Effects of Recession on Asset Management Performance in Small Businesses in Spain

2022 ◽  
pp. 325-353
Author(s):  
María Carmen Carnero ◽  
Javier Cárcel-Carrasco
Keyword(s):  
Asset Management ◽  
Small Businesses ◽  
Probability Distributions ◽  
Complex Function ◽  
Analytic Hierarchy ◽  
Before And After ◽  
Negative Effect ◽  
Multicriteria Model ◽  
Discrete Probability Distributions ◽  
Hierarchy Process

The number of studies that assess the level of maintenance in a country is still very small, despite the contribution of this area to national competitiveness. The literature analyses asset management based on key performance indicators, but not via a multicriteria model. This chapter describes a multicriteria model, constructed by means of the fuzzy analytic hierarchy process (FAHP). The weightings are converted into utility functions, allowing the final utility of an alternative to be calculated via a multi-attribute utility function. Data on the state of asset management in Spain, in 2005 and 2010, are used to produce discrete probability distributions. Finally, a Monte Carlo simulation is applied to estimate the uncertainty of a complex function. In this way, the level of excellence of asset management in small businesses in Spain, before and after the recession, could be determined. The results show that the economic crisis experienced in Spain since 2008 has had a negative effect on the level of asset management in most sectors.

Performance of physical asset management using the analytic hierarchy process

2019 ◽  
Vol 37 (3) ◽  
pp. 327-345 ◽  
Author(s):  
Fawzeia Abdulla Al Marzooqi ◽  
Matloub Hussain ◽  
Syed Zamberi Ahmad
Keyword(s):  
Analytic Hierarchy Process ◽  
Asset Management ◽  
Analytic Hierarchy ◽  
Content Type ◽  
Equal Importance ◽  
The Analytic Hierarchy Process ◽  
Physical Asset ◽  
The Impact ◽  
Hierarchy Process ◽  
Asset Managers

Purpose The purpose of this paper is to explore certain resources, capabilities and competencies needed to improve the performance of physical asset management (PAM). Design/methodology/approach The analytic hierarchy process (AHP) is used to select and prioritize the most appropriate factors for improving performance. A multi-criteria approach is used to analyze and compare the importance of 6 main criteria and 18 subcriteria identified from a survey of relevant literature. Findings The study revealed that not all factors are viewed as having equal importance in improving PAM performance, as three of the main factors attained greater importance among the six factors. Research limitations/implications This study explored the factors required for managing assets only within the third stage of asset lifecycle, that is, the utilization stage. It is recommended that future studies be conducted in such a way as to determine the importance of similar factors in the other stages of the asset lifecycle, or to identify new factors and add new criteria. Practical implications Knowledge of the differential impacts of the factors on the performance of PAM can impact asset managers and decision makers in their allocation of resources and focus their work on the highest-ranked rather than the lowest-ranked factors. Also, AHP used provides an effective mean for asset managers to identify priorities among decision criteria in their organization. Originality/value To date, no study has explored the impact of six combined factors on the performance of PAM. Previous studies have found that these factors each had equal importance. However, their relative ranking in practice and when they appear together have remained unrecognized.

scholarly journals Modeling Group Perceptions Using Stochastic Simulation: Scaling Issues in the Multiplicative AHP

2016 ◽  
Vol 15 (02) ◽  
pp. 453-474 ◽  
Author(s):  
Michael Bruhn Barfod ◽  
Robin van den Honert ◽  
Kim Bang Salling
Keyword(s):  
Decision Support ◽  
Stochastic Simulation ◽  
Scale Parameter ◽  
Probability Distributions ◽  
Interval Estimate ◽  
Analytic Hierarchy ◽  
New Approach ◽  
Group Perceptions ◽  
Modeling Group ◽  
Hierarchy Process

This paper proposes a new decision support approach for applying stochastic simulation to the multiplicative analytic hierarchy process (AHP) in order to deal with issues concerning the scale parameter. The paper suggests a new approach that captures the influence from the scale parameter by making use of probability distributions. Herein, the uncertainty both with regard to the scale and the inherent randomness from the parameter is captured by probabilistic input and output distributions. Provided that each alternative and criteria under consideration are independent it is assumed that the embedded uncertainty from the progression factors remains the same. The result is then an interval estimate for each alternative’s final scores. This can lead to overlapping intervals of scores which may be interpreted as possible rank reversals. Thus, the decision support approach makes it possible to calculate the probability of overlapping for any given set of pairwise comparisons.

scholarly journals UTILITY-BASED MULTICRITERIA MODEL FOR EVALUATING BOT PROJECTS SEP PROJEKTŲ VERTINIMO MODELIS PAGRĮSTAS DAUGIAKRITERINE NAUDINGUMO TEORIJA / SEP PROJEKTŲ VERTINIMO MODELIS PAGRĮSTAS DAUGIAKRITERINE NAUDINGUMO TEORIJA

2011 ◽  
Vol 17 (2) ◽  
pp. 207-218 ◽  
Author(s):  
Min-Ren Yan ◽  
Cheng-Sheng Pong ◽  
Wei Lo
Keyword(s):  
Evaluation Model ◽  
Objective Evaluation ◽  
Capital Investments ◽  
Analytic Hierarchy ◽  
Limited Government ◽  
Proposed Model ◽  
Multicriteria Model ◽  
Economic Developments ◽  
Hierarchy Process

