ENMM20025 - Maintenance Strategies

Maintenance strategies
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NAME OF COLLEGE:
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Running head: MAINTENANCE STRATEGIES

MAINTENANCE STRATEGIES
Executive Summary
The asset lifecycle methodology which is being in the company consists of four stages namely
planning, acquisition, operations and maintenance and disposal and therefore the asset life cycle
methodology of the company ensures effective management of the asset of the company. There
is scope of improvements regarding the asset lifecycle methodology which will help in
improving the service delivery and effectiveness of the company. The maintenance strategy
which is being adopted by the company is preventive maintenance strategy which help in
ensuring that the equipment used by the company are maintained accordingly so that it helps in
ensuring high quality products of the company and also ensures smooth production process of
the company but the main disadvantage associated with the maintenance strategy of the company
is high costs as it is labour intensive in nature.
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MAINTENANCE STRATEGIES
Contents
Executive Summary.........................................................................................................................1
Contents...........................................................................................................................................2
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
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MAINTENANCE STRATEGIES
Introduction
The process of optimizing the delivery of a value and making the correct decision is termed as
asset management. Asset management comprises of opportunities, balancing costs and threats
against the desired level of performance of the assets which ensures great return on investment of
the assets of the company. Asset management involves management of the asset life cycle which
is defined as the sequence of stages which an organization’s asset undergoes during the time
span of its ownership. The current report focuses on the asset lifecycle methodology and the
maintenance strategy followed at Ford Motor Company and also helps in identifying areas of
improvement.
Discussion
Asset Lifecycle Methodology
The asset life cycle methodology which is being followed at Ford in order to enhance the
lifecycle of the production equipment, used in the manufacturing process of the company is as
follows:
Planning- The first stage of the asset lifecycle methodology at Ford begins with planning, in
which the company establishes and verifies the asset requirements of the company, The
establishment of asset management in the company is based on the evaluation of the current
assets of the company and their capability to meet the service delivery needs of the company. It
is very important from the point of view of the company to identify management strategies in
order to include and analyse the need for an asset for the company.
Acquisition- The second stage in the asset lifecycle methodology at Ford is acquisition which
involves taking the best decision on choosing the best option for the company by defining the
cost and requirements of the assets of the company. According to PR Newswire (2018) through
the process of acquisition planning the company involves activities involved in purchasing an
asset for the company with the main objective of ensuring the cost effective acquisition of the
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