Reliability Centered Maintenance (RCM) is a structured approach used to ensure that physical assets continue to perform their intended functions in their operational context. It is primarily used in industries where asset reliability is critical, such as aerospace, manufacturing, transportation, and energy.

The key principles of Reliability Centered Maintenance include:

1. Functionality: Understanding the intended functions of the asset within its operational context. This involves identifying what the asset is supposed to do and what its operational requirements are.
2. Functional Failures: Analyzing potential failure modes and Functional Failures that can occur within the asset. This step involves identifying all the ways in which the asset could fail to fulfill its intended functions.
3. Consequences of Failure: Assessing the consequences of each identified failure mode. This includes understanding the impact on safety, operations, production, environment, and costs associated with each failure.
4. Maintenance Strategies: Selecting appropriate maintenance strategies to manage the identified failure modes. These strategies can include preventive maintenance, predictive maintenance, run-to-failure maintenance, or a combination of these.
5. Optimization: Optimizing maintenance tasks to ensure they are effective and efficient in preventing or mitigating failures. This step involves balancing the costs and benefits of maintenance actions.
6. Documentation and Feedback: Documenting the RCM analysis and strategies implemented, and continually reviewing and updating them based on feedback and new data.