... the OEMs requirements are NOT the bottom line ...
No ... (but) they are the
top line. That is, the starting point, the bench mark, or base line.
An interesting post, Dave. And I'm sure we could all argue till the cows come home about which risk factors to consider, their relative weightings, and (importantly ... and as you point out,
who gets to fill in the form) ... but it seems you have left it to me to deliver the punch line! Which is odd (or perhaps you are just being kind), as the Big Clue has already been given ...
To my mind, the big step forward made by the C&K model was the possibility of automatic extension (or reduction) of the PM interval according to specific criteria.
Excellent as Leo de Kryger's .pdf document is, it doesn't appear to mention this, which I also find a bit odd (disappointing, even).
With a database system (such as, dare I say it, the TaskMaster program, these past twelve years) that include Risk-based PM with automatic interval adjustment capabilities, after running through a number of PM cycles the PM interval for each item of equipment will be automatically adjusted (extended usually, but could also be shortened) according to (yet more) rule-based criteria.* The longer the PM regime continues (that is, over the years) the system will settle down and tend towards equilibrium, happily running along with "ideal" (that is, according to all the rules pertaining) intervals for each item of equipment.
To paraphrase Goldilocks ... not too much, not too little, but just right. That is, ending up with different intervals for various equipment (and even amongst equipment of the same
genre) ... thereby, of course, opening up yet another can of worms (along the lines of "do we PM all three machines today, or come back and do the third one when it falls due, the week after next"?)!
In theory (at least) towards the end of an equipment item's life, or at least when it starts to become less reliable, the system kicks in again to shorten the PM intervals (even perhaps to a point of highlighting the need for replacement).
Because of the number of tricky variables involved, it is difficult to portray the full potential of the Risk-based Model in two dimensions (without resorting to endless examples). Because it is a dynamic concept, a computer program is the best way of demonstrating what it is all about.
This level of refined efficiency
is attainable. The "secret" (difficulty, wizardry ... whatever) is in thinking through and establishing the rules (criteria) and contriving the algorithms, and then setting the whole thing up! As may be obvious, I spend a fair amount of time pondering such issues myself, and (as always) invite feedback, constructive criticism, and collaboration!

... does PM really reduce breakdowns?
Best leave that old chestnut for another thread, I think, Dave. And, as I have said a few times before (and I should imagine that most will already agree), that's not the only reason we pursue equipment PM in the "healthcare industry" anyway (in fact, come to think of it, it's a bit of a red herring, that one)!
But lastly (for the time being), here is a quote from Section 8 of DB-2006(05) (which gives official guidance for "Managing Medical Devices" in the UK):-
The frequency and type of planned preventive maintenance should be specified, taking account of the manufacturer’s instructions, the expected usage and the environment in which it is to be used.
*
See posts yet to follow about what these are likely to be ... but let's keep these posts in the realm of bite-sized chunks!