scholarly journals The Link Between Asset Risk Management and Maintenance Performance: A Study of Industrial Manufacturing Companies

2020 ◽  
Vol 24 (3) ◽  
pp. 50
Author(s):  
Damjan Maletič ◽  
Hana Pačaiová ◽  
Anna Nagyová ◽  
Matjaž Maletič
Keyword(s):  
Risk Management ◽  
Asset Management ◽  
Management Practices ◽  
Structural Model ◽  
Performance Outcomes ◽  
Manufacturing Companies ◽  
Path Modeling ◽  
Asset Risk ◽  
Physical Asset ◽  
Maintenance Performance

<p><strong>Purpose: </strong>The purpose of this paper is to examine risk management practices and their impact on performance. Specifically, the study aimed to examine risk management practices as part of physical asset management and their impact on maintenance management and its performance.</p><p><strong>Methodology/Approach: </strong>The empirical data were obtained from 76 manufacturing companies. Partial Least Squares Path Modeling (PLS-PM) was applied to evaluate the measurement and structural model.</p><p><strong>Findings: </strong>The results emphasized the importance of integrating risk management practices into asset management processes in order to improve performance outcomes.</p><p><strong>Research Limitation/Implication: </strong>This study contributes to a better understanding of how companies could achieve higher performance results by implementing risk management practices. The results of this study can help managers identify key asset risk management practices. Despite the important implications that can be derived from this study, further research that would extend the model to include additional performance measures and/or asset management dimensions would be of great importance.</p><strong>Originality/Value of paper: </strong>By analyzing the interrelationships between asset risk management practices and their direct and indirect effects on maintenance performance, the study provides important insights for the development of strategies to promote the novel and important discipline of asset management.

scholarly journals Development of a Model Linking Physical Asset Management to Sustainability Performance: An Empirical Research

2018 ◽  
Vol 10 (12) ◽  
pp. 4759 ◽  
Author(s):  
Damjan Maletič ◽  
Matjaž Maletič ◽  
Basim Al-Najjar ◽  
Boštjan Gomišček
Keyword(s):  
Asset Management ◽  
Social Performance ◽  
Performance Outcomes ◽  
Future Research ◽  
Path Modeling ◽  
Sustainability Performance ◽  
Policy And Strategy ◽  
Managerial Implications ◽  
Physical Assets ◽  
Physical Asset

This article is aimed at exploring the relationship between physical asset management (PAM) practices and sustainability performance. A framework of interrelated constructs was developed based on the existing literature and consequently tested through empirical study. Survey data were collected from organizations operating in six European countries (i.e., Greece, Poland, Slovakia, Slovenia, Sweden, and Turkey) and analyzed using Partial Least Squares Path Modeling (PLS-PM). The results offer support for the proposed hypotheses, showing that PAM practices positively influence the sustainability performance outcomes, namely economic, environmental, and employee-related social performance. Overall, this study demonstrates that a PAM framework can be conceptualized by four sub-constructs, namely physical asset risk management, physical asset performance assessment, physical asset lifecycle management, and physical asset policy and strategy. Finally, this study brings to light some theoretical and managerial implications as well as directions for future research. The findings of the study underscore PAM areas in which managers should focus on in order to optimize costs, performance, and risk exposures concerning the physical assets, and therefore enhance sustainability performance.

A framework for physical asset risk management in the Sri Lankan clothing industry

2020 ◽  
Vol 3 (4) ◽  
pp. 295
Author(s):  
Thatshayini Premanathan ◽  
Damitha Rajini ◽  
Tharindu Lakruwan Wickremanayake Karunaratne
Keyword(s):  
Risk Management ◽  
Clothing Industry ◽  
Sri Lankan ◽  
Asset Risk ◽  
Physical Asset

Presenting the model in improving maintenance and excellence in organizational culture and reliability in Iran tile and ceramic industries

2019 ◽  
Vol 26 (3) ◽  
pp. 369-382
Author(s):  
Alireza Pezeshkian ◽  
Naser Hamidi
Keyword(s):  
Organizational Culture ◽  
Asset Management ◽  
Structural Model ◽  
Paper Analysis ◽  
Added Value ◽  
Optimal Point ◽  
Content Type ◽  
Cultural Infrastructure ◽  
Physical Assets ◽  
Physical Asset

