15 Oktober 2014

RELIABILITY TOOL

ASSET WELLNESS
Alat memonitoring ini merupakan raport kondisi kesehatan semua perlatan, yang dilakukan pada kurun waktu yang telah ditetapkan, hasil raport ini dapat dijadikan sejarah suatu peralatan.
Pada tool ini kondisi peralatan di tandai dengan warna yang di sepakati misal warnaHIJAU yang berarti perlatan tersebut dalam kondisi SEHAT, untuk KUNING diberikan sebagai tanda peralatan tersebut KURANG SEHAT, dan yang terakhir adalah tanda warna MERAH, yang diartikan kondisi peralatan TIDAK SEHAT, dalam kondisi warna merah ini peralatan harus segera direncanakan untuk diperbaiki. kalau tidak maka akan mengganggu kondisi peralatan lainnya atau akan membuat terancamnya sistem operasional secara keseluruhan. 

ASSESMENT
Tool ini semacam audit seperti hal yang diatas, tetapi dibedakan dengan lingkup yang lebih sedikit atau dilihat sesuai yang diinginkan, untuk tool ini juga bisa dikerjakan oleh pihak prinsipal, atau vendor lainnya dalam suatau investigasi. hasil ini pula dapat digunakan sebagai update input pada Asset Wellness.

AFPF
Kemungkinan Kegagalan (Asset Failure Probability Factor - AFPF) 

OCR
 Operational Criticality Ranking (OCR) 1 to 10  


SCR
System Criticality Ranking (SCR) 1 to 10  


SERP (System Equipment Reliability Prioritization )
merupakan metode untuk meranking tingkat keandalan sistem peralatan. 

Hasil dari Proses SERP: 
MPI (Maintenance Prioritization Index) a ranking between 1 and 1000 for plant asset which can be used to focus and prioritize maintenance activities and dollars. 
Management: System Criticality Ranking (SCR) 1 to 10 
Production: Operational Criticality Ranking (OCR) 1 to 10 
Maintenance: Asset Failure Probability Factor (AFPF) 1 to 10 
Identifikasi dan pembuatan peringkat dari sistem (System Criticality Ranking -SCR) 
Tahap pertama dibagi menjadi sistem-sistem fungsional. Sistem didefinisikan secara luas sebagai suatu kumpulan peralatan yang bekerja sama untuk memberikan suatu fungsi spesifik yang mendukung operasi station. System criticality disusun berdasarkan beberapa aspek operasi dan peringkat-peringkat ini digabung untuk memberikan suatu System Criticality Ranking (SCR).

b. Identifikasi dan Pembuatan peringkat dari kritikalitas operasi aset(Operational Criticality)
Peralatan diidentifikasikan dari sistem fungsional yang telah dibuat sebelumnya. Tiap- tiap bagian peralatan yang diidentifikasikan diberikan Operational Criticality Ranking (OCR) berdasarkan pada criticality-nya terhadap operation dari parent sistem gabungan. OCR ini digabungkan dengan SCR untuk membentuk suatu Asset Criticality Ranking (ACR).

c. Kemungkinan Kegagalan (Asset Failure Probability Factor - AFPF)
Peralatan dievaluasi berdasarkan kemungkinannya akan kegagalan atau operasi yang tidak reliable. Asset Failure Probability Factor (AFPF) ini digabungkan dengan ACR untuk membentuk Maintenance Priority Index (MPI). Rating MPI ditujukan untuk menggambarkan kepentingan kebijakan pemeliharaan yang diprioritaskan lebih dahulu pada peralatan.


MPI (Maintenance Prioritization Index) 
MPI = SCR*OCR*AFPF
MPI = Consequence x Consequence x Probabilitas 




RCFA/RCA
•RCA merupakan tindakan investigasi terhadap mode kegagalan yang tidak diketahui akar penyebab masalahnya
•Metode RCA yang digunakan adalah :
1.Fish Bone Diagram (Diagram Tulang Ikan)
i. Identifikasi semua kemungkinan penyebab & masing-masing penyebab diidentifikasi sampai dengan ditemukan penyebab awalnya
ii. Verifikasi setiap akar penyebab
iii. Menentukan akar penyebab yang sesungguhnya
2. Workshop yang menghadirkan personil yang berkompeten dalam permasalahan terkait (internal dan eksternal)
 3 Menentukan alternatif solusi atas akar masalah (yang benar-benar sebagai akar penyebab)

Root Cause Analysis is any structured approach to identifying the factors that resulted in the nature, the magnitude, the location, and the timing of the harmful outcomes (consequences) of one or more past events in order to identify what behaviors, actions, inactions, or conditions need to be changed to prevent recurrence of similar harmful outcomes and to identify the lessons to be learned to promote the achievement of better consequences.

