The Asset Lifecycle
By understanding the true condition of the asset, sound management decisions can be made, driving reliability, efficiency and profitability.
Full lifecycle asset integrity management begins with verifying proper equipment design, fabrication and installation and then progresses to appropriate operational, inspection and testing practices, and finally to the proper management of identified equipment damage and degradation. Most asset risk management activities need to focus on the in-service operational phase of the lifecycle because it represents the longest, most critical phase of an asset service life.