scholarly journals A Simplified Numerical Decision-Making Methodology For Physical Asset Management Decisions

2014 ◽  
Vol 25 (1) ◽  
pp. 162 ◽  
Author(s):  
Sulene Burnett ◽  
PJ Vlok
Keyword(s):  
Decision Making ◽  
Asset Management ◽  
Management Decisions ◽  
Physical Asset

scholarly journals Optimization in Decision Making in Infrastructure Asset Management: A Review

2019 ◽  
Vol 9 (7) ◽  
pp. 1380 ◽  
Author(s):  
Lin Chen ◽  
Qiang Bai
Keyword(s):  
Decision Making ◽  
Asset Management ◽  
Optimization Methods ◽  
Future Research ◽  
Application Process ◽  
Management Decisions ◽  
Comprehensive Knowledge ◽  
Wide Range ◽  
Selection Of ◽  
Infrastructure Asset Management

Infrastructure assets, serving everyone’s daily life, are an essential foundation of any society. Their management faces a wide range of challenges. Hence optimization methods are increasingly applied to assist making management decisions in infrastructure asset management (IAM). A large number of articles apply a broad range of optimization methods in their decision making (DM) and achieve great results. However, they mainly focus on individual methods and a comprehensive knowledge, given the broad range of optimization methods, is hardly discussed. Hence it is valuable to analyze and graphically present the existing knowledge on this subject. This paper, based on a total of 337 articles, provides an overall review of the applications of optimization when making management decisions in IAM, with the intension of enhancing the optimization application and method selection and guiding the future research in this field. More specifically, this paper introduces the application process of optimization when assisting DM in IAM, summarizes the previous application research, and discusses the popular optimization methods applied in DM in IAM. According to the literature review, this paper confirms optimization can effectively assist DM in IAM and a wide range of optimization methods are applicable to assist a variety of DM problems. The recommendations on the applications and selection of optimization methods in the context of IAM are also made to facilitate the applications.

Evolution of Maintenance Processes in Industry 4.0

2021 ◽  
pp. 76-96
Author(s):  
Adithya Thaduri ◽  
Stephen Mayowa Famurewa
Keyword(s):  
Decision Making ◽  
Conceptual Model ◽  
Asset Management ◽  
Industry 4.0 ◽  
Intelligent Systems ◽  
Operational Efficiency ◽  
Physical Asset ◽  
Set Up ◽  
Maintenance Process ◽  
Reduced Risk

Several industries are looking for smart methods to increase their production throughput and operational efficiency at the lowest cost, reduced risk, and reduced spending of resources considering demands from stakeholders, governments, and competitors. To achieve this, industries are looking for possible solutions to the above problems by adopting emerging technologies. A foremost concept that is setting the pace and direction for many sectors and services is Industry 4.0. The focus is on augmenting machines and infrastructure with wireless connectivity, sensors, and intelligent systems to monitor, visualize, and communicate incidences between different entities for decision making. An aspect of physical asset management that has been enormously influenced by the new industrial set-up is the maintenance process. This chapter highlights the issues and challenges of Industry 4.0 from maintenance process viewpoint according to EN 60300-3-14. Further, a conceptual model on how maintenance process can be integrated into Industrial 4.0 architecture is proposed to enhance its value.

scholarly journals Improving Decision-Making Grid based on interdependence among failures with a case study in the steel industry

2019 ◽  
Vol 31 (2) ◽  
pp. 167-182 ◽  
Author(s):  
Arash Shahin ◽  
Ashraf Labib ◽  
Soroosh Emami ◽  
Mahdi Karbasian
Keyword(s):  
Decision Making ◽  
Asset Management ◽  
Block Diagram ◽  
Fault Tree Analysis ◽  
Content Type ◽  
Steel Making ◽  
Physical Asset ◽  
Mean Time ◽  
Continuous Casting Plant

Purpose Decision-Making Grid (DMG) is used for determining maintenance tactics and is associated with the reliability and risk management of assets. In this grid, decision making is performed based on two indicators of Mean Time to Repair (MTTR) and frequency of failures. The purpose of this paper is to improve DMG by recognizing interdependence among failures. Design/methodology/approach Fault Tree Analysis and Reliability Block Diagram have been applied for improving DMG. The proposed approach has been examined on eight equipment of the steel making and continuous casting plant of Mobarakeh Steel Company. Findings Findings indicate different positions of equipment in the cells of the new grid compared to the basic grid. Research limitations/implications DMG is limited to two criteria of frequency of failures and MTTR values. In both basic and new DMGs, cost analysis has not been performed. The application of the proposed approach will help the reliability/maintenance engineers/analysts/managers to allocate more suitable maintenance tactics to equipment. This, in turn, will enhance the equipment life cycle and availability as the main objectives of physical asset management. Originality/value A major limitation of basic DMG is that the determined tactic based on these two indicators might not be an appropriate solution in all conditions, particularly when failures are interdependent. This has been resolved in this paper.