Owing to the urgent demands for new developments and maintenances of the existing infrastructures under limited government budget and time, increasing BOT (build-operate-transfer) projects have been a significant factor affecting the economic developments in many countries. However, as BOT projects usually induce huge capital investments, government sectors must prudently evaluate the project feasibility from both financial and nonfinancial aspects before the implementation. Therefore, how to establish an objective evaluation model which can comprehensively assess the feasibility of each BOT project and determine the priority of its implementation has become an important issue. This study incorporates analytic hierarchy process (AHP) and utility theory to develop a utility-based multicriteria model for supporting the selection of BOT projects. A case study is provided to demonstrate that the implementation of the proposed model can effectively help decision-making teams participate in economical evaluations so that the feasibility of as-planed BOT projects can be determined and project priority can be set efficiently and consistently. Santrauka Dėl esamos infrastruktūros plėtros ir atnaujinimo būtinybės, esant ribotam valstybės biudžetui ir laikui, SEP (Statyba-Eksploatacija-Perdavimas) projektų vykdymas ženkliai prisidėjo prie daugelio šalių ekonominių pokyčių. Dažnai SEP projektai reikalauja didelių kapitalo investicijų, todėl valstybės sektorius turi įvertinti projekto įgyvendinimo galimybes tiek finansiniu tiek nefinansiu aspektu. Koks turi būti objektyvaus vertinimo modelis, kuris leistų visapusiškai įvertinti kiekvieno SEP projeto pagrįstumą ir nustatyti jo įgyvendinimo prioritetus? Šiame straipsnyje, naudojant analitinę hierarchinio proceso (AHP) struktūrą ir naudingumo teoriją, SEP projektų atrinkimui sukurtas daugiakriterine naudingumo teorija pagrįstas modelis. Skaitmeninis pavyzdys įrodo, kad siūlomas modelis gali sėkmingai pagelbėti atrenkant ekonomiškai efektyvius SEP projektus.

scholarly journals Assessing The Sustainable Safety Practices Based On Human Behavior Factors: An Application to Chinese Petrochemical Industry

2021 ◽  
Author(s):  
Junqiao Zhang ◽  
Qiang Qu ◽  
Xuebo Chen
Keyword(s):  
Petrochemical Industry ◽  
Human Factor ◽  
Comprehensive Evaluation ◽  
Effective Means ◽  
Fuzzy Comprehensive Evaluation ◽  
Safety Performance ◽  
Analytic Hierarchy ◽  
Before And After ◽  
Single Method ◽  
Hierarchy Process

Abstract Many catastrophic accidents and irreversible environmental pollution have occurred in the petrochemical industry, most of which are caused by human factor errors. Therefore, sustainable safety development is one of the main tasks of petrochemical industry. Behavior-based safety (BBS) management is an effective means to improve human factor errors and reduce accidents. Previous BBS literature studies mainly focused on single method, while rarely combined with other quantitative technical methods. This study proposes an extended BBS approach that combines the application of fuzzy analytic hierarchy process (FAHP) and fuzzy comprehensive evaluation (FCE) to assess sustainable safety performance of a petrochemical industry. By using the FAHP for design and prioritizing the behavior factors to develop a BBS program and provide a guidance for the safety managers and employees on site. The FCE method is applied to evaluate the sustainable safety performance and this method is a new application of BBS management. To verify the validity of the proposed framework, the FCE results before and after BBS management are compared. The results show that the approach has a positive effect on human factor errors, accident reduction and sustainable safety development. This paper supplements the knowledge system of BBS program in terms of method and carry out two respects and provides leaders with guidance on sustainable safety development.

scholarly journals Framework Development of an Asset Manager Selection Based on Risk Management and Performance Improvement Competences

Safety ◽  
2021 ◽  
Vol 7 (1) ◽  
pp. 10
Author(s):  
Damjan Maletič ◽  
Hana Pačaiová ◽  
Anna Nagyová ◽  
Boštjan Gomišček ◽  
Matjaž Maletič
Keyword(s):  
Risk Management ◽  
Performance Improvement ◽  
Asset Management ◽  
Analytic Hierarchy ◽  
Manager Selection ◽  
Novel Approach ◽  
And Performance ◽  
Framework Development ◽  
Hierarchy Process

This research focuses on proposing a framework based on an analytic hierarchy process (AHP) for the selection/evaluation of managers in the field of asset management. A hierarchical structure is constructed, encompassing the set of competences under the role of risk management and performance improvement of the Institute of Asset Management’s (IAM’s) competences framework. It also describes the AHP implementation and illustrates the entire process with an example that uses IAM competences as model criteria. A sensitivity analysis is also carried out to confirm the robustness of the proposed methodology. As per the findings, the AHP was proven to be a usable and reliable method in selecting the most appropriate asset manager. Therefore, it can help organizations to plan and develop the competences they need to meet current and future needs. This study is among the few studies that focus on competence requirements for people working in asset management. As such, a novel approach for selecting managers in the field of asset management is proposed by this study.

