Equipment criticality analysis is a quantitative analysis of equipment faults, and ranking them in order of serious consequences on safety, environment, production loss and maintenance cost.
Which equipment has the most serious potential consequences on business performance, 'if it fails'? The resulting Equipment Criticality Number is used to prioritize resources performing maintenance work
Identify what equipment is most likely to negatively impact business performance because it both matters a lot when it fails and it fails too often. The resulting Relative Risk Number is used to identify candidate assets for reliability improvement