Risk-Based Multi-Objective Cross-Asset Budget Planning and Allocation Framework for the City of Sugar Land Integrated Asset Management System (IAMS)

An Integrated Asset Management System (IAMS) is a strategic asset management system that combines the assets of different categories into a system to prioritize their maintenance. This paper proposes a risk-based reliability-centric IAMS framework which works on the principle that the risk associated with the failure of an asset is a function of its direct and indirect costs. The direct costs are the costs associated with the replacement of the assets, whereas the indirect costs are the risks that the city faces following the failure. The framework is applied to the asset database of the City of Sugar Land, TX. The results of the model are analyzed in terms of a reduction in the number of assets in a very high-risk category in the risk matrix, the network level expected annual failure rate, and an increase in the network level average reliability.

Download Full-text

Asset Inspection Management System as a Reliable Inspection/ Monitoring Tool

Materials Evaluation ◽

10.32548/2020.me-04125 ◽

2020 ◽

Vol 78 (12) ◽

pp. 1276-1285

Author(s):

Shibu John A

Keyword(s):

Asset Management ◽

Management System ◽

Balance Sheet ◽

Integrity Assessment ◽

Material Evaluation ◽

The People ◽

Physical Assets ◽

Asset Management System ◽

On Time Delivery ◽

Capital Intensive

Enterprise asset management (EAM) systems are used by asset owners and/or operators to manage the maintenance of their physical assets. These assets, including equipment, facilities, vehicles, and infrastructure, need maintenance to sustain their operations. An EAM system provides the means to have less unplanned downtime and extended asset longevity, which offers clear business benefits that improve the profit and loss statement and balance sheet. Particularly for capital-intensive industries, like drilling and exploration, the failure of on-time delivery of critical equipment or processes is disruptive and costs nonproductive time and customer satisfaction. Organizations understand these issues and employ an appropriate asset management system to engineer their asset maintenance and management. An EAM system is needed to manage the people, assets/equipment, and processes. EAMs are used to plan, optimize, execute, and track the needed maintenance activities with associated priorities, skills, materials, tools, and information. Similarly, nondestructive testing (NDT) is used as a tool for integrity assessment of assets in drilling and exploration. The main advantage of using NDT is that the item’s intended use or serviceability is not affected. The selection of a specific technique should be based on knowledge and skills that include design, material processing, and material evaluation. Validating the purpose of this paper, we emphasize the importance of optimizing the asset utilization and serviceability to enhance overall efficiency by integrating EAM software that manages assets, the operation management system (OMS) controlling the processes, and asset inspection management systems (AIMSs).

Download Full-text