Risk-Based Maintenance
Risk-based maintenance prioritizes maintenance decisions according to the likelihood and consequence of equipment failure.
What this term means in maintenance
Risk-based maintenance prioritizes maintenance decisions according to the likelihood and consequence of equipment failure.
How risk-based maintenance works
Risk is commonly considered as:
Risk = Likelihood of failure × Consequence of failure
Consequence may include:
- Safety
- Environment
- Product quality
- Production
- Compliance
- Cost
- Reputation
Practical example
Two valves have similar failure likelihood. One affects a non-critical utility, while the other isolates a hazardous chemical. The second valve receives stronger inspection and proof-testing controls.
Possible maintenance decisions
Risk assessment may influence:
- Inspection frequency
- PM frequency
- Condition monitoring
- Spare-parts strategy
- Work-order priority
- Deferral approval
- Redesign
- Run-to-failure selection
Benefits
Risk-based maintenance directs limited resources toward the failures that matter most.
Common mistake
Using risk scores without documented criteria or cross-functional review can produce inconsistent priorities.
Related concepts
Related maintenance terms
Keep exploring connected CMMS, reliability, and maintenance planning terms.
Asset Criticality
Asset criticality is a structured assessment of how strongly an asset failure could affect safety, environment, quality, production, compliance, cost, and recovery.
Criticality Matrix
A criticality matrix is a structured grid used to classify assets or failure modes according to failure likelihood and consequence.
Reliability-Centered Maintenance
Reliability-Centered Maintenance, or RCM, is a structured method for selecting maintenance and risk-control tasks based on asset functions, failure modes, consequences, and technically effective actions.
Glossary FAQs
- What is risk-based maintenance?
Maintenance prioritized using failure likelihood and consequence.
- What consequences are assessed?
Safety, environment, quality, production, compliance, cost, and reputation.
- How is it different from preventive maintenance?
It is a prioritization approach that may select several different maintenance strategies.