scholarly journals Physical Asset Management in Equipment-Oriented Industries Using the Equipment Life Cycle Management Approach

2021 ◽  
Vol 15 (3) ◽  
pp. 323-329
Author(s):  
Hassan Adshirinpour ◽  
Mohammad Mehdi Movahhedi ◽  
Hedieh Divsalar ◽  
Shahla Sohrabi
Keyword(s):  
Life Cycle ◽  
Asset Management ◽  
Management System ◽  
Oil And Gas ◽  
Life Cycle Management ◽  
Management Approach ◽  
Physical Asset ◽  
Asset Management System ◽  
The Cost ◽  
Assets Management

Proper assets management and maintenance, especially equipment in the value chain of an organization, the failure of which leads to interruptions in the system and waiting in the production line, are very vital and of special importance in "equipment-oriented" organizations, including industries such as oil, gas, petrochemicals, steel, minerals, companies involved in the production and distribution of water, electricity, etc. Usually such organizations have a constant need to create an efficient and effective life cycle in order to achieve an efficient physical asset management system. The present study aimed to investigate the physical assets management in equipment-oriented industries with the equipment life cycle management (resource-based) view in oil and gas industries with a case study in an upstream oil industry company (namely North Drilling Company). For this purpose, first 15 criteria have been obtained based on literature review and research literature for evaluating the performance of physical asset management in oil and gas companies. Then, eight of the most important performance evaluation criteria were determined based on experts’ opinions and the fuzzy Delphi method, and in the next step, these criteria were weighted using the fuzzy SWARA method. According to the results, the most important criterion is the cost of maintenance and the least important is the cost of service-support. Finally, solutions are presented in the form of practical suggestions to improve the physical asset management system in this company.

Design and Development of the Enterprise Asset Management System Based on EAM

2013 ◽  
Vol 416-417 ◽  
pp. 2066-2071
Author(s):  
Guo Xiang He
Keyword(s):  
Life Cycle ◽  
Asset Management ◽  
Preventive Maintenance ◽  
Business Processes ◽  
Life Cycle Management ◽  
Maintenance And Repair ◽  
The Core ◽  
Whole Process ◽  
Repair Costs ◽  
Asset Management System

The paper describe the EAM function by proposing the main modules and major business processes, abstracting the main business processes.it implements preventive maintenance of assets, assets track, the whole process of life-cycle management based on the equipment,asset account and treat management maintenance as the core, the submission, approval,implementation of work order as main line. EAM can effectively improve the efficiency of equipment maintenance, reduce maintenance and repair costs, improve asset reliability and value.

scholarly journals PECULIARITIES OF BUSINESS ASSET MANAGEMENT

2021 ◽  
pp. 135-142
Author(s):  
O.Hr. Golovko ◽  
◽  
D.O. Omelianenko ◽  
Keyword(s):  
Asset Management ◽  
Management System ◽  
Practical Importance ◽  
Integrated Approach ◽  
Working Capital ◽  
Long Run ◽  
Effective System ◽  
Definition Of ◽  
Asset Management System ◽  
Assets Management

The article is devoted to the generalization of theoretical aspects and practical recommendations for improving the asset management system in modern conditions. To build an effective system, the object of management — assets — is studied in detail. The approaches to understanding the essence of assets, namely value, financial and property, are singled out. The ratio of such concepts as “current assets”, “working capital” and “working capital” is studied, their common and different characteristics are determined. The current assets are grouped according to different classification features and their significance in the production process is determined. It is substantiated that the grouping of current assets is primarily of practical importance, allowing to build a clear system of accounting and analysis of the availability and movement of current assets and to form an effective system of their management by individual types. A thorough analysis of the interpretations of the concept of “asset management” available in the scientific literature has been made, and several approaches to its understanding have been identified. The conducted research made it possible to form an author's definition of the current assets management system. It is determined that the current assets management system should be based on an integrated approach, the components of which are objects and subjects of management, purpose, basic principles and functions, methods and tools of influence, formalized quantitative and qualitative criteria for achieving goals, and factors forming the operating environment of the object. The characteristic of each element of the system is given, in particular the subjects and objects of management are concretized, their interaction is considered, the purposes and tasks are outlined. It is determined that the functions of the management system are controlling, stabilizing and analytical, and the principles on which it is based — timeliness, unity, continuity, optimality and rationality. The implementation of the current assets management system involves the implementation of a number of successive measures in the form of certain stages, which are considered in the work. The proposed system of current assets management will predict the choice of management strategy of the entity in the long run and increase the overall efficiency of its operation.