Root cause analysis is not a single, sharply defined methodology; there are many different tools, processes, and philosophies for performing RCA. However, several very-broadly defined approaches or "schools" can be identified by their basic approach or field of origin: safety-based, production-based, process-based, failure-based, and systems-based.
  1. Safety-based RCA descends from the fields of accident analysis and occupational safety and health.
  2. Production-based RCA has its origins in the field of quality control for industrial manufacturing.
  3. Process-based RCA is basically a follow-on to production-based RCA, but with a scope that has been expanded to include business processes.
  4. Failure-based RCA is rooted in the practice of failure analysis as employed in engineering and maintenance.
  5. Systems-based RCA has emerged as an amalgamation of the preceding schools, along with ideas taken from fields such as change managementrisk management, and systems analysis.
FMEA
•Tujuan FMEA
–FMEA adalah sebuah metoda untuk mengidentifikasi modus kegagalan dan dampak dimana penyebabnya telah diketahui pasti dari suatu peralatan yang kritikal. Pelaksanaan FMEA didahulukan pada peralatan yang memiliki nilai MPI tertinggi dari proses SERP (System Equipment Reliability Prioritization).
•Hasil dari Proses FMEA
–Rangkaian workshop FMEA menghasilkan kesepakatan daftar prioritas kegiatan (Failure Defense Task/FDT) yang harus dituntaskan agar dapat memecahkan masalah yang berkaitan dan mengurangi pemeliharaan tidak terencana (Non Tactical Maintenance).


A failure modes and effects analysis (FMEA) is a procedure in product developmentand operations management for analysis of potential failure modes within a system for classification by the severity and likelihood of the failures. A successful FMEA activity helps a team to identify potential failure modes based on past experience with similar products or processes, enabling the team to design those failures out of the system with the minimum of effort and resource expenditure, thereby reducing development time and costs. It is widely used in manufacturing industries in various phases of the product life cycle and is now increasingly finding use in the service industry. Failure modes are any errors or defects in a process, design, or item, especially those that affect the customer, and can be potential or actual. Effects analysis refers to studying the consequences of those failures.

PDM
Predictive maintenance (PdM) techniques help determine the condition of in-service equipment in order to predict when maintenance should be performed. This approachoffers cost savings over routine or time-based preventive maintenance, because tasks are performed only when warranted.

The main value of Predicted Maintenance is to allow convenient scheduling of corrective maintenance, and to prevent unexpected equipment failures. The key is "the right information in the right time". By knowing which equipment that needs maintenance, the maintenance work can be better planned (spare parts, people etc.) and what would had been "unplanned stops" are transformed to shorter and less "planned stops" thus increasing plant availability. Other values are increased equipment life time, increased plant safety, less accidents with negative impact on environment, an optimised spare parts handling, etc. Check here ->preventive maintenance, difference between preventive and predictive maintenance

To evaluate equipment condition, predictive maintenance utilizes nondestructive testingtechnologies such as infrared, acoustic (partial discharge and airborne ultrasonic), corona detection, vibration analysis, sound level measurements, oil analysis, and other specific online tests. New methods in this area is to utilize measurements on the actual equipment in combination with measurement of process performance, measured by other devices, to trigger maintenance conditions. This is primarily available inCollaborative Process Automation Systems(CPAS). Site measurements are often supported by wireless sensor networks to reduce the wiring cost.

Vibration analysis is most productive on high-speed rotating equipment and can be the most expensive component of a PdM program to get up and running. Vibration analysis, when properly done, allows the user to evaluate the condition of equipment and avoid failures. The latest generation of vibration analyzers comprises more capabilities and automated functions than its predecessors. Many units display the full vibration spectrum of three axes simultaneously, providing a snapshot of what is going on with a particular machine. But despite such capabilities, not even the most sophisticated equipment successfully predicts developing problems unless the operator understands and applies the basics of vibration analysis.[2]

Acoustical analysis can be done on a sonic or ultrasonic level. New ultrasonic techniques for condition monitoring make it possible to “hear” friction and stress in rotating machinery, which can predict deterioration earlier than conventional techniques.[3] Ultrasonic technology is sensitive to high-frequency sounds that are inaudible to the human ear and distinguishes them from lower-frequency sounds and mechanical vibration. Machine friction and stress waves produce distinctive sounds in the upper ultrasonic range. Changes in these friction and stress waves can suggest deteriorating conditions much earlier than technologies such as vibration or oil analysis. With proper ultrasonic measurement and analysis, it’s possible to differentiate normal wear from abnormal wear, physical damage, imbalance conditions, and lubrication problems based on a direct relationship between asset and operating conditions.

