Such a process should include:
1. A proper understanding of the background of the asset - how it is being used, its history, any modifications and plans for
its future use
2. What the users want it to do (its functions)
3. How it fails to fulfil these functions, both in the past, the present and the future. All causes of failure should be considered including
deterioration, operations aspects, human error, training and procedural shortcomings, spares issues and equipment design
4. What happens as a result of each failure and how much each matters
5. What can be done to manage each failure (through maintenance, physical redesign, training, procedures etc)
6. Which improvements should be implemented, when, how and by whom