The technical hierarchy represents corporate assets and provides a master data structure to collect, merge, and analyze equipment performance data. Reliability Dynamics' ISPM design uses ISO 14224 taxonomy classification (ISO 14224:2016, Figure 3) to standardize equipment boundary definitions. It defines facilities and equipment interrelationships in a manner that is both intuitive for users and can be interpreted by the system.
Taxonomy is a systematic classification of items into hierarchical generic groups based on common factors. Relevant information is more likely to be found by logical progression from a general focus to a more specific focus. Information summaries are defined in the context of their unique “parent-child” relationships.
Technical hierarchy example - SAGD operations