Sonic monitoring equipment is less expensive, but it also has fewer uses than ultrasonic technologies. Sonic technology is useful only on mechanical equipment, while ultrasonic equipment can detect electrical problems and is more flexible and reliable in detecting mechanical problems.

Infrared monitoring and analysis has the widest range of application (from high- to low-speed equipment), and it can be effective for spotting both mechanical and electrical failures; some consider it to currently be the most cost-effective technology. Oil analysis is a long-term program that, where relevant, can eventually be more predictive than any of the other technologies. It can take years for a plant's oil program to reach this level of sophistication and effectiveness. Analytical techniques performed on oil samples can be classified in two categories: used oil analysis and wear particle analysis. Used oil analysis determines the condition of the lubricant itself, determines the quality of the lubricant, and checks its suitability for continued use. Wear particle analysis determines the mechanical condition of machine components that are lubricated. Through wear particle analysis, you can identify the composition of the solid material present and evaluate particle type, size, concentration, distribution, and morphology.[4]

PCM
Proactive maintenance is a maintenance strategy for stabilizing the reliability of machines or equipment. Its central theme involves directing corrective actions aimed at failure root causes, not active failure symptoms, faults, or machine wear conditions.
A typical proactive maintenance regimen involves three steps:
  • (1) setting a quantifiable target or standard relating to a root cause of concern (e.g., a target fluid cleanliness level for a lubricant),
  • (2) implementing a maintenance program to control the root cause property to within the target level (e.g., routine exclusion or removal of contaminants),
  • and (3) routine monitoring of the root cause property using a measurement technique (e.g., particle counting) to verify the current level is within the target.

TE(Task Execution)
Task Execution merupakan tindak lanjut dari FDT yang telah direkomendasikan baian Enjinering. Kegiatan Task Execution ini dilakukan oleh bagian Renval Pemeliharaan.
Task Measuremen
t•Akfititas Task Measurement adalah kegiatan setelah Task Execution (TE) dimana semacam pengukuran terhadap efektifitas implementasi FDT dan TE. Aktifitas ini yang memutuskan apakah implementasi FDT dan TE cukup akurat untuk menyelesaikan masalah dan menghilangkan akar penyebab masalah. Jika hasilnya kurang akurat maka harus dilakukan feed back untuk analisa ulang pada proses FMEA dan RCA. Ini adalah bentuk kegiatan Continous Improvement.
FDT
•FDT merupakan hasil solusi terhadap kegiatan investigasi bagian Enjinering dengan metode RCA atau FMEA. Jadi FDT adalah output tindakan yang direkomendasikan untuk mengatasi masalah yang muncul melalui Forum Engineering tersebut. Penentuan FDT ini juga didukung oleh hasil Baseline Equipment Audit yang didukung oleh Predictive Maintenance untuk dapat mengetahui kondisi sesungguhnya peralatan unit pembangkit yang telah dilakukan investigasi. Penentuan FDT juga didukung oleh hasil Plant Assesment yang telah dilakukan dimana berfungsi sebagai pembanding (benchmarking) kondisi peralatan unit pembangkit.

•FDT dapat berupa tindakan pemeliharaan Preventive Maintenance, OH, Proactive Maintenance dan update Standar Job serta Instruksi Kerja. Oleh karena itu, output FDT yang telah ditentukan akan berkolaborasi dengan bagian operasi dan pemeliharaan dalam pelaksanaannya.
JOBPLAN
Adalah kumpulan rencana kerja dalam workorder, umumnya di gunakan untuk workorder RUTIN, dan PERIODIK, pada jobplan ini terdiri dari ; LAngkalah Keraja dan durasinya, sistem Labor/Craft, Tool kerja yang akan digunakan serta MAterial yang dibutuhkan.

