Asset Condition - Data-Based or Guess?

There are times when a "gut feel" is invaluable and helps a decision to be made, but asset condition should not be one.

Asset condition is more than the current physical parameters ascribed to an asset.  True condition also takes into account, the capability to meet the Business needs, obsolescence status of components, risk to people, product and environment of operating the asset and the amount of resources required to keep it operating. 

Using measured performance against the required standards, with inputs from a truly cross-functional team (ie Operators, Quality, Safety, Engineering, Finance & Marketing), provides empirical data to assess and track and predict changes over time.

The process must be simple, transparent and repeatable, so that a true picture is developed over time.

"No-one is complaining, so it must be alright" or "I think it's fine" just doesn't cut it.  The key follow up questions to such responses must be,  "How do you know?" and "Based on what data?".