Risk-Based Management of Rotating Equipment

2000 ◽  
Author(s):  
Thomas Van Hardeveld
Keyword(s):  
Decision Making ◽  
Life Cycle ◽  
Asset Management ◽  
International Standards ◽  
Business Goals ◽  
Reliability Centered Maintenance ◽  
Rotating Equipment ◽  
Physical Assets ◽  
Construction Operation ◽  
High Level

There is increasing emphasis on improving the effectiveness of all physical assets, particularly major assets such as rotating equipment where the financial and business consequences of failure are significant. A number of approaches to asset (or maintenance) management have been proposed and attempted with varying degrees of success. Maintenance philosophies such as Total Productive Maintenance, Condition-Based Maintenance and Reliability Centered Maintenance are being heavily promoted by users and consultants alike. However, a consistent and comprehensive solution to business needs has not always resulted and implementation of these new techniques has often been only partially successful. This lack of success is often caused by the absence of a comprehensive approach to asset management that considers all aspects of the equipment life cycle. It is now beginning to be recognized that a risk-based approach offers a unique opportunity for providing an integrated perspective on the management of physical assets. Risk-based methods not only offer a powerful method for assisting in decision-making that can span from high level to lower level decisions but also provides specific tools that can be brought to bear on design, operational and maintenance needs. These methods fully support a life cycle view of assets that optimizes their effectiveness in the context of overall business goals and objectives. This paper describes the application of risk-based management and associated techniques to the life cycle of major rotating equipment in pipeline operation. A comprehensive framework consistent with best practices and international standards is established providing the basis for design, construction, operation and maintenance phases of the life cycle. Of key importance is the presentation of a decision-making process based on integrated risk that brings major value to operators of physical assets. Relevant risk-based techniques are described and evaluated for applicability to rotating equipment.

scholarly journals Public policies as strategic asset management enablers: the case of Portugal

2020 ◽  
Vol 3 (1) ◽  
pp. 428-436
Author(s):  
H. Alegre ◽  
R. Amaral ◽  
R. S. Brito ◽  
J. M. Baptista
Keyword(s):  
Asset Management ◽  
Public Policies ◽  
Well Being ◽  
Building Blocks ◽  
International Standards ◽  
Water Infrastructure ◽  
Water Services ◽  
The Sustainable Development ◽  
Physical Assets ◽  
Sustainable Societies

Abstract Urban water supply, wastewater and storm water services (globally, water services) are essential to society. The lack of permanent, safe, and respondent services has inevitable consequences on public health and the well-being of communities, on the economy, and on the environment. Goal 6 of the Sustainable Development Goals (SDGs) recognizes this; failing to meet it necessarily affects the accomplishment of many of the other SDGs. Water services’ provision depends on expensive and long-lasting physical assets. Managing them strategically (e.g., according to the international standards on asset management, series ISO 55x and to the IWA recommendations on infrastructure asset management) is, therefore, fundamental for sustainable societies. Countries need to have sound public policies that enable asset management of water infrastructure. Portugal is a paradigmatic case. This paper elaborates on key government goals, on why asset management is important to meet them, and on key building blocks that a coherent public policy should consider in order to enable asset management of water infrastructure. It also presents how Portugal has been implementing this process, addressing the challenges that need to be overcome.

Asset Life Cycle Plans

2017 ◽  
pp. 259-287 ◽  
Author(s):  
R. J. (Richard) Ruitenburg ◽  
A. J. J. (Jan) Braaksma ◽  
L. A. M. (Leo) van Dongen
Keyword(s):  
Life Cycle ◽  
Asset Management ◽  
Life Cycle Management ◽  
Business Value ◽  
Life Cycle Approach ◽  
Strategic Decisions ◽  
Management Standards ◽  
Complete Life Cycle ◽  
Physical Assets ◽  
Multidisciplinary Perspective

Effective management of physical assets should deliver maximum business value. Therefore, Asset Management standards such as PAS 55 and ISO 55000 ask for a life cycle approach. However, most existing methods focus only on the short term of the asset's life or the estimation of its remaining life. These methods do not consider alignment to changing corporate objectives in a variable context, nor do they adopt a multidisciplinary perspective. This chapter argues that, to create maximum value, Asset Management should be a multidisciplinary and strategic practice that considers the complete life cycle of the asset: Asset Life Cycle Management. A practical twelve-step approach is presented to develop an Asset Life Cycle Plan (ALCP) in which expert sessions are used to identify the main lifetime impacts that influence the creation of business value from the use of the asset. The steps are illustrated with an example from practice. The chapter concludes that the ALCP supports asset managers in making long-term strategic decisions in a timely and effective manner.