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.

Molding the asset management system to PAS 55-1/ISO 55001 in one Scandinavian water and wastewater works

2017 ◽  
Vol 12 (1) ◽  
pp. 234-239 ◽  
Author(s):  
J. Milina ◽  
P. Kristiansen ◽  
A. S. Jacobsen ◽  
A. I. Sundve
Keyword(s):  
Asset Management ◽  
Management System ◽  
Best Practice ◽  
Process Management ◽  
Good Practice ◽  
Work Processes ◽  
System Assessment ◽  
Physical Asset ◽  
Asset Management System ◽  
And Control

Good practice and standards set strict requirements for optimization and continuous improvement of physical asset management. The new international standard for asset management provides a framework for asset intensive industries to develop and implement sound asset management systems. Unlike the largest and most global industries, there are very few, if any, providers of services in the water sector that have developed and implemented a full set of best practices, in compliance with specifications created by the standard. Oslo Water and Sewerage Works (Oslo VAV) has worked systematically to evolve its asset management system by standardizing work processes and operating procedures in its Business Process Management System, implementing good practice in infrastructure asset management, and by improved management and control of the private contractor that operates the wastewater treatment plant's processes and activities. This paper provides insight into Oslo VAV's asset management system, assessment of current practice vs. best practice for complying with the standard and high priority areas for improvement.

Life Cycle Management of Bolted Joints on Oil and Gas Assets for Leak Free Start Up and Operation

2012 ◽  
Author(s):  
Robert Noble
Keyword(s):  
Life Cycle ◽  
Data Management ◽  
Case Studies ◽  
Management System ◽  
Oil And Gas ◽  
Life Cycle Management ◽  
Essential Elements ◽  
Bolted Joints ◽  
Start Up ◽  
Service Inspection

A typical Oil and Gas Asset will have a minimum of 10,000 bolted connections with larger assets exceeding 100,000 joints. Yet a leak on any one of those joints could result in disaster. The need for a management system using the power of modern computing is therefore evident. The paper will use the Energy Institute guidelines for managing the integrity of bolted joints for pressurized systems (ISBN 978 0 85293 461 6) [6] as its core theme, highlight its correlation with ASME PCC-1-2010 [1] and describe a number of case studies where implementation has successfully achieved the goal of reducing Hydrocarbon escapes. The guidelines [6] develop 8 Essential Elements of a management system. Ownership - Technology and Practice - Criticality Assessment - Training and Competence - Records Data Management and Tagging - In service inspection - Management of Leaks - Analysis Learning and Improvement. The relevance and implementation of each of these elements will be explained.

Study of Utilizing the Asset Management System into Asphalt Pavement Maintenance of Freeway

2013 ◽  
Vol 723 ◽  
pp. 893-900
Author(s):  
Po Hsun Sung ◽  
Jyh Dong Lin ◽  
Shun Hsing Chen ◽  
Yung Lin Chen ◽  
Andrew Yang
Keyword(s):  
Asset Management ◽  
Management System ◽  
Asphalt Pavement ◽  
Service Level ◽  
Pavement Management ◽  
Important Work ◽  
Pavement Maintenance ◽  
Management Method ◽  
Asset Management System ◽  
The Cost

Asset management is a method that transferred the assets into cost to management. The main object is that to calculate the value of assets and assess the benefit of investment. When utilized the asset management method on freeway pavement management, it must been founded on assets inventory and historic maintenance. To calculate all the cost of assets could list the value of all the assets. The most important work of asset management was assessing the assets. All the assets were analyzed the survival life of all the assets and find out period of the depreciation in the study. It is 8.9 years that the period between newly construction and first maintenance. It is 4.5 years that the period between maintenances. The assess model was set by the two periods. The results cross by the assess model was that the assets service level was great.

