As an update, from time to time, I think that organizations have moved beyond the following story, only to find that not to be the case, especially in the medium-sized and smaller organizations ...
Sadly for some organizations, their maintenance and operations practices are not much different than the small bands of gold miners going for broke in the Alaskan wilderness as reflected on the television shows. Operating on shoestring budget, they try to bootstrap their way along, experiencing increased losses from a run to failure mentality. While run to failure can be a strategy for some equipment, it shouldn’t be for all of your assets, especially the critical ones. Proactive organizations learned a long time ago that you can’t typically sustain your business with that approach.