Reducing the amount of guesswork involved when creating your budget also improves your credibility with other departments, while reducing the chances you run into an emergency you can’t cover. In the era of big data and smart companies, you should create your maintenance budget using the best data and information available to control your costs, improve performance and efficiency, and ensure the best possible allocation of your maintenance resources. But given the potential consequences of getting it wrong, that’s not always the best approach. ![]() Given its complexity, the temptation for some maintenance managers is to use the previous year’s expenditure and then add a bit. Why is a maintenance budget important?Ĭreating a comprehensive maintenance budget can be a complex process with lots of elements to consider, different stakeholders to involve, and a mass of data to sift through. It can help you evaluate and understand why you have deviated from the expected costs and serve as an important tool for measuring your team’s effectiveness. It should include a detailed breakdown of how you intend to spend the money, with each expense categorized according to its purpose.īut more than that, your maintenance budget should also serve as a way of introducing targets and mechanisms so you can monitor how you are spending your money. Your budget should provide an overview of the expected costs for each of the different maintenance types you plan to do, such as preventive and reactive, as well as any other maintenance strategies you use, and how they apply to different assets or asset groups.Ĭreating a budget is your way of putting your case forward for the money that you need to improve equipment and efficiency. ![]() So, what is a maintenance budget, what different budgets can you create, and how do you prepare one?Ī maintenance budget is a document that you use to set out the expected cost of meeting your maintenance objectives for the year. A maintenance budget helps you to plan, manage, and prioritize your maintenance activities so you can be as effective as possible with the money you have.
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