Asset Maintenance: A Primary Support Function

This chapter describes the importance of operations in any organization and how the asset maintenance function supports the organization’s operational excellence. Asset maintenance concepts cover the major topics such as maintenance strategy, maintenance practices, maintenance cost, asset classes, and asset life cycle management. Modern maintenance management concepts such as e-maintenance and intelligent maintenance aligning with Industry 4.0 are also contemplated in detail. It is imperative from the deliberation that a proactive e-maintenance system using smart prognostic technologies and tools must be part of maintenance strategy implementation to prevent equipment breakdowns. The major contributing factors in asset maintenance including maintenance tactics, reliability analysis, maintenance performance, planning and scheduling, materials management, organization/human resources (HR), employee empowerment, information technology, maintenance policies/budget, and maintenance challenges are outlined in this chapter. These factors play a crucial role in selecting, developing, and implementing suitable maintenance strategies to achieve best maintenance practices at an organizational level. Further, important research advances or new developments in Operations Research and Management Science (OR and MS) that have affected asset maintenance management in the industry are provided in this chapter.