measuring maintenance performance, examining such maintenance strategies as condition‐based maintenance, reliability‐centred maintenance, e‐maintenance, etc. In other words, the objectives are to find frameworks or models that can be used to evaluate different maintenance strategies and determine the value of these frameworks for an organization.

A state‐of‐the‐art literature review has been carried out to answer the following two research questions. First, what approaches and techniques are used for maintenance performance measurement (MPM) and which MPM techniques are optimal for evaluating maintenance strategies? Second, in general, how can MPM create value for organizations and, more specifically, which system of measurement is best for which maintenance strategy?

The body of knowledge on maintenance performance is both quantitatively and qualitatively based. Quantitative approaches include economic and technical ratios, value‐based and balanced scorecards, system audits, composite formulations, and statistical and partial maintenance productivity indices. Qualitative approaches include human factors, amongst other aspects. Qualitatively based approaches are adopted because of the inherent limitations of effectively measuring a complex function such as maintenance through quantitative models. Maintenance decision makers often come to the best conclusion using heuristics, backed up by qualitative assessment, supported by quantitative measures. Both maintenance performance perspectives are included in this overview.

A comprehensive review of maintenance performance metrics is offered, aiming to give, in a condensed form, an extensive introduction to MPM and a presentation of the state of the art in this field.

The purpose of this paper is to provide a literature review of the performance measurement (PM) in maintenance. The authors aim to discuss the background and development of the PM for maintenance, besides defining the concept of performance measures for maintenance and the frameworks developed.

A detailed and extensive literature search and study was undertaken by the authors on the concept and definition of PM, performance indicators (PIs), maintenance performance indicators and various performance frameworks. The history and theory of PM over different phases of business and technological developments have been critically examined and analysed in this review paper.

This paper reviews and presents the different PIs and PM frameworks like; balanced scorecard (BSC), performance prism, performance pyramid and performance matrix, etc., and identifies their characteristics and shortcomings. After considering related issues and challenges, frameworks and approaches for the maintenance performance measurement (MPM) are also presented, where the emerging techniques like; emaintenance have also been discussed amongst others. More and more industries are applying the balanced and integrated MPM frameworks for their competitive survivability and sustainability.

The concept, issues and approaches considered for the MPM frameworks can be adapted by the practicing managers, while trying to define and develop an MPM framework for the operation and maintenance activities. The considerations of the advantages and limitations of different frameworks can provide insights to the managers for implementation.

Some literature reviews on MPM and MPM frameworks are available today. This paper makes an attempt to provide a detailed and relevant literature review, besides adding value in this new and emerging area.

Spare parts needs are dependent on the characteristics of the product in question, e.g. its reliability and maintainability, and the characteristics of the environment in which the product is going to be used (e.g. the temperature, humidity, and the user/operator's skills and capabilities), which constitute covariates. The covariates have a significant influence on the system reliability characteristics and consequently on the number of required spare parts. The main objective of this research study is to evaluate the associated risks (i.e. risk of shortage of spare parts) in estimation of the required number of spare parts due to not considering the characteristics of system operating environment.

An event tree is a graphical logic model that identifies and quantifies possible outcomes following an initiating event (non‐considering system operating environment in this case) in spare parts planning. In the present research a risk analysis is performed through a new and non‐standard event tree analysis. It used an event tree analysis in which the states of organization and managerial decisions took place in risk analysis.

In the present study a modified form of event tree analysis was introduced and implemented. In the new version the undesired states were used instead of barriers in combination with events and consequents changes as a safety function in event tree analysis. The output of the event tree analysis shows that there is a considerable operational risk due to losses (production and economical) associated with the non‐consideration of the machine working environment.

In the estimation of the accurate amount of support and spare parts needed for any industrial system/machine, it is strongly recommended to take the product operating environment into account. This can be proved by the event tree risk analysis method used in a modified and non‐standard form in the present research. The results of risk analysis can help managers in making accurate decisions for product support and spare part needs in the future.

Modified event tree analysis is a new approach suggested for visualizing the risk associated with non‐considering of system operating environment in required support/spare parts estimation. Visualization of risk in graphics can facilitate correct decision making in spare parts planning.

Service and product support are increasingly critical elements in the achievement of customer satisfaction and winning new markets. The success of a product support strategy depends on how effectively these services are delivered. The focus of this paper is on performance enhancement through the use of service delivery strategies; critical factors in the marketing of product support and service‐related contracts that, in turn, foster customer satisfaction, based on industrial systems in a multinational environment. Considered in the framework are product design characteristics such as reliability, maintainability, customer's organizational culture and geographical location, for functional as well as conventional products. The paper advocates an increased focus on support to customers within the framework, introduces a modified service gap model and suggests an approach that reduces any gap between expected and required services. An evaluation of service delivery performance is emphasized.

Product design and service delivery both affect service performance, and therefore a product support strategy must be defined during design stage, in terms of these two dimensions, to ensure the delivery of “promised product performance” to customers. Furthermore, product support strategy should not only be focused around product, or its operating characteristics, but also on assisting customers with services that enhance product use and add additional value to their business processes. This paper examines various issues such as reliability, availability, maintainability, and supportability (RAMS), etc., which directly or indirectly affect product support, maintenance needs and related costs on the basis of a case study conducted in a manufacturing company. The main purpose of the study was to analyse the critical issues related to the product support and service delivery strategy as being practised by the company, and to suggest means for improvements. On the basis of the case study, the paper presents an approach for design and development of product support and maintenance concepts for industrial systems in a multinational environment. The paper emphasizes that the strategy for product support should not be centred only on “product”, but should also take into account important issues such as the service delivery capability of the manufacturers, service suppliers, the capability of users' maintenance organization, etc.

With continuous technological development in the twenty‐first century, the industry and industrial systems have become complex and making their availability more critical. In this context, the product support and its related issues such as spare parts play an important role. Lack of timely or incomplete support, such as the lack of spare parts when required, is likely to cause unexpected downtimes, which in turn often lead to incompensatable losses. Therefore the importance of predicting the correct support to keep the system functionally available needs to be emphasized. Required number of spare parts could be obtained based on technical and life parameters. This paper seeks to examine the system reliability and operating environment, which are the two parameters to be considered in this article.

A model is provided in this paper to determine the number of required spare parts with respect to the effect of the external factors, except time, on the reliability characteristics of components through the proportional hazard model. The model is verified with estimation of the number of spare hydraulic jacks, used on a load‐haul‐dump (LHD) machine, as non‐repairable components. The reliability of this non‐repairable part and its operational impact are assessed, while considering environmental factors and ignoring them.

The results indicate that the operating environment of system/machine has considerable influence on system performance. Forecasting the required support/spare parts based on technical characteristics and the system‐operating environment is an optimal way to prevent unplanned stoppages.

The environmental conditions in which the equipment is to be operated, such as temperature, humidity, dust, road conditions, maintenance facilities, maintenance crew training, operators' skill, etc., often have considerable influence directly on the system/machine or component reliability and indirectly on the product supportability characteristics. Spare parts, are classified as a product support item whose availability is important when planned or unplanned maintenance is to be carried out. Forecasting the required number of spare parts, based on technical characteristics and operating environmental conditions of a system, is one of the best ways to optimize unplanned stoppages.

Previously, the state of the specific technology and other factors have demonstrated the need for support in enhancing system effectiveness and preventing unexpected downtime. This paper sets the required number of spare parts necessary to fulfil this need.