scholarly journals Building an Asset Management System for Engineered Physical Assets: a Contemporary Perspective

2021 ◽  
Author(s):  
Damjan Maletič
Keyword(s):  
Asset Management ◽  
Business Environment ◽  
Theory And Practice ◽  
Transportation Services ◽  
Potential Benefits ◽  
Important Field ◽  
Physical Assets ◽  
Physical Asset ◽  
And Performance ◽  
Asset Management System

A rapidly changing business environment, strong competition, the requirement to minimize losses are some of the conditions under which organizations operate today. This has led to organizations constantly looking for new ways to improve their performance and gain a competitive advantage. Over the last two decades, the demand for effective physical asset management (PAM) has steadily increased. As a result, organizations’ commitment to physical asset management (PAM) has recently received considerable attention in both theory and practice. As a result, PAM has become an important field, especially in the assetintensive industry. In fact, PAM is also considered a key player within Industry 4.0. Assets in the sense of the ISO 55000 standard for asset management are items, things and entities that have value or potential value to the organization. Physical assets, also known as engineering assets, are important in creating tangible value for an organization in a variety of industrial settings such as manufacturing, power supply, water supply, construction, mining, transportation services, and various other sectors. The main purpose of the presentation is to highlight the topic PAM, introduce the key artefacts of ISO 55001, and outline the potential benefits to organizations. In addition, this presentation can be used as a guide to create a framework to maximizing the value realized from assets while balancing financial, environmental and social costs, risks, service quality and performance.

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.

Asset Inspection Management System as a Reliable Inspection/ Monitoring Tool

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).

Assessing HRO Principles for Reliable Performance in Asset-Intensive Organizations

2019 ◽  
pp. 160-181 ◽  
Author(s):  
Jan-jaap Moerman ◽  
Jan Braaksma ◽  
Leo A. M. van Dongen
Keyword(s):  
Organizational Performance ◽  
Asset Management ◽  
Industrial Revolution ◽  
New Technologies ◽  
High Reliability ◽  
Management Measures ◽  
Reliable Performance ◽  
Tightly Coupled ◽  
Physical Assets ◽  
Physical Asset

Asset-intensive organizations rely on physical assets that are expensive, complex, and have a significant impact on organizational performance. The management of such assets is essential when seeking for reliable performance in a world of increasing uncertainties. The observation that asset-intensive organizations deal with increasingly complex and tightly coupled systems and often operate in highly demanding environments may indicate that they should adopt practices from high reliability organizations (HRO) to ensure and maintain reliable performance in the fourth industrial revolution. This chapter operationalizes the HRO concept in the field of physical asset management, measures to what extent the underlying principles are recognized, and explores the relationship between the HRO principles and asset performance using a descriptive survey. Results indicated that the HRO principles are recognized and may, therefore, serve as an instrument for reliable performance when adopting new technologies. A positive relation between asset performance and the five HRO principles was identified.

Cactus: Guadalajara LPG Pipeline System Rehabilitation

2002 ◽  
Author(s):  
Luis Sanchez Graciano ◽  
Hernan Paz ◽  
Mirek Urednicek
Keyword(s):  
Asset Management ◽  
Management Systems ◽  
Pipeline System ◽  
Data Management Systems ◽  
Record Keeping ◽  
Integrity Management ◽  
Physical Asset ◽  
Sound Foundation ◽  
Asset Management System ◽  
Operational Data

This paper describes the work that was undertaken to re-qualify the Cactus-Guadalajara LPG pipeline for a higher MAOP without taking the pipeline out of service for a hydrostatic test. It demonstrates how geo-positioning technology, high-resolution in-line inspection, and data management systems can be successfully utilized for such project, even when the record-keeping associated with previous pipeline repairs has been deficient. By establishing a geo-referenced pipeline asset management system that integrates physical asset description, operational data, internal inspection and pipeline repair data, a sound foundation has been created for the future integrity management of this pipeline.

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 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.