LABOR/CRAFT
adalah kelelngkapan dari Joplan yang telah direncanakan tingkatannya, dan Craft dilihat dari tingkatan kompetensinya, ini baiknya digunakan untuk sistim pengaturan tenaga kerja pada jadual tertentu, bila ini diterapkan maka akan perusahaan akan mendapatkan keuntungan dari mekanis jadual dan jumlah orang.

FREQ
Freq pada Joplan ini merupakan jumlah waktu yang dibutuhkan dalam rencana langkah kerja untuk satu perkejaan dalam satu workorder.

TOOL
adalah manajemejem alat kerja yang akan di kerjakan atau diguanakan dalam suatu rencana kerja (jobplan), baik tool khusus, tool umum yang akan digunakan.

WORK DESCRIPTION
Adalah urutan langkah kerja yang telah direncanakan untuk suatu pekerjaan, dalam perncanagan ini awalnya diambil dari buku instruksi dari prinsipal, buku desain, buku pemeliharaan dan buku operasi yang telah dikeluarkan oleh pihak prinsipal, namun dengan perubahan waktu dan kondisi langka kerja ini dapat di sesuaikan dengan kondisi, umumnya dari beberapa pengalaman dan perubahan teknologi atau penyempurnaan langkah agar di dapatkan hasil yang akurat.  

SAFETY PLAN
work method statement, sometimes referred to as a safe work method statement or asafe work procedure, is a part of a workplace safety plan. It is predominately used in construction to describe a document that gives specific instructions on how to safely perform a work related task, or operate a piece of plant or equipment. In many countries it is law to have work method statements, or similar, in place to advise employees and contractors on how to perform work related tasks safely.
The statement is generally used as part of a safety induction and then referred to as required throughout a workplace.
A work method statement is prepared for each task on a particular worksite, the group of work method statements are then packaged and included in the overall Construction Safety Plan. This plan (or document) is typically submitted at the beginning of a project for approval by the client or their representative. 
The work method statement encompasses the following: 
  1. purpose
  2. scope
  3. references
  4. definitions
  5. responsibilities
  6. equipment
  7. risk assessment
  8. safety
  9. procedure
  10. attachments (if any)

PMs
Preventive maintenance (PM) has the following meanings:
The care and servicing by personnel for the purpose of maintaining equipment and facilities in satisfactory operating condition by providing for systematic inspection,detection, and correction of incipient failures either before they occur or before they develop into major defects. Maintenance, including tests, measurements, adjustments, and parts replacement, performed specifically to prevent faults from occurring.

Preventive maintenance can be described as maintenance of equipment or systems before fault occurs. It can be divided into two subgroups:
Planned maintenance and condition-based maintenance. The main difference of subgroups is determination of maintenance time, or determination of moment when maintenance should be performed.
While preventive maintenance is generally considered to be worthwhile, there are risks such as equipment failure or human error involved when performing preventive maintenance, just as in any maintenance operation. Preventive maintenance as scheduled overhaul or scheduled replacement provides two of the three proactive failure management policies available to the maintenance engineer. Common methods of determining what Preventive (or other) failure management policies should be applied are; OEM recommendations, requirements of codes and legislation within a jurisdiction, what an "expert" thinks ought to be done, or the maintenance that's already done to similar equipment, and most important measured values and performance indications.

To make it simple:
Preventive maintenance is conducted to keep equipment working and/or extend the life of the equipment.
Corrective maintenance, sometimes called "repair," is conducted to get equipment working again.

The primary goal of maintenance is to avoid or mitigate the consequences of failure of equipment. This may be by preventing the failure before it actually occurs which Planned Maintenance and Condition Based Maintenance help to achieve. It is designed to preserve and restore equipment reliability by replacing worn components before they actually fail. Preventive maintenance activities include partial or complete overhauls at specified periods, oil changes, lubrication and so on. In addition, workers can record equipment deterioration so they know to replace or repair worn parts before they cause system failure. The ideal preventive maintenance program would prevent all equipment failure before it occurs.

