Which term relates to assessing equipment performance over time?

Performance evaluation is the process that focuses on assessing how well equipment functions over a specific period. This term encompasses the systematic measurement of equipment performance against predetermined standards or benchmarks. By engaging in performance evaluations, facilities managers can identify trends, maintain optimal operation levels, and make informed decisions regarding maintenance, upgrades, or replacements.

Understanding performance evaluation is crucial for ensuring equipment operates efficiently and effectively, ultimately leading to better resource management and reduced operational costs. It helps in recognizing potential issues before they escalate into failures, thereby promoting a proactive maintenance approach rather than a reactive one. Other terms like cost analysis and compliance check focus on financial assessment and adherence to regulations respectively, while risk assessment centers on identifying potential hazards and their impacts, none of which specifically address the ongoing evaluation of performance over time.