Evolution of Maintenance Processes in Industry 4.0

2020 ◽  
pp. 49-69
Author(s):  
Adithya Thaduri ◽  
Stephen Mayowa Famurewa
Keyword(s):  
Decision Making ◽  
Conceptual Model ◽  
Asset Management ◽  
Industry 4.0 ◽  
Intelligent Systems ◽  
Operational Efficiency ◽  
Physical Asset ◽  
Set Up ◽  
Maintenance Process ◽  
Reduced Risk

Several industries are looking for smart methods to increase their production throughput and operational efficiency at the lowest cost, reduced risk, and reduced spending of resources considering demands from stakeholders, governments, and competitors. To achieve this, industries are looking for possible solutions to the above problems by adopting emerging technologies. A foremost concept that is setting the pace and direction for many sectors and services is Industry 4.0. The focus is on augmenting machines and infrastructure with wireless connectivity, sensors, and intelligent systems to monitor, visualize, and communicate incidences between different entities for decision making. An aspect of physical asset management that has been enormously influenced by the new industrial set-up is the maintenance process. This chapter highlights the issues and challenges of Industry 4.0 from maintenance process viewpoint according to EN 60300-3-14. Further, a conceptual model on how maintenance process can be integrated into Industrial 4.0 architecture is proposed to enhance its value.

Vallejo Sanitation and Flood Control District – Using Asset Management for Better Infrastructure Decision Making

2016 ◽  
Vol 2016 (9) ◽  
pp. 3725-3747
Author(s):  
Johnson Ho ◽  
Mark Tomko ◽  
Gage Muckleroy ◽  
Roop Lutchman ◽  
Mert Muftugil
Keyword(s):  
Decision Making ◽  
Asset Management ◽  
Flood Control

Investment Management and the Investment Chain

2017 ◽  
Author(s):  
Diane-Laure Arjaliès ◽  
Philip Grant ◽  
Iain Hardie ◽  
Donald MacKenzie ◽  
Ekaterina Svetlova
Keyword(s):  
Decision Making ◽  
Asset Management ◽  
Investment Decisions ◽  
Investment Management ◽  
Money Flows ◽  
Central Argument ◽  
A Chain ◽  
Asset Managers

Chapter 1 introduces the idea of the chain as related to investment management. It highlights the increasing importance and influence of the asset management industry and argues that, despite this fact, the behaviour and decision-making of asset managers has been little studied. The chapter suggests that investment decisions today cannot be understood by focusing on isolated investors. Rather, most of their money flows through a chain: a sequence of intermediaries that ‘sit between’ savers and companies/governments. The chapter introduces the central argument of the book that investment management is shaped profoundly by the opportunities and constraints that this chain creates.

EFFICIENCY OF MANAGEMENT DECISIONS IN LOCAL GOVERNMENT BODIES

2017 ◽  
Author(s):  
Tetiana Sych ◽  
◽  
Keyword(s):  
Decision Making ◽  
Local Government ◽  
Public Administration ◽  
Professional Training ◽  
Human Factor ◽  
Nobel Laureate ◽  
Management Decision ◽  
Management Decisions ◽  
State Management ◽  
Public Administration Reform

The article considers the factors influencing the efficiency of management decisions made by local government bodies in the modern conditions of public administration reform and the development of local self-government in Ukraine. The author outlines the features of this problem, the main features of state-management decisions, the essence of the concepts "effect", "efficiency of management decisions", the main approaches to the study of the problem of decision-making are highlighted. The main attention is paid to the direction of research, which takes into account the human factor. The main ideas of the representative of this direction - the Nobel laureate D. Kahneman, presented in the book "Noise", are considered. This work raises the issue of system errors among those who make decisions. The views of the domestic scientist O. Maltsev on the designated problem and the provisions of D. Kahneman's book are presented. The results of the analysis by scientists of the influence of the human factor and psychological characteristics of management decision-making on the efficiency of decisions are reflected. The conclusions of scientists regarding the need to take into account the qualities of a decision- making person and his professional training are summarized. The main characteristics of the personality that influence decision-making are given from the domestic scientific literature on public administration problems. In accordance with these ideas, the requirements for the positions of civil servants, local self-government bodies, as well as the modern practice of training specialists and managers in this field are considered. It is concluded that the primary importance for making effective decisions by local government bodies is the use by specialists and managers of modern technologies for developing and making management decisions, the development of their personal qualities for making management decisions in the process of training and obtaining specialized management education in universities.

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