These two templates help you calculate the impact of equipment failure. The first template measures the probability of failure and its impact on a scale of one to six. The scores are multiplied to find the asset criticality. The second template calculates criticality based on the impact of asset failure in three areas—health and safety, environment, and operations. Each area is rated on a scale of one to five and multiplied to get total criticality.

The asset criticality calculators can help you optimize your preventive maintenance schedule. First, find the routine maintenance tasks you’re spending the most time or money on. Then, use the asset criticality scores to calculate the risk of reducing the frequency of these tasks. For example, if an asset scores a nine on the risk priority scale, it may be worth the risk. If it scores a 24, it’s probably not.