Alternative to AHP Approach to Criteria Weight Estimation in Highway Bridge Management

2020 ◽  
Author(s):  
Anthony Ikpong ◽  
Amit Chandra ◽  
Ashutosh Bagchi
Keyword(s):  
Asset Management ◽  
The United States ◽  
New Method ◽  
Bridge Management ◽  
Analytic Hierarchy ◽  
Extreme Loads ◽  
Criteria Weights ◽  
Bridge Performance ◽  
Management Optimization ◽  
Hierarchy Process

Criteria weights formulation is the most essential component of a multi-criteria prioritization scheme. The research reported in this paper sought to critically compare a recently developed multi-criteria optimization criteria weights method to the well-known Analytic Hierarchy Process (AHP) as well as the method employed by the bridge management software BrM (formerly Pontis), which is licensed to all 50 State Departments of Transportation in the United States. Using four criteria for demonstration (bridge performance, utility, vulnerability to climate-triggered extreme events, and vulnerability to climate-triggered extreme loads), the new method clearly separates the concept of prioritization from the concept of optimization. The study demonstrates that there is an important and practical difference between a suitable criteria weight formulation for asset management optimization, on one hand, and the type of formulation required for a general selection problem, on the other hand. More importantly, the new method performs better than both the AHP and the BrM on all the important measures.

Telecommunication Investments Analysis

2011 ◽  
pp. 414-432
Author(s):  
Georgios N. Angelou ◽  
Anastasios A. Economides
Keyword(s):  
Qualitative Analysis ◽  
Analytic Hierarchy Process ◽  
Decision Analysis ◽  
Real Options ◽  
Analytic Hierarchy ◽  
Cost Benefits ◽  
Competition Advantage ◽  
Business Conditions ◽  
Multicriteria Model ◽  
Hierarchy Process

Recognizing the inadequacy of traditional quantitative cost-benefits analysis for evaluating telecommunications investments, researchers suggest real options (ROs) for controlling and valuating telecommunications business activities. However, ROs are based on the concept to delay investment for collecting more information and learning more about business conditions and during this delay another competitor may act gaining significant competition advantage. In addition, RO models are strictly quantitative and very often telecommunications investments may contain qualitative factors, which cannot be quantified in monetary terms. In addition, ROs analysis results in some factors that can be treated more efficiently when taken qualitatively. This work deals with quantitative and qualitative analysis and integrates ROs and Analytic Hierarchy Process (AHP) into a common decision analysis framework providing a multicriteria model, for analyzing telecommunication investments in the deregulated business field.

scholarly journals Study on Inventory Management Optimization of Small and Medium-sized Retail Companies in the Context of New Retail

2021 ◽  
Vol 9 (5) ◽  
Author(s):  
Zhou Chuanpeng ◽  
Zhang Yi
Keyword(s):  
Inventory Management ◽  
Delivery Method ◽  
Ahp Method ◽  
Analytic Hierarchy ◽  
Factors Affecting ◽  
Before And After ◽  
Innovation Ability ◽  
Management Optimization ◽  
Hierarchy Process ◽  
Weight Data

The emergence of "New Retail" produces a great impact on the inventory management of retail companies. Using ASY company as the study object, this paper calculates weights of factors affecting inventory management with the Analytic Hierarchy Process (AHP) method to obtain the weight data of each factor before and after the New Retail appears. On this basis, it analyzes how New Retail affects the inventory management of ASY company. Besides, it offers optimization strategies and effect feedback indicators for the following problems faced by this company: pay less attention to delivery method and management system; poor incentive polices for employees; lay less stress on FMCG; too many goods are distributed by manufacturers; heavy workload; increased impact generated by fund restrictions; little knowledge about New Retail; make little efforts to improve employees' learning and innovation ability.

A Model for Assessing the Widening of the Predictive Maintenance Strategy

2021 ◽  
pp. 213-235
Author(s):  
María Carmen Carnero ◽  
Francisco Javier Cárcel-Carrasco
Keyword(s):  
Decision Making ◽  
Predictive Maintenance ◽  
Positive Contribution ◽  
Maintenance Strategy ◽  
Analytic Hierarchy ◽  
Operational Risks ◽  
Industrial Iot ◽  
Multicriteria Model ◽  
Maintenance Schedules ◽  
Hierarchy Process

The essential aim of Industry 4.0 is to enable industries to be more productive, efficient, and flexible. A predictive maintenance strategy can make a positive contribution to all these things, as it uses industrial IoT technologies to monitor asset health, optimise maintenance schedules, provide real-time alerts about operational risks, and maximise uptime, and can provide digital services to customers based on data from its machines. It improves productivity, improves customer satisfaction, and therefore gives the company a competitive advantage. Nevertheless, decision making in relation to a predictive maintenance strategy is not systematised, and this may lead to some inappropriate decisions, which do not achieve the goal sought. This chapter describes a multicriteria model, designed with the analytic hierarchy process, to systematise decision making with respect to a predictive maintenance strategy.

Sign in / Sign up

Export Citation Format

Share Document