The P3 approach includes preventive, lifecycle maintenance for the asset and avoids the problems associated with deferred maintenance. Simply put, deferred maintenance is the practice of postponing infrastructure maintenance activities, usually due to lack of available funding. Lack of proper and timely maintenance leads to early deterioration that costs more to repair later on or shortens the lifespan of the asset. Both of these situations will cost extra over the long term as the asset will have to be replaced well before it was planned, resulting in unanticipated capital costs.
Most folks would rather endure a root canal procedure than attend a safety meeting. And that's perfectly fine, as long as you are confident that you know all there is to know about doing a job safely. Admittedly, most safety meetings are mind-numbingly boring. That's largely the fault of the safety community. We need to change that failing.
Safety is boring, unless and until, of course, you're sitting in the ER Waiting Room. Now THAT can be the definition of boring. By the way, those ridiculous highway signs bragging about ER wait time in minutes are total fiction. You're going to be there for hours. Minimum.
As an engineer, I am very analytical and linear in my thought process. This is natural and almost expected as I deal with equations following specific procedures to arrive at design solutions. After all, there is no gray in engineering - it is either black or white. I refer to this thought process as counting pennies - that is examining every detail down to the smallest one to make sure everything is accounted. Because of my ethical obligations to protect the public with my designs, I, as an engineer, have to count and take into account these pennies to avoid potentially disastrous situations.
Is “asset management” more than a buzz-word to you and your organization? Are regulations and costs leading you to question whether you need a better understanding of your assets and their future value, risks, and needs?