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Value Driven Maintenance
Value-driven maintenance (VDM) is a maintenance management methodology. History VDM was developed by Mark Haarman and Guy Delahay, both former chairmen of the ''Dutch Maintenance Association'' (NVDO) in their book entitled ''Value Driven Maintenance, New Faith in Maintenance'' published by Mainnovation in 2004. Value drivers in maintenance In financial literature, value (net present value) is defined as the sum of all free future cash flows, discounted to the present date. A cash flow is the difference between income and expenditure. It is not the difference between turnover and costs, because this is easy to manipulate through accounting. Some companies may use creative lease, depreciation and reservation techniques to keep book profits artificially high or low; this does not always contribute to shareholder value. Recent stock market scandals are an example of what may happen as a result of this. The second part of the definition concerns the knowledge that the value of a ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Net Present Value
The net present value (NPV) or net present worth (NPW) is a way of measuring the value of an asset that has cashflow by adding up the present value of all the future cash flows that asset will generate. The present value of a cash flow depends on the interval of time between now and the cash flow because of the Time value of money (which includes the annual effective discount rate). It provides a method for evaluating and comparing capital projects or financial products with cash flows spread over time, as in loans, investments, payouts from insurance contracts plus many other applications. Time value of money dictates that time affects the value of cash flows. For example, a lender may offer 99 cents for the promise of receiving $1.00 a month from now, but the promise to receive that same dollar 20 years in the future would be worth much less today to that same person (lender), even if the payback in both cases was equally certain. This decrease in the current value of future c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Flow
Cash flow, in general, refers to payments made into or out of a business, project, or financial product. It can also refer more specifically to a real or virtual movement of money. *Cash flow, in its narrow sense, is a payment (in a currency), especially from one central bank account to another. The term 'cash flow' is mostly used to describe payments that are expected to happen in the future, are thus uncertain, and therefore need to be forecast with cash flows. *A cash flow is determined by its time , nominal amount , currency , and account ; symbolically, . Cash flows are narrowly interconnected with the concepts of value, interest rate, and liquidity. A cash flow that shall happen on a future day can be transformed into a cash flow of the same value in . This transformation process is known as discounting, and it takes into account the time value of money by adjusting the nominal amount of the cash flow based on the prevailing interest rates at the time. Cash flow analy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Cash Flow
In financial accounting, free cash flow (FCF) or free cash flow to firm (FCFF) is the amount by which a business's operating cash flow exceeds its working capital needs and expenditures on fixed assets (known as capital expenditures). It is that portion of cash flow that can be extracted from a company and distributed to creditors and securities holders without causing issues in its operations. As such, it is an indicator of a company's financial flexibility and is of interest to holders of the company's Share capital, equity, debt, preferred stock and convertible security, convertible securities, as well as potential lenders and investors. Free cash flow can be calculated in various ways, depending on audience and available data. A common measure is to take the earnings before interest and taxes, add depreciation and amortization (business), amortization, and then subtract taxes, changes in working capital and capital expenditure. Depending on the audience, a number of refinement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ALARP
As low as reasonably practicable (ALARP), or as low as reasonably achievable (ALARA), is a principle in the regulation and management of safety-critical and safety-involved systems. The principle is that the residual risk shall be reduced as far as reasonably practicable. In UK and NZ Health and safety law, it is equivalent to so far as is reasonably practicable (SFAIRP). In the US, ALARA is used in the regulation of radiation risks. For a risk to be ALARP, it must be possible to demonstrate that the cost involved in reducing the risk further would be disproportionate to the benefit gained. Factors Determining that a risk has been reduced to ALARP involves an assessment of the risk and costs involved in taking measures to avoid that risk, and a comparison of the two according to cost–benefit analysis (CBA). In this context, risk is the combination of the frequency (likelihood) and the consequence of a specified hazardous event. Several factors are likely to be considered whe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BP Oil Spill
The ''Deepwater Horizon'' oil spill was an environmental disaster off the coast of the United States in the Gulf of Mexico, on the BP-operated Macondo Prospect. It is considered the largest marine oil spill in the history of the petroleum industry and estimated to be 8 to 31 percent larger in volume than the previous largest, the Ixtoc I oil spill, also in the Gulf of Mexico. Caused in the aftermath of a blowout and explosion on the Deepwater Horizon oil platform, the United States federal government estimated the total discharge at . After several failed efforts to contain the flow, the well was declared sealed on 19 September 2010. Reports in early 2012 indicated that the well site was still leaking. The ''Deepwater Horizon'' oil spill is regarded as one of the largest environmental disasters in world history. A massive response ensued to protect beaches, wetlands and estuaries from the spreading oil utilizing skimmer ships, floating booms, controlled burns and of o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deepwater Horizon Oil Spill
