Decision Making In Physical Asset Repair Replacement
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Decision Making In Physical Asset Repair Replacement
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Author : W.M.L. Madusanka
language : en
Publisher:
Release Date : 2017
Decision Making In Physical Asset Repair Replacement written by W.M.L. Madusanka and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
In modern world, almost all the organisations use physical assets such as buildings, vehicles, equipment and machinery, etc. to carry out their business operations. These assets consume a considerable amount of money during their life cycle and therefore, physical asset management has become an important aspect which affects the profitability of any organisation. All assets deteriorate over time and failures of assets will raise the need for maintenance. Proper maintenance can extend the life time of a physical asset. However, at the end of useful life time, organisations have to replace them with suitable new ones. Replacement of an asset requires enormous investments and therefore mostly, they try to extend life time of assets through repair and maintenance. However, in some situations organizations decide to replace assets even when they are in a good condition. As per previous researchers, many assets in the industry are older than the life they were originally designed for and in many cases, failure to replace them have led to high energy consumption, high maintenance costs and increased risk of accidents and calamities. On the other hand, organizations have experienced negative impacts due to unnecessary replacement of physical assets. Hence, making a decision between these two contradictory options presents a big challenge for asset owners. Decision making in physical asset repair/replacement involves selecting a logical choice and determining the option, which is the best for the particular situation. Knowing how to decide which option is best for organization's operations and when assets should be replaced will help to control downtime and unexpected costs. Though asset maintenance has received an increasing attention, there is a lack of a comprehensive research in the area of asset replacement. Therefore, the aim of this paper is to review the literature on physical asset repair/replacement decision making practices. A comprehensive literature review identified the reasons for replacement of assets and the factors that trigger physical asset repair/replacement decision making process. The literature findings will be used to evaluate the current practice of physical asset repair/replacement decision making in Sri Lanka, in the next phase of study.
Cases On Optimizing The Asset Management Process
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Author : González-Prida, Vicente
language : en
Publisher: IGI Global
Release Date : 2021-10-15
Cases On Optimizing The Asset Management Process written by González-Prida, Vicente and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-15 with Business & Economics categories.
It is critical to improve the asset management system implementation as well as economics and industrial decision making to ensure that a business may move smoothly internally. Maintenance management should be aligned to the activities of maintenance in accordance with key business strategies, which must be designed under the comprehensive approach of an asset management process. After transforming the priorities of the business into priorities of maintenance, maintenance managers will use their medium-team strategies to tackle potential weaknesses in the maintenance of the equipment in accordance with these objectives. Cases on Optimizing the Asset Management Process explains and summarizes the processes and the reference frame necessary for the implementation of the Maintenance Management Model (MMM). This book acts as an overview of the current state of the art in asset management, providing innovative tools and practices from the fourth industrial revolution. Presenting topics like criticality analysis, physical asset maintenance, and unified modelling language, this text is essential for industrial and manufacturing engineers, plant supervisors, academicians, researchers, advanced-level students, technology developers, and managers who make decisions in this field.
Physical Asset Management
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Author : Nicholas Anthony John Hastings
language : en
Publisher: Springer
Release Date : 2015-02-21
Physical Asset Management written by Nicholas Anthony John Hastings and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-21 with Business & Economics categories.
Significantly extended from the first edition and published in response to the new international standard ISO55000, this book on physical asset management (2nd Ed.) presents a systematic approach to the management of physical assets from concept to disposal. It introduces the general principles of physical asset management and covers all stages of the asset management process, including initial business appraisal, identification of fixed asset needs, capability gap analysis, financial evaluation, logistic support analysis, life cycle costing, management of in-service assets, maintenance strategy, outsourcing, cost-benefit analysis, disposal and renewal. Physical asset management is the management of fixed assets such as equipment, plant, buildings and infrastructure. Features include: *Suitable for university courses and builds on first edition to provide further analytical material *Aligned with the international asset management standard ISO55000 *Provides a basis for the establishment of physical asset management as a professional discipline *Presents case studies, analytical techniques and numerical examples with solutions Written for practitioners and students in asset management, this textbook provides an essential foundation to the topic. It is suitable for an advanced undergraduate or postgraduate course in asset management, and also offers an ideal reference text for engineers and managers specializing in asset management, reliability, maintenance, logistics or systems engineering.