scholarly journals Definition of LCA Guidelines in the Geothermal Sector to Enhance Result Comparability

Energies ◽  
2020 ◽  
Vol 13 (14) ◽  
pp. 3534 ◽  
Author(s):  
Maria Laura Parisi ◽  
Melanie Douziech ◽  
Lorenzo Tosti ◽  
Paula Pérez-López ◽  
Barbara Mendecka ◽  
...  
Keyword(s):  
Decision Making ◽  
Life Cycle ◽  
Geothermal Energy ◽  
Methodological Approach ◽  
Geothermal Systems ◽  
Low Carbon ◽  
Large Variability ◽  
Low Carbon Economy ◽  
Methodological Choices ◽  
Construction Operation

Geothermal energy could play a crucial role in the European energy market and future scenarios focused on sustainable development. Thanks to its constant supply of concentrated energy, it can support the transition towards a low-carbon economy. In the energy sector, the decision-making process should always be supported by a holistic science-based approach to allow a comprehensive environmental assessment of the technological system, such as the life cycle assessment (LCA) methodology. In the geothermal sector, the decision-making is particularly difficult due to the large variability of reported results on environmental performance across studies. This calls for harmonized guidelines on how to conduct LCAs of geothermal systems to enhance transparency and results comparability, by ensuring consistent methodological choices and providing indications for harmonized results reporting. This work identifies the main critical aspects of performing an LCA of geothermal systems and provides solutions and technical guidance to harmonize its application. The proposed methodological approach is based on experts’ knowledge from both the geothermal and LCA sectors. The recommendations cover all the life cycle phases of geothermal energy production (i.e., construction, operation, maintenance and end of life) as well as a selection of LCA key elements thus providing a thorough base for concerted LCA guidelines for the geothermal sector. The application of such harmonized LCA framework can ensure comparability among LCA results from different geothermal systems and other renewable energy technologies.

scholarly journals MAINTENANCE STRATEGY SELECTION USING AHP AND COPRAS UNDER FUZZY ENVIRONMENT / PRIEŽIŪROS STRATEGIJOS PARINKIMAS TAIKANT AHP IR COPRAS METODUS NEAPIBRĖŽTOSE SITUACIJOSE

2012 ◽  
Vol 16 (1) ◽  
pp. 85-104 ◽  
Author(s):  
Mohammad Majid Fouladgar ◽  
Abdolreza Yazdani-Chamzini ◽  
Ali Lashgari ◽  
Edmundas Kazimieras Zavadskas ◽  
Zenonas Turskis
Keyword(s):  
Decision Making ◽  
Asset Management ◽  
Fuzzy Theory ◽  
Fuzzy Ahp ◽  
Evaluation Criteria ◽  
Equipment Management ◽  
Strategy Selection ◽  
Maintenance Strategy ◽  
Heavy Equipment ◽  
Physical Assets