The ''Deepwater Horizon'' oil spill was an environmental disaster off the coast of the United States in the Gulf of Mexico, on the BP-operated Macondo Prospect. It is considered the largest marine oil spill in the history of the petroleum industry and estimated to be 8 to 31 percent larger in volume than the previous largest, the Ixtoc I oil spill, also in the Gulf of Mexico. Caused in the aftermath of a blowout and explosion on the Deepwater Horizon oil platform, the United States federal government estimated the total discharge at . After Efforts to stem the Deepwater Horizon oil spill, several failed efforts to contain the flow, the well was declared sealed on 19 September 2010. Reports in early 2012 indicated that the well site was still leaking. The ''Deepwater Horizon'' oil spill is regarded as one of the largest environmental disasters in world history. A massive response ensued to protect beaches, salt marsh, wetlands and Estuary, estuaries from the spreading oil util ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preventive Maintenance
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure and supporting utilities in industrial, business, and residential installations. Terms such as "predictive" or "planned" maintenance describe various cost-effective practices aimed at keeping equipment operational; these activities occur either before or after a potential failure. Definitions Maintenance functions can be defined as maintenance, repair and overhaul (MRO), and MRO is also used for maintenance, repair and operations. Over time, the terminology of maintenance and MRO has begun to become standardized. The United States Department of Defense uses the following definitions: Federal Standard 1037C and from MIL-STD-188 and from the Department of Defense Dictionary of Military and Associated Terms * Any activity—such as tests, measurements, replacements, adjustments, and repairs—intended to retain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discount Window
Discount may refer to: Arts and entertainment * Discount (band), punk rock band that formed in Vero Beach, Florida in 1995 and disbanded in 2000 * ''Discount'' (film), French comedy-drama film * "Discounts" (song), 2020 single by American rapper Cupcakke Economics and business * Discounts and allowances, reductions in the basic prices of goods or services *Discounting In finance, discounting is a mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee.See "Time Value", "Discount", "Discount Yield", "Compound Interest", "Effici ..., a financial mechanism in which a debtor obtains the right to delay payments to a creditor * Delay discounting, the decrease in perceived value of receiving a good at a later date compared with receiving it at an earlier date * Discount store {{disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perpetuity
In finance, a perpetuity is an annuity that has no end, or a stream of cash payments that continues forever. There are few actual perpetuities in existence. For example, the United Kingdom (UK) government issued them in the past; these were known as consols and were all finally redeemed in 2015. Real estate and preferred stock are among some types of investments that effect the results of a perpetuity, and prices can be established using techniques for valuing a perpetuity. Perpetuities are but one of the time value of money methods for valuing financial assets. Perpetuities can be structured as a perpetual bond and are a form of ordinary annuities. The concept is closely linked to terminal value and terminal growth rate in valuation. Detailed description A perpetuity is an annuity in which the periodic payments begin on a fixed date and continue indefinitely. It is sometimes referred to as a perpetual annuity. Fixed coupon payments on permanently invested (irredeemable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Condition Based Maintenance
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure and supporting utilities in industrial, business, and residential installations. Terms such as "predictive" or "planned" maintenance describe various cost-effective practices aimed at keeping equipment operational; these activities occur either before or after a potential failure. Definitions Maintenance functions can be defined as maintenance, repair and overhaul (MRO), and MRO is also used for maintenance, repair and operations. Over time, the terminology of maintenance and MRO has begun to become standardized. The United States Department of Defense uses the following definitions:Federal Standard 1037C and from MIL-STD-188 and from the Department of Defense Dictionary of Military and Associated Terms * Any activity—such as tests, measurements, replacements, adjustments, and repairs—intended to retain or r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corrective Maintenance
Corrective maintenance is a maintenance task performed to identify, isolate, and rectify a fault so that the failed equipment, machine, or system can be restored to an operational condition within the tolerances or limits established for in-service operations. Definition A French official standard defines "corrective maintenance" as maintenance which is carried out after failure detection and is aimed at restoring an asset to a condition in which it can perform its intended function (NF EN 13306 X 60-319 standard, June 2010). Corrective maintenance can be subdivided into "immediate corrective maintenance" (in which work starts immediately after a failure) and "deferred corrective maintenance" (in which work is delayed in conformance to a given set of maintenance rules). Sometimes, particularly in French-speaking countries, a distinction is made between curative maintenance and regular corrective maintenance. While the former is a larger scale procedure to permanently solve th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planned Maintenance
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure and supporting utilities in industrial, business, and residential installations. Terms such as "predictive" or "planned" maintenance describe various cost-effective practices aimed at keeping equipment operational; these activities occur either before or after a potential failure. Definitions Maintenance functions can be defined as maintenance, repair and overhaul (MRO), and MRO is also used for maintenance, repair and operations. Over time, the terminology of maintenance and MRO has begun to become standardized. The United States Department of Defense uses the following definitions:Federal Standard 1037C and from MIL-STD-188 and from the Department of Defense Dictionary of Military and Associated Terms * Any activity—such as tests, measurements, replacements, adjustments, and repairs—intended to retain or r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