CMMS
Computerized maintenance management system (CMMS) is also known as enterprise asset management and computerized maintenance management information system(CMMIS).
A CMMS software package maintains a computer database of information about an organization’s maintenance operations, i.e. CMMIS – computerized maintenance management information system. This information is intended to help maintenance workers do their jobs more effectively (for example, determining which machines require maintenance and which storerooms contain the spare parts they need) and to help management make informed decisions (for example, calculating the cost of machine breakdown repair versus preventive maintenance for each machine, possibly leading to better allocation of resources). CMMS data may also be used to verify regulatory compliance.
CMMS packages may be used by any organization that must perform maintenance on equipment, assets and property. Some CMMS products focus on particular industry sectors (e.g. the maintenance of vehicle fleets or health care facilities). Other products aim to be more general.
CMMS packages can produce status reports and documents giving details or summaries of maintenance activities. The more sophisticated the package, the more analysis facilities are available.
Many CMMS packages can be either web-based, meaning they are hosted by thecompany selling the product on an outside server, or LAN based, meaning that the company buying the software hosts the product on their own server.
CMMS packages are closely related to computer-aided facility management packages (also called facility management software). For the purposes of many organizations, the two are interchangeable

MAXIMO/PROHAR
IBM Maximo Asset Management software provides asset lifecycle and maintenance management for all asset types on a single platform. It is used to help maximize the value of critical business and IT assets over their lifecycles with workflows by enforcing best practices that yield benefits for all types of assets, including transportation, production, delivery, facilities, communications and IT. Industry-tailored solutions are available for utilities, nuclear power, transportation, government, telecommunications, life sciences, and oil & gas.
MRO Software, the provider of Maximo, was acquired by IBM in August 2006.
The current release, IBM Maximo Asset Management 7.5, is the third release built upon a J2EE Service Oriented Architecture. It is an Enterprise Asset Management, Service Management and IT asset management suite of applications that are scalable and easily integrated into existing Enterprise Resource Planning (ERP) systems.
Maximo is also the basis of Tivoli Process Automation Engine, which is the central part of Tivoli Service Automation Manager.
When you use Maximo Asset Management to help maximize the performance and lifetime value of complex assets and closely align them with your overall business strategy. The end results:
  • Improve return on assets.
  • Decrease costs and risk.
  • Increase productivity.
  • Improve asset-related decision making.
  • Increase asset service delivery responsiveness and revenue.
  • Facilitate regulatory compliance efforts.
  • Lower total cost of ownership.

WORKORDER
work order (known as works order outside of the United States because the work is produced in a manufacturing area known as the works) or job order (sometimes job ticket orwork ticket, as it often has some type of ticket attached) is an order received by an organization from a customer or client, or an order created internally within the organization. A work order may be for products or services.
In a manufacturing environment, a work order is converted from a sales order to show that work is about to be begin on the manufacture, building or engineering of the products requested by the customer. In a service environment, a work order can be equivalent to a service order where the WO records the location, date and time the service is carried out and the nature of work that is done. The type of personnel (e.g. job position) may also be listed on the WO. A rate (e.g. $/hr, $/week) and also the total amount of hours worked and total value is also shown on the work order.
A work order may be a maintenance or repair request from students, faculty or staff in a university.
Orders received from outside an organization are often dispatched (reviewed and scheduled) before being executed.Work orders may be for preventive maintenance
Contractors may use a single job work order and invoice form that contains the customer information, describes the work performed, lists charges for material and labor, and can be given to the customer as an invoice.
A job order is an internal document extensively used by projects-based, manufacturing, building and fabrication businesses. A job order may be for products and/or services. In a manufacturing environment, a job order is used to signal the start of a manufacturing process and will most probably be linked to a bill of material. Hence, the job order will probably state:
the quantity of the product to be manufactured, built or fabricated
the amount of raw material to be used, its price and amount
the types of labour required, rate (per hour or per unit) and amount
the machine utilisation for each machine during the routing process, its rate and amount
In a service environment, a job order can be the equivalent to a work or service order where the job order records the location, date and time the service is carried out and the nature of service that was carried out. The type of personnel (e.g. job position) may also be listed on the job order. A rate (e.g. $/hr, $/week) and also the total amount of hours worked and total value is also shown.

IMPROVEMENT
A continuous improvement process (CIP or CI) is an ongoing effort to improve products, services, or processes. These efforts can seek "incremental" improvement over time or "breakthrough" improvement all at once.(customer valued) processes are constantly evaluated and improved in the light of their efficiency, effectiveness and flexibility.
Some see it as a meta-process for most management systems (Business Process ManagementQuality ManagementProject Management). Deming saw it as part of the 'system' whereby feedback from the process and customer were evaluated against organisational goals. The fact that it can be called a management process does not mean that it needs to be executed by 'management' merely that it makes decisions about the implementation of the delivery process and the design of the delivery process itself.
Some successful implementations use the approach known as Kaizen (the translation of kai (“change”) zen (“good”) is “improvement”). This method became famous by the book of Masaaki Imai “Kaizen: The Key to Japan's Competitive Success.”
The core principle of CIP is the (self) reflection of processes. (Feedback)
The purpose of CIP is the identification, reduction, and elimination of suboptimal processes. (Efficiency)
The emphasis of CIP is on incremental, continuous steps rather than giant leaps. (Evolution)

