The requirements of a value model for the strategic implementation of predictive maintenance

Predictive Maintenance (PdM) in industrial plants aims not only to reduce the failure rates of assets, but also to increment their useful life. However, additional costs must be faced when adopting such a policy, and granting that it will have a positive impact in the long term is not a trivial issue. The implementation of PdM should then be justified from a strategic perspective. Efforts have been made to develop models that provide guidance for the strategic implementation of PdM policies. However, these models generally consider only the economic feasibility of the policy, and not the contribution to value for the organization. Asset Management provides relevant principles for approaching this decision-making activity while following a value-based approach. This work aims to investigate the extent to which value-based decision- making has been implemented to drive the strategic implementation of PdM. The work concludes with the requirements that should be fulfilled by a value model to guide decision-making concerning PdM implementations. Copyright (c) 2023 The Authors.