Equipment management has remained in the “maintenance” mode at large for decades. The maintenance methods are widely used and regarded as the norm in managing equipment. In the mind of most people, equipment management is maintenance management. Most of the concepts and practices in maintenance management were developed from managing equipment and for managing equipment. Equipment States are conditions of the equipment at a particular time. Generally, there are six basic equipment states: nonscheduled state, unscheduled down state, scheduled down state, engineering state, standby state, and productive state. The definitions of equipment states are illustrated with the corresponding equipment time. By plotting the probability of failure against time of the equipment in commission, failure patterns can be revealed. Maintainability is the average time that the equipment was, or the probability that the equipment will be, retained in, or restored to, a condition to perform its intended function.