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The UOA will tell how much life the oil has left though, and that has its merits.
While I've fought long and hard to assert that the metal readings are "wear" ..I think that the above statement is the one that has the most merit.
First you have to look at how the primary users of UOA use them. They don't fret wear metals. Sure, if something spikes or is radical ..the fleet owners is going to pay attention and take note ..he may consult the manufacturer and say "Hey, I just had 200ppm of Fe where 38 was the typical reading over the normal service interval ..they may fax the report to the manufacturer and see what they think about it ..etc...etc.
..but basically, for them, "the wear is what the wear is" ..it yams what it yams. They have one or two approved oils from all of the blenders ..and the service duty is what it is. It's that simple for them. They're looking for flaws or insults to the oil.
Now move to our realm and you've got services all over the place and virtually no high percentage of "steady state" operation that allows climate and whatnot to alter things around ..a broad span of target markets for the engines..varied power densities ..and all the other stuff that makes oil selection and service duty as individual as your preferred cusine and personal decor motif
So, in most cases, you're asking "Did the oil do its job?" (held visc, TBN, TAN/Oxi/Nit/etc within favorable limits ..and if there are any aggravating pests infesting the sump -airborne abrasives, fuel, coolant) .......THEN you look to see if the engine can be better served with another oil selection ..and if it makes a whole lot of difference if you do switch. As we can see with 4 identical samples, analyzed by 4 different labs, there's a testing variable. At least if you're trending, you're getting a typically consistent diffracted view.
Lower is always better ..and one would reason that there are all kinds of particles of various sizes that are routinely ejected from their resident bodies. Some will be in the detectable range ..and some will be larger. One would also reason, that above a certain size, that the larger particles that are above the detection level will also cause additional particle shedding over a few surfaces of various compositions. Some of these will get caught by the filter ..others will not