With the Risk-Based PM model, once we have established Risk level figures for each equipment type, we can begin to assign PM intervals accordingly.
Remember that our equipment Risk level figures are simply a totaled score (plus and minus) of a list of weighted numbers that we have established to indicate the perceived risk of failure (primarily, risk to the patient, that is). The greater the risk (the higher the Risk figure), the more often PM is needed (as those who believe in PM would expect ... and you have to believe)!

In turn the Risk governs the frequency of PM (that is, how often it needs to be carried out). Risk and frequency are directly related. As, in turn, are the intervals between PM's in days. So let's begin by assigning 365/Risk as the PM interval.
But having done this, we will most likely be faced with a list of PM intervals that bear no resemblance to those we are traditionally used to. They will probably be much shorter. So to get things back into the realms of reality, we need to apply a common factor (also known in the trade as a "fiddle factor") to all our Risk levels in order to stretch out PM intervals to within the bounds of accepted norms.
A method I have found useful is to establish the
average Risk for all equipment under the scheme and work on that figure (that is, the sum of all equipment Risks divided by the total number of equipment items), then decide what is the typical interval you are (or your organisation is) comfortable with (180 days, for example ... let's call this interval the "Initial Set-point") and apply the formula below to arrive at your Factor:-
Average Risk x 365
Factor = ------------------
Initial Set-point
Once we know our Factor, we can then plug it into the following formula in each case:-
Factor
Risk-Based PM Interval = ------ (days)
Risk
When you sit down and think about it, and play about with a few figures, it all becomes obvious enough!
Combined into a single formula, for each equipment type (that is, each Risk):-
Average Risk 365
Risk-Based PM Interval = ----------------- x ---- (days)
Initial Set-point Risk
Don't forget that (as mentioned in earlier posts) if you adopt an automatic interval adjustment protocol on top of your Risk-Based scheme (and, why not?) then the PM intervals will tend to step away from those calibrated by the Initial Set-point once the auto adjustment criteria begin to take effect (that is, as time marches on).
Remember also that, in each case, PM Priority is set initially to Risk. Priority should never be less than Risk. Once the Priority figure increases beyond the Risk figure, the more overdue the PM.
Days since last PM
PM Priority = Risk x -------------------
PM interval in days