Reliability expert Keith Mobley leads an important 17 minute iPresentation tutorial for any maintenance and reliability professionals. Effective Life Cycle Asset Management (LCAM) is a fundamental requirement—a necessity—in any well run organization. Without LCAM, a plant is forced to operate in a purely reactive mode and in total ignorance of impending risks that could result in permanent closure of the business. Over recent years, we have seen too many examples of plants, many of them profitable, that did not recognize incipient risks and as a result either closed or were seriously damaged by their failure to manage the facility’s asset and associated risks. Business is always a gamble, but that does not relieve senior management from the responsibility to manage risks and make every effort to reduce the probability of failure.