Asset Decision Matrix Phase 3: Data Considerations

Once you have determined which steps to take regarding asset repair, rehabilitation, or replacement, and have decided how to modify your operations to reduce the impact of future failures, particularly by trying to reduce unexpected failures, it’s time to consider how collecting data can help you analyze asset condition and use that knowledge to predict failures. It is important to develop a data plan before you start collecting information. If your staff understands how data collection and analysis will benefit the organization you are less likely to encounter resistance. There are certain attributes, or data points that you will collect for all assets but most asset classes have specific and unique attributes that are important to an effective analysis. This resource layouts a list of questions to consider about your data and some suggestions for good data management.