Physical Asset Management
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Author : Nicholas Anthony John Hastings
language : en
Publisher: Springer Nature
Release Date : 2021-01-12
Physical Asset Management written by Nicholas Anthony John Hastings and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-12 with Business & Economics categories.
This book presents a systematic approach to the management of physical assets from concept to disposal, building upon the previous editions and brought up-to-date with the new international standards ISO55002 and ISO/TS50010. It introduces the general principles of physical asset management and covers all stages of the asset management process, including initial business appraisal, identification of physical asset needs, capability gap analysis, financial evaluation, logistic support analysis, life cycle costing, strategic asset management planning, maintenance strategy, outsourcing, cost-benefit analysis, disposal and renewal. Features include: providing a textbook for asset management courses to university level; relating closely to the ISO55000 international asset management standard series; providing a basis for the establishment of physical asset management as a professional discipline; and presenting case studies, analytical techniques and numerical examples with solutions. Written for practitioners and students in asset management, this book provides an essential foundation to the topic. It is suitable for an advanced undergraduate or postgraduate course in asset management and also offers an ideal reference text for engineers and managers specializing in asset management, reliability, maintenance, logistics or systems engineering.
Physical Asset Management
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Author : Nicholas Anthony John Hastings
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-09-29
Physical Asset Management written by Nicholas Anthony John Hastings and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-29 with Technology & Engineering categories.
Physical asset management is the management of fixed or non-current assets such as equipment and plant. Physical Asset Management presents a systematic approach to the management of these assets from concept to disposal. The general principles of physical asset management are discussed in a manner which makes them accessible to a wide audience, and covers all stages of the asset management process, including: initial business appraisal; identification of fixed asset needs; financial evaluation; logistic support analysis; life cycle costing; maintenance strategy; outsourcing; cost-benefit analysis; disposal; and renewal. Physical Asset Management addresses the needs of existing and potential asset managers, and provides an introduction to asset management for professionals in related disciplines, such as finance. The book provides both an introduction and a convenient reference work, covering all the main areas of physical asset management.
Physical Asset Management
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Author : Dharmen Dhaliah
language : en
Publisher: FriesenPress
Release Date : 2016-10-17
Physical Asset Management written by Dharmen Dhaliah and has been published by FriesenPress this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-17 with Business & Economics categories.
A holistic approach to managing physical assets has become a top priority for organizations both in the public and private sectors. For years to come considerable amount of funds is being committed to invest in physical assets and asset management practitioners are honing their skills to be part of the huge undertaking. But there is one key oversight: how will organizations cope with the implementation of a holistic physical asset management approach? In many organizations there exists a lack of collaboration and alignment to achieve organizational strategic goals. Why? Organizational silos, the very silos that must be major contributors for the successful implementation of the holistic physical asset management approach. Physical Asset Management — An Organizational Challenge explores how the physical asset management philosophy fits within an organization, details the challenges it faces, and reviews the different functional areas dealing with physical assets. Existing gaps and overlaps are uncovered, exposing those that hinder collaboration and alignment. Written with asset management practitioners in mind, as well as everyone involved with physical assets, Physical Asset Management-An Organizational Challenge and its case studies will aid organizations to be better prepared when they embark on the journey of holistic physical asset management.
Life Cycle Cost Model To Support Asset Management Decision Making
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Author : Ir. Winda Nur Cahyo, Ph.D, IPM
language : en
Publisher: Universitas Islam Indonesia
Release Date : 2019-08-01
Life Cycle Cost Model To Support Asset Management Decision Making written by Ir. Winda Nur Cahyo, Ph.D, IPM and has been published by Universitas Islam Indonesia this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-01 with Technology & Engineering categories.
