The term "asset availability" refers to the ability of an industrial asset to be available in accordance with operational requirements. This involves recording how long an asset is ready for operation and how effectively it can be utilized without unplanned downtimes occurring. High asset availability is an indicator that the asset can fulfil its functions when it is needed. This significantly supports smooth operation and better capacity utilization. With high asset availability, companies can minimize production downtime and maximize efficiency in their manufacturing/business processes.
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Explanation: Asset availability
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