A new method to determine condition index for equipment condition assessment

Condition index is a useful tool to assess the equipment condition. The basis of the method is a rating table and weight table, which are made from expert´s experience in many disciplines. However, expert´s experience ignores the other equipments´ condition and can not change with the asset condition fluctuation. In this paper a new method to determine rating table and weight table is presented. Using this method, the rating score is substituted by the ranking score in comparison with other equipments in operation. Besides, the weight score is based on the failure indicate rate which can be calculated from survey data. The condition index we get in this way is an indicator of the level in a series of equipments, which will help the asset manager to make maintenance policy.