When someone talks about assets life cycle
optimization, the objective is mainly related with the reduction of
operational and maintenance costs. However, regarding the
newly asset management concept based on PAS 55 and the recent
ISO 55000 standards family, this optimization should take into
account and consider other issues like the risk associated with
those decisions. Risk can be identified for each potential failure
mode using a simplified FMEA (Failure Modes and Effects
Analysis) and ranked or included into categories upon a
determined and assumed criteria. Based on the previous risk
level the decision making process aims to identify which hard
time maintenance activities can be delayed in time in order to
reduce maintenance costs and thus optimize the asset life cycle
cost. The present paper presents a case study of equipment
installed on a war vessel (diesel generators) and tries to assess if
some relative hard time maintenance can be delayed without
compromising safety. The amount of money to keep risk under
the acceptable limits is then compared with the earning value
related to the delay of maintenance activities. This work is
supported by effective data gathered along the years for this
specific equipment, which permits to have a realistic approach of
the proposed decision. The chosen system operates on a maritime
environment, has its last overhaul on 2010 and has been
operating worldwide since then.