Performance indicators and terminology for value driven maintenance

Purpose - Value driven maintenance (VDM) is a fairly new maintenance management methodology based on four maintenance value drivers and the formula of net present value (NPV) to calculate the value of different maintenance strategies. However, the dependability of the engineering assets needs to be assessed in order to make an estimation of the NPV. Therefore, the purpose of this paper is to critically analyse standardised indicators to find the most essential indicators for the four value drivers and for estimation of the NPV. Terminology containing performance drivers and killers are common in the field of asset management, but not many publications can be found for their detailed descriptions. One section in this paper is therefore dedicated to review these terms. A comprehensive description and classification of performance killers and drivers, and of indicators for VDM are presented in this paper. Design/methodology/approach - Review of literature for technical terminology and review of standards for identification of indicators for maintenance performance measurement and NPV of maintenance. Findings - Common description of technical terminology, as used by researchers, and identification of the most important indicators for maintenance performance measurement and the NPV of maintenance. Indicators classified under economic, technical, organizational and health, safety and environment (HSE) perspectives from EN 15341 standards are discussed and identified. Originality/value - Description of emerging terminology in maintenance performance measurement adds to the consistency in communication of researchers and business stakeholders. Also, the identified maintenance performance indicators can facilitate performance measurement of organisations new to the process of measuring and analysing their performance.