Asset management, as a systematic process of operating, maintaining, and upgrading physical assets, is an important element of decision-making in heavy equipment management and operation. Maintenance strategy selection plays a significant role in mining design. However, the nature of maintenance strategy selection is a complex multi-criteria decision making (MCDM) problem including both tangible and intangible parameters which are often in conflicting with each other. As well as when decision makers are uncertain in determining and defining the ratings and the weights of alternatives and criteria respectively, fuzzy theory provides an appropriate tool to handle the existing uncertainties. In this paper, a new fuzzy MCDM method based on the concepts of COPRAS (COmplex PRoportional ASsessment) and AHP (Analytical Hierarchy Process) was proposed to evaluate the feasible maintenance strategy. The linguistic terms are employed to assess the ratings and weights. Fuzzy AHP is utilized to calculate the weights of the evaluation criteria; then, the rankings of alternatives are computed based on fuzzy sets theory and COPRAS. A real world case study is presented to illustrate a potential application of the proposed model. Santrauka Turto valdymas, kaip sistemingas veiklos procesas materialiajam turtui palaikyti ir atnaujinti, yra svarbus sprendimų priėmimo sandas, reikalingas sunkiajai įrangai valdyti ir naudoti. Pasirinkti priežiūros strategiją yra ypač svarbu projektuojant kasybą. Tačiau techninės priežiūros strategijos parinkimo pobūdis yra sudėtingas daugiatikslio sprendimų priėmimo (MCDM) uždavinys, apimantis tiek materialius, tiek nematerialius aspektus, tarpusavyje dažnai prieštaraujančius. Kai sprendimų priėmėjui kyla neaiškumų nustatant ir apibrėžiant rodiklių vertes ir svorius, neraiškiųjų aibių teorija yra tinkama priemonė esamam neapibrėžtumui aprašyti. Straipsnyje pateikiamas naujas neraiškusis MCDM būdas, pagrįstas COPRAS (kompleksinio proporcingo projektų įvertinimo) ir AHP (analitinio hierarchijų proceso) metodais, tikslingoms nekilnojamojo turto palaikymo strategijoms įvertinti. Rodiklių vertės ir svoriai yra apibrėžti lingvistinėmis sąvokomis. Neraiškusis AHP taikomas vertinimo rodiklių svoriams apskaičiuoti. Paskui alternatyvų rangai nustatyti taikant neraiškiųjų aibių teoriją ir COPRAS metodą. Naujai pasiūlytas modelis pritaikytas realiam uždaviniui spręsti.

Interlinking life-cycle data spaces to support decision making in highway asset management

2016 ◽  
Vol 64 ◽  
pp. 54-64 ◽  
Author(s):  
Tuyen Le ◽  
H. David Jeong
Keyword(s):  
Decision Making ◽  
Life Cycle ◽  
Asset Management ◽  
Support Decision Making

scholarly journals Optimizing the Life Cycle of Physical Assets – a Review

2020 ◽  
Vol 15 ◽  
Keyword(s):  
Life Cycle ◽  
Value Creation ◽  
Asset Management ◽  
Oil And Gas ◽  
Global Market ◽  
Gas Extraction ◽  
Global Vision ◽  
Life Cycle Optimization ◽  
Physical Assets ◽  
Physical Asset

Life cycle optimization has been a concern over decades; it has been clear that an asset well-kept will have a longer life with a higher return for the organization; this life cycle depends of several factors. The standard ISO 55001 defines a set of requirements that, when implemented and maintained, guarantee the good performance of an organization's asset management, responding to stakeholders need and expectations and ensuring the value creation and maintenance as well as a global vision of assets on the Optimizing the Life Cycle of Physical Assets. The organizations where physical asset management is of major importance include all those that involves facilities, machinery, buildings, roads and bridges, utilities, transportation industries, oil and gas extraction and processing, mining and mining processing, chemicals, manufacturing, distribution, aviation and defence. However, since ISO 55001 is a new standard in the global market, due to its necessity to involve all the organization its implementation becomes difficult; but, it is clear that an organization that certifies by the ISO 55001 is ahead on life cycle optimization because it is part of its requirements; so, what model of life cycle optimization to use? Is there anyone that fits on the ISO 55001? Can an existing one be adapted to be used according to ISO 55001 requirements? The approaches of this paper bring a literary review of life cycle models used in asset management and their major concerns, this is the beginning to build a model to optimize the life cycle of physical assets including the ISO 55001 perspective.

Integrated System of Life Cycle Management of Large Stadium Projects

2011 ◽  
Vol 250-253 ◽  
pp. 3150-3154
Author(s):  
Bao Quan Geng
Keyword(s):  
Decision Making ◽  
Life Cycle ◽  
Project Management ◽  
Life Cycle Management ◽  
Integrated System ◽  
Entire Life ◽  
Entire Life Cycle ◽  
Management Technology ◽  
Construction Operation ◽  
Design Construction

Based on the project management with life-cycle management technology, this paper establishes a integrated system of life-cycle management (LCMIS) for large stadium construction project, which integrates decision making, design, construction and operation by two levels of entire life cycle and phrases. It resolves the existed problems of this kind of project, like the limitation of financing model, the disparity between design and construction, operation problems.

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