A Novel Framework of the Life Cycle Asset Management for Transmission and Transformation Equipment of Power System

2012 ◽  
Vol 241-244 ◽  
pp. 773-777
Author(s):  
Yue Wu ◽  
Jun Biao Wan ◽  
Ke Yi Wang ◽  
Rui Ma
Keyword(s):  
Life Cycle ◽  
Asset Management ◽  
Life Cycle Cost ◽  
Evaluation System ◽  
Power Transmission ◽  
Cost Benefit ◽  
Life Cycle Management ◽  
Management Support ◽  
Index Evaluation ◽  
Assets Management

Nowadays, State Grid Corporation is promoting the construction of the “Large Five” system and new requirements for the management of are put forward. A brief analysis of the current power transmission and transformation equipment management and their existing problems is given in this paper. Based on the analysis, the Power transmission and transformation equipment life cycle management framework is proposed. The framework is composed of management support systems, including asset management standard system, key index evaluation system, assets benefit evaluation decision mechanism when put into operation, the life cycle assets management information system, and decision-making method with the cost benefit mechanism and key index evaluation mechanism. At the same time, with the use of risk assessment, assets life-cycle cost management, state evaluation, reliability evaluation, life evaluation, the transmission and transformation equipment assets management level is optimized.

scholarly journals THE METHODICAL APPROACH TO THE CONSTRUCTION OF THE ENTERPRISE ASSET MANAGEMENT SYSTEM

2019 ◽  
pp. 24-34
Author(s):  
Ie. Mordan ◽  
A. Sumchenko
Keyword(s):  
Asset Management ◽  
Management System ◽  
Practical Importance ◽  
Methodical Approach ◽  
Effective System ◽  
Reproduction Process ◽  
Definition Of ◽  
Asset Management System ◽  
Different Characteristics ◽  
Assets Management

The article deals with generalization of theoretical aspects and practical recommendations on improving the system of management of current assets in modern conditions. The management object are current assets, was studied in detail to build an effective system. The relation of such concepts as "current assets", "circulating capital" is investigated, their common and different characteristics are determined. The grouping of current assets by different classification characteristics (sources of formation, composition, level of liquidity, nature of the organization, place in the reproduction process, form of operation, location) is carried out and their value in the production process is determined. It is substantiated that the grouping of current assets is first and foremost of practical importance, allowing to build a clear system of accounting and analysis of the presence and movement of current assets and to form an effective system of their management by individual types. The thorough analysis of the concepts in the scientific literature of the concept of "management of current assets" is carried out, it is distinguished several approaches to its understanding. The researches made it possible to form an author's definition of a system of management current assets. It is determined that current assets of the management system should be based on a comprehensive approach, the components of which are the objects and subjects of management, the purpose, basic principles and functions, methods and instruments of influence, formalized quantitative and qualitative criteria for achievement of purposes, as well as factors, that shape the environment of the object. The characteristics of each element of the system is presented, including in particular the subjects and objects of management, their interaction is considered, purposes and tasks are defined. It is determined that the functions of the management system are controlling, stabilizing and analytical, and the principles on which it is built - timeliness, unity, continuity, optimality and rationality. The implementation of the current assets management system implies the implementation of a number of sequential measures in the form of certain steps, which are considered in the paper. The proposed working capital management system will make it possible to predict the long-term management strategy of an entity and to improve its overall functioning. Keywords: current assets, management of current assets, management system, current assets of the company.

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