Purpose In order to increase productivity and create added value in ceramic and tile industries of Iran, the role of physical assets including machinery, equipment and utilities is very important in these industries, and management of those take an important role. Organizational culture and its role in physical asset management implementation are very important in the Iran ceramic and tile industries. In these industries, there is a secret force called culture, which must be changed if the organization wants to grow up and improve physical assets management. The purpose of this paper is to identify organizational cultural, technical and reliability variables and structure of these variables in form of a combined structural model. Design/methodology/approach In order to present a structural combination model, a development model type, the mixed research method is used, and expert’s comments are also used. This model was implemented at Apadana Ceram Company, and its results, in comparison with previous models on physical assets, have shown that consideration of four culture elements can be of great help to reach an optimal point in maintenance and excellence. Findings In this paper, analysis of previous research studies, project documents and expert’s opinions in ceramic and tile industries have been used. In the presented model, special attention has been paid to organizational culture and its four elements including values, patterns, rituals and procedures and cultural infrastructure in order to achieve excellence and reach an optimal point in maintenance. Also, governing structure between organizational culture and technical and reliability variables was nominated, which could help companies in physical asset management. Furthermore, eight components of change management were expressed, which are important in order to implement this model. Originality/value This model with special consideration of four culture elements can be of great help to industries to reach an optimal point in maintenance and excellence.

scholarly journals Physical Asset Management Practices And Quality Service Delivery In Local Governments In Mid North Sub-Region Of Uganda

2019 ◽  
Vol 1 (3) ◽  
pp. 73-79
Author(s):  
Peter Adoko Obicci
Keyword(s):  
Service Delivery ◽  
Asset Management ◽  
Local Governments ◽  
Management Practices ◽  
Quantitative Approach ◽  
Clear Understanding ◽  
Quality Service ◽  
Services Delivery ◽  
Physical Assets ◽  
Physical Asset

Purpose of the study: Amidst soaring use of excellent physical assets, there is a less clear understanding of their weight on service delivery. Drawing on the contention that quality services delivery relies on excellent physical assets, the study aimed to establish how physical asset management practices affect quality service delivery in local governments in the mid-north sub-region of Uganda. Methodology: The study used a cross-sectional design with a quantitative approach. A sample of 131 respondents was targeted and obtained using simple random and purposive sampling of physical asset managers in local governments. Collected data using a self-administered questionnaire was analyzed quantitatively (descriptive and inferential statistics) using Statistical Program for Social Scientists (SPSS Ver. 23). Main Findings: Findings revealed that there was a positive correlation between physical asset management practices (rho.506) and quality service delivery. Accordingly, it was concluded that physical asset management practices, measured in terms of lifecycle planning, risk management, information management and performance management significantly affected quality service delivery in local governments in the mid-north sub-region of Uganda. Research limitations/implications: The study used a quantitative approach in two local governments with probable missed out on qualitative aspects aside difficulty in generalizability. However, it enlightens theoreticians and practitioners in ensuring proper execution of physical asset management practices in engineering, infrastructure, estate, finance and above all public procurement; for the provision of quality services desired and expected by the different stakeholders. Novelty/Originality of this study: This study parallels those in developed countries which reveal that success in quality service delivery is a result of using excellent physical assets. However, in developing countries studies are nearly nonexistent. Essentially, there is a paucity of research addressing the subject creating a need to study and systematically document elevation of delivery of quality services using excellent physical assets. 

scholarly journals An Analysis of Physical Asset Management Core Practices and Their Influence on Operational Performance

2020 ◽  
Vol 12 (21) ◽  
pp. 9097
Author(s):  
Damjan Maletič ◽  
Matjaž Maletič ◽  
Basim Al-Najjar ◽  
Boštjan Gomišček
Keyword(s):  
Asset Management ◽  
Latent Variables ◽  
Empirical Studies ◽  
Theory And Practice ◽  
Operational Performance ◽  
Path Modeling ◽  
Core Practices ◽  
Order Construct ◽  
Physical Assets ◽  
Physical Asset

