How You Update Meters for an Asset

You can view and update the details for an asset meter using the show/hide region. The fields are defaulted from the Meter Template, if defined, during asset meter creation. They can then be further edited at the asset meter level. These values are typically used if the meter is used to forecast a preventative maintenance program.

The show/hide region shows these attributes:

Name	Description
Record Meters at Work Order Completion	Option to control the meter reading entry at work order completion. The valid values are: Do not allow Optional Mandatory The default value is Do not allow. Note: We recommend setting this value to Mandatory if this is the primary method for capturing an asset's meter readings, especially for a meter-based forecast
Allow meter to schedule a maintenance program	Option to indicate whether the meter can used to schedule a maintenance program. This field isn't applicable for Gauge meter type.
Estimated Daily Utilization Rate	The daily average total of meter readings that are expected to be recorded for the meter. This value is used to generate a meter-based forecast in a maintenance program for the asset by incrementing the last meter reading in history on a daily basis. You must enter this value if you select the Allow meter to schedule a maintenance program check box. You can also get a daily utilization rate calculated using your meter reading history. To do so, enter a value for the Number of Readings for Calculating a Utilization Rate field. After the calculated value is generated, the base utilization rate will be permanently disregarded by the preventative maintenance forecast. Additionally, you can also to calculate a historical daily utilization rate using your meter reading history. This value is used to supersede the manually defined Base Utilization Rate per Day, giving you a more accurate maintenance forecast that’s adjusted routinely based on the latest meter readings. Note: This field isn't applicable for Gauge meter type.
Number of Readings for Calculating a Utilization Rate	The number of meter readings in history that are to be used for calculating a daily utilization rate. This field is optional if you select the Allow meter to schedule a maintenance program check box. When the number of readings is reached in history, a calculated utilization rate is generated and displayed for the asset meter. When the calculated value is generated, the base utilization rate will be permanently disregarded by the preventative maintenance forecast. Therefore, you must set the number of readings to a value that accurately encompasses a range of reading history that will produce a calculated rate that tracks fluctuations in an asset's utilization. When calculated, the value will be recalculated after each new meter reading is recorded. The number of readings value can be updated, but care must be taken as changes in the calculated rate may adjust the maintenance forecast next due dates. The calculated rate is based on this logic: Each time a meter reading is recorded, the application confirms if a value is defined for the Number of Readings field. If defined, the application uses this value to count back into active reading history and confirm there’s adequate number of active readings to consider. If there’s adequate history, the application identifies the two readings that are considered as the start and end dates of the reading period history that’s being evaluated for a calculated rate. The application then determines the number of elapsed days between these two readings: End Reading Date and Start Reading Date. The application then calculates the average change per day in the Meter’s Net Value over these dates using this formula: Calculated Utilization Rate = (End Reading Date Net Value – Start Reading Date Net Value)/(Number of Days). For example: On day 1 your car has a Meter Net Value of 10,000 miles On day 3 your car has a Meter Net Value of 10,500 miles On day 6 your car has a Meter Net Value of 10,900 miles On day 8 your car has a Meter Net Value of 11,345 miles On day 11 your car has a Meter Net Value of 12,000 miles If number of readings is set to 5, then when the 5^th reading is recorded, the application determines that over a period of 10 days, you drove 2,000 miles This equates to 200 miles per day = (12,000 – 10000)/(10 days), which is the new Calculated Daily Utilization Rate per Day. Note: When a calculated rate is generated and saved for an asset meter, setting the number of readings value to zero doesn't disable or suspend the calculation of the daily rate. Additionally, setting the number to a high value will only delay the next recalculation of the rate, resulting in a static calculated utilization rate value. Therefore, we generally recommend to not set a value unless there's a sufficient history of asset utilization. If the initial meter reading for an asset reflects the cumulative meter reading for an asset during creation, using this method to calculate the utilization rate may lead to undesirable results as the initial reading will be greater than the expected daily meter reading value. This field isn't applicable for Gauge meter type and will only apply to meters defined as Absolute or Change in an Ascending direction.
Calculated Utilization Rate per Day	A read-only value is displayed if the number of readings for calculating a utilization ratevalue is defined and there’s sufficient active reading history to calculate a rate. Every new reading results in an updated value. If you change the number of readings, then the next new reading also results in an updated value.