•Proses pengembangan dan peningkatan berkelanjutan terhadap proses dan prosedur kegiatan pemeliharaan.
– Action plan dan rekomendasi yang dihasilkan dari FMEA yang berupa FDT diberikan ke Bidang Perencanaan dan Pengendalian Pemeliharaan (RENVAL HAR) untuk direncanakan selanjutnya akan dijadwalkan waktu eksekusinya oleh eksekutor (HAR).
–Melakukan evaluasi atau pengukuran efektifitas hasil rekomendasi.
–Rekomendasi yang dihasilkan (perubahan ruang lingkup/ penjadwalan, preventive maintenance, modifikasi dan lain-lain) dilakukan evaluasi dan diukur tingkat efektifitasnya secara berkesinambungan sebagai proses dari suatu continuous improvement.
–Apabila kegagalan masih juga terjadi pada peralatan yang sudah dilindungi oleh FDT maka harus dilakukan RCFA untuk kemudian perbaikan FMEA dan FDT
–Proses perbaikan berkelanjutan (continuous improvement) tersebut akan membentuk suatu baseline baru terhadap kondisi aktual unit pembangkit.


OPRATION ANALYSIS
In a general context, a business manager is a person who manages the work of others in order to run a business efficiently and make a large profit. He or she should have working knowledge of the following areas, and may be a specialist in one or more: sales, marketing, and public relations; research, operations analysis, data processing, mathematics, statistics, and economics; production; finance; accounting, auditing, tax, and budgeting; purchasing; and personnel.[citation needed] Other technical areas in which a business manager may have expertise are law, science, physics, and computer programming.[citation needed]

In many businesses, the role of business manager may grow out of a small business-owner's desire to shed some of the multiple roles mentioned above to focus on specific aspects ofcompany expansion or market penetration. The business manager for a time may share duties with the owner, as the owner gains trust in the business manager. Ideally, the business manager and the owner work synergistically to ensure that the business of running a successful business is attended to. This can often be a process of the owner relinquishing the functions for which there is a comparative disadvantage for his or her continued involvement.

FINANCIAL ANALYSIS
Financial analysis (also referred to as financial statement analysis or accounting analysis) refers to an assessment of the viability, stability and profitability of a business, sub-business or project.
It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions.
Continue or discontinue its main operation or part of its business;
Make or purchase certain materials in the manufacture of its product;
Acquire or rent/lease certain machineries and equipment in the production of its goods;
Issue stocks or negotiate for a bank loan to increase its working capital;
Make decisions regarding investing or lending capital;
Other decisions that allow management to make an informed selection on various alternatives in the conduct of its business.
Financial analysts often assess the firm's:
  1. Profitability -its ability to earn income and sustain growth in both short-term and long-term. A company's degree of profitability is usually based on the income statement, which reports on the company's results of operations;
  2. Solvency - its ability to pay its obligation to creditors and other third parties in the long-term;
  3. Liquidity - its ability to maintain positive cash flow, while satisfying immediate obligations; 
  4. Both 2 and 3 are based on the company's balance sheet, which indicates the financial condition of a business as of a given point in time.
  5. Stability- the firm's ability to remain in business in the long run, without having to sustain significant losses in the conduct of its business. Assessing a company's stability requires the use of both the income statement and the balance sheet, as well as other financial and non-financial indicators. etc
Financial analysts often compare financial ratios (of solvencyprofitability, growth, etc.):
Past Performance - Across historical time periods for the same firm (the last 5 years for example),
Future Performance - Using historical figures and certain mathematical and statistical techniques, including present and future values, This extrapolation method is the main source of errors in financial analysis as past statistics can be poor predictors of future prospects.
Comparative Performance - Comparison between similar firms.

LCM
Plant lifecycle management (PLM) is the process of managing an industrial facility's data and information throughout its lifetime. Plant lifecycle management differs fromproduct lifecycle management by its primary focus on the integration of logical, physical and technical plant data in a combined plant model.
A PLM model can be used through a plants whole lifecycle, covering:
  • Design,
  • Construction,
  • Erection,
  • Commissioning,
  • Operation,
  • Maintenance.
FLM

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