The most important thing is to develop RAV and avoid over-engineering a simple (and powerful) concept.

Across engineering, finance, insurance, and operations, at least 10 commonly used expressions of asset value are used in practice. Understanding them reduces confusion and improves decision‑making.

Treating asset valuation as a periodic, standardized engineering process mirrors the rigor of condition assessments and ensures that data remains both defensible and operationally relevant.

RUL is a condition based estimate of how long the asset can continue to perform its intended function. It’s based on degradation, inspections, performance, and failure modes. RUL is used for maintenance, risk management, and operational planning, but has nothing to do with accounting or depreciation schedules.

When we communicate asset life clearly and contextually correctly, we create shared understanding and decisions that hold up in the real world.

High-reliability organizations (HROs) build bridges between these viewpoints. They align engineering, finance, and operations so that asset decisions are defensible, practical, and focused on long-term value.

More than 20 years of progressive experience advising organizations is the foundation of the five-part series on work management. Work management is the backbone of reliable operations and sustainable performance. The best organizations master work management not by overcomplicating systems but by applying disciplined practices that make work easier, safer, and more effective. This series highlights five proven approaches—planning and scheduling, preventive maintenance, docum

This is why my approach emphasizes condition and asset replacement value as the key dimensions for data validation.

A key strength is the two-tiered approach. At the system level, cross-functional groups use preference ballots to identify what matters most. At the asset level, SOAP applies straightforward, function-based scoring that captures operational consequences without requiring deep failure-mode modeling.

The gaps in asset data quality create a tangible improvement goal rather than an abstract data-cleansing goal.

In each case, dependability extends reliability into the realm of trust and response. It’s what turns “good enough” performance into true confidence.

These three steps describe how to test the quality of your asset data through the capital plan development process.

Reliability earns confidence when things go right. Dependability earns trust when things go wrong. In business, leadership, and life, we praise reliability—consistent performance and results. Reliability builds credibility. It’s measurable, predictable, repeatable. Dependability runs deeper. Dependability says, “You can trust me when it matters most.”   Reliability is a system trait; dependability is a human one. You can track reliability in a spreadsheet — uptime, cycle coun

Context matters in most things, and especially when evaluating reliability and dependability.

Run-to-failure is a cost-effective approach if the risk is low. Remember, it only makes sense if you are intentional in this approach.

Understanding the underlying context behind the probabilities is crucial before applying them in practice.

Everyone shouldn't hesitate when you ask the simple question, "Who owns the data?"

Work documentation helps the team stay organized, supports smart decision-making, and gets more of what you need.

Organizations can optimize operations and enhance long-term reliability by balancing PM with corrective and planned maintenance.

Planning is figuring out what needs to be done and how it should be done.