Asset Planning Performance Measurement

Arthur, D.; Schoenmaker, R.; Hodkiewicz, Melinda; Muruvan, Sugandree

doi:10.1007/978-3-319-27064-7_8

Cited by 7 publications

(6 citation statements)

References 16 publications

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“…On the other hand, Raposo et al [85] stated that asset management suggests a way for managing assets in line with the strategic goals of the organization, enabling choices on their purchase, replacement, and/or disposal, which improves sustainability and the organization itself. All of these objectives and the results of the actions taken to achieve them should be measurable [86].…”

Section: Literature Reviewmentioning

confidence: 99%

“…Utilizing a BSC combined with AM, as well as establishing objectives and performance measures and descriptions, the authors presented a lack of numerical elements that can be quantified. Arthur et al [86] sought the need to create a "line of sight" using a Balanced Scorecard (BSC). To achieve this, the following phases were selected:…”

Section: Literature Reviewmentioning

confidence: 99%

“…Select performance indicators; 3. Test for alignment or line of sight; Arthur et al [86] sought the need to create a "line of sight" using a Balanced Scorecard (BSC). To achieve this, the following phases were selected:…”

Section: Literature Reviewmentioning

confidence: 99%

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Measuring the Performance of a Strategic Asset Management Plan through a Balanced Scorecard

de-Almeida-e-Pais,

Raposo,

Farinha

et al. 2023

Sustainability

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The purpose of this paper is to propose a tool to measure the performance of a Strategic Asset Management Plan (SAMP) based on a Balanced Scorecard (BSC). The SAMP converts organizational objectives into asset management objectives, as well as specifies the role of the asset management system, providing support to achieve asset management objectives. The SAMP becomes the heart of the organization and integrates the long-term, medium-term, and short-term plans. In the SAMP, the balance among performance, costs, and risks are taken into consideration in order to achieve the organization’s objectives. On the other hand, the SAMP is a guide to set the asset management objectives while describing the role of the Asset Management System (AMS) in meeting these objectives. Since the SAMP is the central figure of AMS, it is important to measure its performance and should be built and improved through an iterative process. This indicates that it is not just a document, it is “the document” that should be treated as a “living being”, which needs to adapt to internal and external changes quickly. The BSC is an excellent tool where, through the appropriate Key Performance Indicators (KPIs), the progress can be measured, and is supported by four perspectives: Financial, Customer, Internal Business Process, and Learning and Growth.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 1 more Smart Citation

Measuring the Performance of a Strategic Asset Management Plan through a Balanced Scorecard

de-Almeida-e-Pais,

Raposo,

Farinha

et al. 2023

Sustainability

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“…It is essential to use and combine all relevant data, both technical and economic, to create new business knowledge to support effective decision-making, in different contexts, in different situations, and at diverse levels of decision-making: strategic, tactical, and operational (Kinnunen et al 2016). Although data can be collected helpfully and validly, they need improvement, particularly the link, or the lack of, between financial and asset data management systems (Arthur et al 2016).…”

Section: Literature Reviewmentioning

confidence: 99%

Information Management in Physical Asset Management

Panegossi¹,

Silva²,

Castro³

2022

Proceedings of the International Conference on Industrial Engineering and Operations Management

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Asset management studies have shown that access to quality information is one of the main critical success factors for asset management standards implementation and effective decision-making. However, studies also show that quality asset data have been a barrier to accessing quality information because several departments process data collection and register, and rarely are integration and connection in them. The introduction of artificial intelligence machines is the latest trend in the manufacturing industry. Its primary motivation is to ensure reliable, complete data and real-time information linking all parts or elements of the value chain. Through a literature review, this research aimed to understand the role of information in physical asset management, why many researchers consider it a key dimension in manufacturing companies, and how to be information management with 4.0 machines introduction. As a result, this study suggests that it is possible to compile quality data with proper training and through ISO 55001 information requirements guidelines. However, this research also indicates that, despite currently being able to count on real-time information with 4.0 machine introduction, the companies are not prepared for such disruption. Just as the successful ISO 55001 requirements implementation is directly related to corporate culture, the new technologies acquisition and data use also depend on organizational factors. Therefore, before engaging its efforts and investing its capital in acquiring 4.0 equipment, the companies need to continue investing in its best assets: the people who will know how to use the benefits.

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“…ISO 55001 describes the establishment, implementation, maintenance, and improvement of the management of assets. It also emphasises the transparency and alignment between objectives at different organisational levels (Arthur et al, 2015) and the way opportunities and risks are managed to realise the desired balance of performance, risk, and cost (Chattopadhyay, 2016).…”

Section: Layer 3: Social-technical Systemmentioning

confidence: 99%

An integrated system approach to characterise a drinking water infrastructure system

Kloosterman

Hoek

2020

IJCIS

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The object of this article is the drinking water infrastructure (DWI), a critical societal infrastructure. To make effective decisions it is important to characterise and understand the complexity of DWI systems. DWI systems can be seen as a system of systems, consisting of the social-ecological system and the social-technical system. The social-ecological system determines the location and seize of the water resources, while the social-technical system is about the technical infrastructure. The two systems with different characteristics must align to work effective together in the DWI system. The tension between different lifecycles of the assets and dynamic changes in both systems, the time of change, is important to take into account. The SoPhyTech infra framework was developed based on the two systems and time of change. The advantages of applying the SoPhyTech infra framework is studied in a case comparing two very different DWI systems: Indonesia (Semarang) and the Netherlands (Vitens). The SoPhyTech infra framework was shown to be effective for characterising a DWI system with different interacting lifecycles in different systems and it is expected that it also can be used to characterise other infrastructure systems.

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Asset Planning Performance Measurement

Cited by 7 publications

References 16 publications

Measuring the Performance of a Strategic Asset Management Plan through a Balanced Scorecard

Measuring the Performance of a Strategic Asset Management Plan through a Balanced Scorecard

Information Management in Physical Asset Management

An integrated system approach to characterise a drinking water infrastructure system

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