An Improvement Framework for Maintenance Management

2022 ◽  
pp. 48-68
Author(s):  
Renan Favarão da Silva ◽  
Gilberto Francisco Martha de Souza
Keyword(s):  
Asset Management ◽  
Hydroelectric Power Plant ◽  
Life Cycles ◽  
Maintenance Management ◽  
Management Model ◽  
Hydroelectric Power ◽  
Business Outcomes ◽  
Physical Assets ◽  
And Performance

Maintenance is one of the main stages to deliver business outcomes from physical assets over their life cycles. However, as unexpected events and performance may occur in maintenance management, organizations shall be aware of how to address them as well as other opportunities for improvement. Accordingly, this chapter intends to present an improvement framework for maintenance management. The first two sections provide an introduction to maintenance management improvement and its interface with the ISO 55000 series for asset management and the maintenance management model (MMM). Then, the proposed framework and its activities for improvement in maintenance management are discussed in the third section. The fourth section addresses an overview of the main RCA techniques to support the framework implementation. Finally, a hydroelectric power plant case study is discussed to demonstrate the framework in a real operational context.

Modeling a maintenance management framework for asset management based on ISO 55000 series guidelines

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Renan Favarão da Silva ◽  
Gilberto Francisco Martha de Souza
Keyword(s):  
Asset Management ◽  
Process Model ◽  
Maintenance Management ◽  
Practical Implementation ◽  
Content Type ◽  
Business Outcomes ◽  
Management Framework ◽  
Technical Requirements ◽  
Physical Assets ◽  
Asset Management System

PurposeMaintenance management is perceived as fundamental for ensuring that physical assets contribute to business outcomes. In this context, the purpose of this paper is to elaborate a novel maintenance management framework for asset management (MMFAM) based on ISO 55000 series guidelines.Design/methodology/approachThe paper proposes an MMFAM that intends to translate the technical requirements set out in the ISO 550001 standard to the maintenance stage of asset management. First, the framework is modeled using consideration based on the analysis of the ISO 55000 series and the review of previous maintenance management frameworks. Then, support tools are presented that collaborate for the implementation of the processes and activities provided for in the MMFAM.FindingsThe proposed MMFAM was modeled using a Business Process Model and Notation since it is a standardized graphical notation for process modeling and contributes to the understanding of the framework. In addition, the applicable tools were presented for the practical implementation of MMFAM processes and activities.Practical implicationsThe paper is expected to contribute to maintenance practitioners and researchers in understanding and disseminating a novel maintenance management framework that is in line with asset management through the international ISO 55000 series.Originality/valueAs it is essentially multidisciplinary and complex, asset management has still been little explored. Moreover, the requirements for implementing an asset management system, as explained in the ISO 55001 standard, only provide what needs to be done, but not how to do it. Accordingly, the paper fills a gap in maintenance management literature, as it addresses the ISO 55000 series for asset management in depth.

scholarly journals BUSINESS INTELLIGENCE SYSTEMS SUPPORTING SUSTAINABILITY ON FIRM’S DECISION-MAKING PROCESSES AND PERFORMANCE

2021 ◽  
Vol 8 (1) ◽  
pp. 64-75
Author(s):  
Nathaniel Ozigbo ◽  
Keyword(s):  
Decision Making ◽  
Firm Performance ◽  
Business Intelligence ◽  
Business Environment ◽  
Partial Least Square ◽  
Theory And Practice ◽  
Business Intelligence Systems ◽  
Decision Making Processes ◽  
And Performance ◽  
The Impact

In today’s competitive business environment, there exist the need to investigate the adequacy of infrastructural flexibility for Business Intelligence Systems to support Sustainability on Firm’s Decision-making processes and performance. The Business Intelligence Systems consist of unique functions that are intrinsic aimed at supporting better quality decision-making within the organization. It is critical to the smooth operations of every organization. The intention of this study is not to discuss the technical details of implementing Business Intelligence Systems but to explore how to gain maximum benefits from the applications and usage of Business Intelligence Systems. An intensive literature review that highlighted the impact of Business Intelligence on firm performance and decision-making processes were initiated. The focus was on how to apply the Business Intelligence Systems to gain competitive advantage and to create more value from information by aligning it with the needs of employees who are engaged in complex business decision-making in today’s business environment. The study contributed in both academic and industrial operations by providing first time evidence of Business Intelligence solutions with particular reference to Nigerian firms located in Lagos State, Nigeria. The study employed the partial least square analysis with a sample size of 985 respondents randomly selected from five manufacturing companies. The findings suggested that the more effective use of Business Intelligence implementation, the more effective the decision-making processes and firm performance. The study offers a number of implications for theory and practice, noting that Business Intelligence System is in effect allowing firms to shift their structure to more carefully and thoughtfully align with the needs of customers and partners.

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