As industries increasingly strive to reduce operational costs, extending the life of aging assets will become critical for reducing maintenance expenses. Managing existing assets effectively is essential to address the challenges of aging equipment and ensure long-term operational efficiency. In this checklist, we offer best practices to keep in mind when planning your asset life extension (ALE) process.

What the checklist covers

Organizational factors

The organization of the ALE process is critical for its ongoing success. Ensuring the integrity of assets through rigorous methodologies and risk assessments is essential. Make sure roles and responsibilities are clearly defined and identify necessary resources. Incorporate statistical analysis to monitor validation results and inform decision-making, enhancing the longevity and reliability of equipment.

Planning and implementation

It is important to have long term plans in place before extending the life of particular assets beyond their original design life. Thorough assessments and methodologies ensure that assets can continue operating effectively and safely.

Proper planning and effective implementation avoids risks and uncovers possible asset life extension issues.

Monitor, audit, review

After an ALE process is in place, it's necessary to constantly review, maintain, and make adjustments as needed.

Introducing proactive measures can help manage the total cost of ownership by extending the life of assets and reducing operational expenses.

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