Mitigating change in the goals and context of capital assets: design of the lifetime impact identification analysis

Physical assets are essential in manufacturing, and typically have lifetimes of several decades. Over such a period, many changes in goals and context may occur. Such changes should be dealt with to prevent a premature end to the asset’s useful life. However, current maintenance methodologies focus mainly on the short term and on operation in a stable context. Based on a case study of Asset Management practices and the literature, we developed the Lifetime Impact Identification Analysis (LIIA) method. The method uses Technical, Economic, Compliance and Commercial perspectives to identify long-term challenges and opportunities for the asset.