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Predictive maintenance techniques are designed to help determine the condition of in-service equipment in order to estimate when maintenance should be performed.

This approach promises cost savings over routine or time-based preventive maintenance, because tasks are performed only when warranted.

Thus, it is regarded as condition-based maintenance carried out as suggested by estimations of the degradation state of an item.

Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation.

It is the essence of the secondary sector of the economy.

The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale.

Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances, furniture, sports equipment or automobiles), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers).

Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible.

It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastructure, buildings or equipment) and to intangible assets (such as intellectual property, goodwill or financial assets).

Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks, and performance attributes).

A service is an act or use for which a consumer, firm, or government is willing to pay.

Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on.

Public services are those that society (nation state, fiscal union or region) as a whole pays for.

Using resources, skill, ingenuity, and experience, service provider's benefit service consumers.

Services may be defined as intangible acts or performances whereby the service provider provides value to the customer.

Reliability engineering is a sub-discipline of systems engineering that emphasizes the ability of equipment to function without failure.

Reliability describes the ability of a system or component to function under stated conditions for a specified period of time.

Reliability is closely related to availability, which is typically described as the ability of a component or system to function at a specified moment or interval of time.