Key Maintenance Activities

Can you predict and identify failure before it happens?

We recently had a comment posted on Tracy Strawn's blog post Preventive Maintenance - The Cost of Maintaining Equipment

Khaled Ekram asked the question: 

"What if we could identify failure before it happens with a reasonable time in which we could order the damaged parts and recieve it (within the lead time), if we could have a signal or alert for failure or measurment which could give an indication of failure propability we may save a lot of money by ordering within the perfect time.

Yes we may have a risk of not having the parts before the failure then we may face the shut-down and cost of non-availability for the items but we should try to do such in some cases.

Therefore if you could advise about my suggestion I would be appreciated."