Maintenance - Maintenance within physical asset management - Framework for improving the value of the physical assets through their whole life cycle

2021 ◽  
Keyword(s):  
Life Cycle ◽  
Asset Management ◽  
Management Framework ◽  
Physical Assets ◽  
Physical Asset ◽  
Whole Life Cycle

scholarly journals Advanced approach to the maintenance of hydraulic and turbine oils

2021 ◽  
Author(s):  
Matthew G. Hobbs ◽  
Janez Tomažin ◽  
Peter T. Dufresne
Keyword(s):  
Asset Management ◽  
Regulatory Compliance ◽  
Peak Performance ◽  
Management Framework ◽  
Best Available Technology ◽  
Physical Assets ◽  
Physical Asset ◽  
Available Technology ◽  
The Cost ◽  
Whole Life Cycle

In the growing power demands, turbine users want to feel confident that their equipment is reliable, efficient, and delivering peak performance every day. Proper care and maintenance of turbine oils is critical to avoiding disruptive and potentially costly downtime, and can help extend oil and component life. The ISO 55001 Asset Management and EN 17485 Maintenance within Physical Asset Management: “Framework for improving the value of the physical assets through their whole life cycle” provides an opportunity for companies to review and improve asset owner and service provider relationships, improve performance and utilisation of assets, reduce operational risk arising from the various stages of asset management and reduce the cost of insurance and ensure regulatory compliance. With such an approach and the use of the best available technology, turbine oil is becoming an asset. This article focuses on turbine oils quality, their degradation, additives and, varnish removal.

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.

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.

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 Life Cycle Cost versus Life Cycle Investment – A new Approach

2020 ◽  
Vol 15 ◽  
Keyword(s):  
Life Cycle ◽  
Life Cycle Cost ◽  
Economic Life ◽  
Maintenance Policy ◽  
Mean Time Between Failures ◽  
Time Between Failures ◽  
The Mean ◽  
Physical Assets ◽  
Physical Asset ◽  
Mean Time

The paper proposes a model for the life cycle of physical assets that includes the maintenance policy, because it has direct implications on the equipment’s Return On Investment (ROI) and Life Cycle Cost; the developed model can be applied to any type of physical asset. The model is called Life Cycle Investment (LCI) instead of the traditional Life Cycle Cost (LCC). The paper proposes a new methodology based on the modified economic life cycle and lifespan methods by including the maintenance policy using maintenance Key Performance Indicators (KPI), namely Availability, based on the Mean Time Between Failures (MTBF) and the Mean Time To Repair (MTTR). The benefits (profits) that result from the asset’s Availability must be balanced with the initial investment and the variable maintenance investment along its life, which has relation with the maintenance policy and the ROI.

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.

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.

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