There are confusions related to the area of asset management. At this moment, searching over the internet with the keyword “asset management”, most of the links show the issue about financial asset management such as asset investments, securities, stocks, and obligations. In a simple term, the word “asset management” refers to managing financial asset. However, the term asset does not only include financial asset. In ISO 55000 (2014), the term asset is defined as an item, thing or entity that has potential or actual value to an organization. The value of asset can be categories as financial or non-financial value, tangible or intangible value, and may vary between different organizations and their stakeholders. With this definition, the term asset is very broad and may consist any type of asset such as human resources, stock, building, inventory, trust, capital, goodwill, and land. In this book, the term asset mainly refers to engineering (physical) asset, physical asset as the result of an engineering process (e.g. buildings, machineries, bridges, roads, vehicles, oil rigs, plants, metro tunnels, piping system, rail lines).
Maintenance Decision Making
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Author : Liliane Pintelon
language : en
Publisher: ACCO
Release Date : 2006
Maintenance Decision Making written by Liliane Pintelon and has been published by ACCO this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Industrial equipment categories.
Over the last decades maintenance management has evolved from a somewhat neglected function into a full-fledged business function in the industry as well as in the service sector.This book provides a structured approach to maintenance management. It covers maintenance strategy decisions, resource management, assessment system design, etc. Decision support models and tools in these areas are discussed from the theoretical point of view and illustrated by numerous examples and case studies.Due to its concept the book can be interesting for students as well as practitioners.This book is the successor of Maintenance Management (2000), which gave an introduction in the field.
Optimum Decision Making In Asset Management
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Author : Carnero, María Carmen
language : en
Publisher: IGI Global
Release Date : 2016-08-24
Optimum Decision Making In Asset Management written by Carnero, María Carmen and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-24 with Business & Economics categories.
Asset management is becoming increasingly important to an organization’s strategy, given its effects on cost, production, and quality. No matter the sector, important decisions are made based on techniques and theories that are thought to optimize results; asset management models and techniques could help maximize effectiveness while reducing risk. Optimum Decision Making in Asset Management posits that effective decision making can be augmented by asset management based on mathematical techniques and models. Resolving the problems associated with minimizing uncertainty, this publication outlines a myriad of methodologies, procedures, case studies, and management tools that can help any organization achieve world-class maintenance. This book is ideal for managers, manufacturing engineers, programmers, academics, and advanced management students.
Maintenance Costs And Life Cycle Cost Analysis
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Author : Diego Galar
language : en
Publisher: CRC Press
Release Date : 2017-09-18
Maintenance Costs And Life Cycle Cost Analysis written by Diego Galar and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-18 with Technology & Engineering categories.
Authors have attempted to create coherent chapters and sections on how the fundamentals of maintenance cost should be organized, to present them in a logical and sequential order. Necessarily, the text starts with importance of maintenance function in the organization and moves to life cycle cost (LCC) considerations followed by the budgeting constraints. In the process, they have intentionally postponed the discussion about intangible costs and downtime costs later on in the book mainly due to the controversial part of it when arguing with managers. The book will be concluding with a short description of a number of sectors where maintenance cost is of critical importance. The goal is to train the readers for a deeper study and understanding of these elements for decision making in maintenance, more specifically in the context of asset management. This book is intended for managers, engineers, researchers, and practitioners, directly or indirectly involved in the area of maintenance. The book is focused to contribute towards better understanding of maintenance cost and use of this knowledge to improve the maintenance process. Key Features: • Emphasis on maintenance cost and life cycle cost especially under uncertainty. • Systematic approach of how cost models can be applied and used in the maintenance field. • Compiles and reviews existing maintenance cost models. • Consequential and direct costs considered. • Comparison of maintenance costs in different sectors, infrastructure, manufacturing, transport.