The commitment of organisations to physical assets management (PAM) has recently received considerable attention in theory and practice. Indeed, PAM plays a key role in asset-intensive organizations and is also considered as a principal actor within Industry 4.0. Therefore, this paper aims to examine the PAM core practices and the performance implications of integrating these practices into business, in particular by assessing their impact on operational performance. Survey data were collected from managers in 138 international and local organisations. The data was analysed using Partial Least Squares Path Modeling (PLS-PM). The study validates the second-order construct consisting of PAM latent variables, namely Strategy and Planning, Risk management, Lifecycle Delivery, Asset Information, and Asset Review. The results have shown that PAM core practices directly influence operational performance. This paper is a response to recent calls for empirical studies on the organisational approaches that can increase the success of organisations.

A theoretical framework for physical asset management practices

Facilities ◽  
2018 ◽  
Vol 36 (3/4) ◽  
pp. 135-150 ◽  
Author(s):  
Naief Alhazmi
Keyword(s):  
Asset Management ◽  
Management Practices ◽  
A Priori ◽  
Structured Interview ◽  
Theoretical Framework ◽  
Life Cycles ◽  
Content Type ◽  
Standards And Guidelines ◽  
Physical Assets ◽  
Physical Asset

Purpose The purpose of this paper is to provide a theoretical framework to improve understanding of physical asset management (AM) practices contained in well-known AM standards and guidelines. Design/methodology/approach Textual thematic analysis of physical AM standards and guidelines was carried out after developing a priori template derived from existing theories in management knowledge. Triangulation to validate the developed theoretical framework was used based on a deductive logic of inquiry equipped with semi-structured interview. The interviewees were managers of physical asset departments of 15 out of 24 ministries of Saudi public sector. Findings The developed theoretical framework called “systematic asset management practices” (SAMP) explains the logic behind physical AM practices contained in well-known standards and guidelines in terms of the essence of directly related practices for the life cycle of physical assets. SAMP shows that all AM standards and guidelines use a similar logic for managing the life cycles of physical assets. Practical implications AM developers can use the SAMP theoretical framework to develop and improve AM guidelines. In addition, the framework enables practitioners to further understand differences among standards and guidelines in addition to their potential future development. Originality/value This paper provides an original theory for AM practices, which originally evolved from informal to formal on the basis of practitioners’ logic.

A framework for physical asset risk management in the Sri Lankan clothing industry

2020 ◽  
Vol 3 (4) ◽  
pp. 295
Author(s):  
Thatshayini Premanathan ◽  
Tharindu Lakruwan Wickremanayake Karunaratne ◽  
Damitha Rajini
Keyword(s):  
Risk Management ◽  
Clothing Industry ◽  
Sri Lankan ◽  
Asset Risk ◽  
Physical Asset

scholarly journals   Consumers’ perceptions of food risk management quality: Chinese and Korean evaluations

2012 ◽  
Vol 58 (No. 1) ◽  
pp. 10-20 ◽  
Author(s):  
R.B. Kim
Keyword(s):  
Risk Management ◽  
Food Safety ◽  
Management Practices ◽  
Structural Model ◽  
Safety Management ◽  
Survey Study ◽  
Public Confidence ◽  
Measurement Scales ◽  
Management Quality ◽  
The Government

Risks, including food risks, are found to be different between the perceptions of &lsquo;experts&rsquo; and consumers, thus understanding the potential difference in the perceptions of the effective food risk management (FRM) between consumers and experts is important in developing effective FRM strategies. This information enables policy makers to integrate societal concerns and values into risk management and communication regarding food safety and to enhance the public confidence in the authorities&rsquo; approach to the food safety management. The purpose of this study is to understand how consumers evaluate the quality of the food risk management practices that are performed by the government and to determine the underlying psychological factors influencing consumer evaluations of food risk management quality (FRMQ). A comparative survey study was conducted in China and Korea, and the measurement scales used in the structural model were found to be configurally and metrically invariant between these two countries. The results show the difference in the perception of Chinese and Korean consumers regarding their evaluation for the FRMQ. While the perceived expertise of food risk managers was found to be the most important determinant in China, the proactive consumer protection was found to be the most important one in Korea. The scepticism in risk assessment and the communication practice was found to be second most important factor both in China and Korea. These results shed lights at the future policy recommendations. &nbsp; &nbsp;

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