Understanding the historical costs, failure frequencies, and trends of production assets is a critical component of any comprehensive asset performance management program. With a clear understanding of poorly performing equipment, where improvement opportunities exist, and the impact of design changes, asset owners can implement the most effective strategies and designs to optimize utilization and costs.

Meridium's Reliability Analytics module assesses and quantifies the performance of operational assets through statistical analysis and modeling & simulation.

The Statistical Analysis component provides a collection of analytical tools and methods that apply reliability-engineering principles to help you make tactical and strategic decisions to optimize the performance of your assets. Features include:

• Production Analysis
• Reliability Growth (AMSSA-Crow Growth) 
• Reliability Distributions
• Probability Distributions
• Cost of Unreliability
• Reliability Automation Rules
• Spare Parts Analysis and Optimization 

The Modeling and Simulation component provides the capability to model the connectivity of production assets and assess the reliability and availability of a collection of assets, a production unit, or complete facility.  In addition, analytical and what-if simulations can be performed to understand the future reliability of assets. Features include:

• System Models 
  • assets in series vs. parallel configurations
  • sparing strategies
  • k out of n constraints
  • unlimited levels of sub-systems
  • ability to model external interruptions and multiple failure modes on an asset/component
• System Analysis - Utilizing a Monte Carlo engine, users can simulate future reliability, availability, and maintainability based upon historical asset performance.

Meridium's Reliability Analytics module provides a set of tools to help collect and analyze asset failure and production data for the purpose of establishing historical trends and developing improvement strategies. With Meridium's Reliability Analytics module, you can:

• Evaluate asset performance by establishing trends using historical data.
• Predict future failures and losses.
• Increase profitability by using analysis results to develop strategies designed to improve asset reliability.
• Determine the effectiveness of strategies through continuous monitoring of asset performance.