Risk Management
Risk Management is structured approach to managing risk or uncertainty related to a threat. There are several strategies for managing the risks. What are 2 of the strategies?
transferring the risk to another company and let them complete the task
reducing the negative effect of the risk
With scheduled maintenance how much timed should be targeted to spend on PMI, operator inspections, component repair or replacement prior to failure?
60,30,10%
What type of activities are recommended to be outsourced?
non-repetitive
What are the 4 risk management principals?
Accept no unnecessary risk, make risk decisions at the appropriate level, acccept risk when the benefits outweigh the costs, integrate RM into operations and planning all levels
What are the 4 steps to be taken when developing a PMI program?
specify pmi tasks to be performed, define responsibilities, analyze the cost impact of the program, monitor costs for the pmi program
When all the other RM practices are in place, what is the final coverage that we resort to?
Insurance
Where would you find the recommended service intervals and fluids
maintenance manual
The insurance that companies are usually required to purchase to protect from bodily injury and property damage is called?
commercial general liability
What enables us to capture the cost of unscheduled and scheduled repairs to review for later?
Work order system
What does AEMP stand for
Association of Equipment Management Professionals
What is the type of valuation where the insurance will pay for the piece of equipment minus the depreciation?
Actual Cash Value
How do you get the operators input and participation in the PMI program?
document their pretrip and post trip inspections
What is the accronym from AEMP entry level certification.
EMS-Equipment Management Specialist