When you look at your assets, there are three requirements that you expect and need for these assets to meet:
✓ Availability – If and when you need the asset to perform to support your processes, they must be available to meet this need. In some cases, this requirement is for continuous operation, such as a turbine in a base load power plant. In other cases, the need may be for intermittent, on demand, operation, such as for a backup power generator or fire suppression system.
✓ Performance – The asset is expected to perform at the required functional level without negatively impacting quality.
✓ Longevity – If possible, the asset must be able to perform at the rated level for the duration of the specified lifespan. And if possible, measures could be taken to extend the expected lifespan.