A review of asset management literature on multi-asset systems

Abstract

This article gives an overview of the literature on asset management for multi-unit systems with an emphasis on two multi-asset categories: fleet (a system of homogeneous assets) and portfolio (a system of heterogeneous assets). As asset systems become more complicated, researchers have employed different terms to refer to their specific problems. With an objective to facilitate readers in searching conducive studies to their interests, this paper establishes a novel classification scheme for multi-unit systems in accordance with essential features such as diversity of assets and intervention options. Moreover, discerning differences in characteristics between cross-component and cross-asset interactions, we select three types of potential multi-component dependencies (performance, stochastic, and resource) and extend their notions to be applicable to multi-asset systems. The investigation into these dependencies enables the identification of problems that could exist in real industrial settings but are yet to be determined in academia. Ultimately, we delve into modelling approaches adopted by previous researchers. This comprehensive information allows us to offer the insights into the current trends in multi-asset maintenance. We expect that the output of this review paper will not only stress research gaps on multi-asset systems, but more importantly help systematise future studies on this aspect.

Methodology for analyzing the trade‐offs associated with multi‐objective optimization in transportation asset management under uncertainty

“…The situation of natural complexity of real‐world systems and processes suggests that the outcomes of highway projects, even across the different program areas and at different locations, can be expected to influence each other. Typically, there are three types of interdependencies in the context of TAM (Petchrompo & Parlikad, 2019). The first type is resource dependency due to the limited total resource/budget leading to the situation where the projects compete for the limited budget.…”

“…Similar to contexts in various development sectors (energy, agriculture, education, and so on) where multiple sectors vie for limited resources, the different program areas in TAM compete for a limited overall budget. The distribution of the budget allocations across the TAM asset classes influences not only the performance in each program area but also the relative performance across the asset classes (Petchrompo & Parlikad, 2019). The performance objectives often conflict with each other, and therefore, a need often arises for making decisions that not only recognize such conflicts but also arrive at solutions that reach a reasonable balance among them.…”

Improving effectiveness of spare parts supply by additive manufacturing as dual sourcing option

“…A fleet describes a system of similar assets that share common technical features and work under the same operating conditions (Petchrompo and Parlikad 2019). Examples comprise aircraft, production systems, busses, or power transformers.…”

Asset maintenance optimisation approaches in the chemical and process industries – A review

“…It requires complex planning and might take more time than the scheduled downtime. Petchrompo and Parlikad (2019) offer a comprehensive review of asset management on multi-asset systems. Their research outcome concludes that the multi-component dependencies are classified into three types: performance, stochastic (similar failure rate) and resource (limited repairmen or spares).…”