Unlocking the Power of Predictive Maintenance - Part 3: Assessing Predictive Maintenance Success
In the two previous instalments of our blog series, we looked at the promises of predictive maintenance and the challenges surrounding data handling. In this third and final part, we will delve into how to assess the success of a predictive maintenance system. We will explore the key metrics for evaluating models, discuss how to gain buy in from stakeholders, consider the legal aspects and highlight additional factors to consider. Links to part 1 and part 2 are here. Measures of Success – Key Metrics Assessing the effectiveness of a predictive maintenance model is more complex than going beyond the simple definition of accuracy. It is essential to look at and evaluate how well the models predict failure without overwhelming maintenance and engineering teams with false positives. The following…