Asset Plan Lifecycle Types - Asset Plan

Asset Plan Lifecycle Types - Asset Plan

As of version 16.0, NEXGEN allows users to configure asset plans with different lifecycle types. Prior to version 16.0, NEXGEN's asset plans all followed a linear lifecycle type. An asset's condition index (ACI)  value would gradually worsen over time. With version 16.0, users can now chose from one of 4 different lifecycle types to account for varying asset types.

Video Overview


What is an Asset Plan?

A lifecycle type refers to the average way an asset's condition index (ACI) is expected to decline over its expected useful life. 

As the asset ages and condition decreases, it takes on an increasingly higher probability of failing (API). Since asset classes can age in different ways, NEXGEN Asset Plans in the AM Planning module include a way to specify the most accurate lifecycle type for each class. 

In the explanation for each lifecycle type below, a chart shows how the probability of failure changes over time based only on the lifecycle type. 


What is an Asset Lifecycle Type?

A lifecycle types refer to the graphing functionality of an asset's condition and subsequent likelihood of failure. Lifecycle types are selected within the asset plan module and can be configured at the asset plan/class level.


Different Asset Lifecycle Types

Review the sections below to learn more about NEXGEN's five different lifecycle types.
Linear

A linear lifecycle type is ideal for asset plans where the asset's baseline condition changes equally over time. This is an average curve type for asset plans that are expected to consistently decline across the asset’s life cycle. In the image pictured to the right, the asset's condition decreases proportionally with its age.

 By default, all asset plans follow a linear lifecycle curve.

Curve
The curve lifecycle type is ideal for asset plans that gradually worsen over time. A typical use case for the curve lifecycle type are mechanical assets that tend to decline faster in their later lifecycle stages.

Assets that could benefit from a curve lifecycle type include pumps, motors, and valves.
Cliff
A cliff lifecycle type follows a lower initial decrease in condition followed by a drastic drop at the end of an asset's life. A cliff lifecycle type is ideal for asset classes related to electrical/instrumentation assets that may fail suddenly without prior notable degradation. 

Specific asset examples include panels, transformers, transmitters, flow meters, and temperature sensors.
Arch
A cross between a curve and cliff lifecycle type, the arch lifecycle indicates a steady decline followed by a sharper curve toward the end of an asset's life. An arch lifecycle type is most useful for asset plans related to structural and infrastructure assets. 

Asset examples include buildings, pipes, roofs, and tunnels.
Inverse
An inverse lifecycle type indicates a significant early condition decline followed by a steadier change for the rest of an asset's life. The inverse lifecycle type is most beneficial for technology-based asset plans. 

Asset examples that follow an inverse lifecycle include computers and cell phones.