Machine Learning Approaches to Take Your Asset Management Strategies to the Next Level
BoK Content Type:
Presentation Slides
Video
Presentation Paper
BoK Content Source:
MainTrain 2020
Original date:
Friday, May 8, 2020
In our increasingly digitized and networked environment, the expectations for excellence in asset management are ever growing. While an abundance of maintenance and sensor data have become available, companies must develop the proper application of the data in their maintenance strategies. In this presentation, we’ll discuss the potential of your operational and maintenance data in the context of asset management, and explore different machine learning (ML) algorithms and how they may be leveraged to unleash hidden patterns in your asset management strategies. We’ll introduce some foundational topics required for ML, such as the taxonomy and data preparation steps critical to all ML approaches, the probability and statistics supporting ML, and how the evaluation of the quality of our models. C-MORE has actively applied machine ML methods to interesting real-world problems, such as the categorization of power generation units according to reliability characteristics, and anomaly detection in linear assets to optimize required maintenance actions. We’ll share a few of our case studies so participants can experience how ML methods can be used in maintenance, reliability and operations.