A framework for cost-benefit analysis on use of condition based maintenance in an IO perspective
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- Institutt for marin teknikk 
The maintenance costs of an offshore production platform make up about 30 % of the daily costs, and this is not including the cost of shutdown caused by functional failure. Reducing the maintenance costs will have a great impact on the bottom line. Condition based maintenance is defined as the most cost-effective means of maintaining critical equipment. The idea is that the failure modes an asset is vulnerable to, are monitored by human inspections, performance monitoring or condition monitoring. Based on the collected data, the user can decide when to perform a preventive maintenance action. The goal is to increase safety, reduce costs or both. By gaining knowledge on the current and past health of the asset, trending can predict when the ideal time for maintenance comes. This can be coupled with other opportunities, such as downtime for other reasons, which will reduce costs even further. Integrated operations is the concept of cross-integrating personnel and work processes by means of modern communications technology. It includes video conferencing (offshoreonshore), real-time reservoir management and generally anything that requires transfer of data to somewhere it has previously not been utilized. The potential is said to be huge, and the concept fits very well with condition based maintenance. The data can be entered into a database, and utilized in ways it has never been before. Cost-benefit analysis is very useful decision making tool, especially when numbers are large. It suits very well for a decision that involves changes to the reliability of a system. It is crucial when deciding on a specific condition based maintenance strategy. There are many parameters that have to be included in the analysis, and some of them could be hard (but important) to quantify, such as the value of reputation.