ISO 55001 – A Strategic Toolfor the Circular Economy – Diagnosisof the Organization’s State

Pais, E.; Raposo, Hugo; Meireles, Antônio Jeovah de Andrade; Farinha, José Torres; Coimbra, Portugal; Isec, Portugal

doi:10.13052/jiems2446-1822.2018.005

Cited by 10 publications

(9 citation statements)

References 2 publications

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“…To help on the implementation of ISO 55001, Pais et al [27] present a method of diagnosing the state of the organization, that corresponds to a set of surveys in which the evaluation of the responses indicates the position of the company in relation to the application of the standard, the result is a radar map ( Figure 12) where can be seen the position of the organization regarding ISO 55001 implementation. Each question is related with the points presented on the radar chart as follows: A.…”

Section: Asset Management Diagnosismentioning

confidence: 99%

“…Fig. 12: Radar Map [27] There are several non-exclusive causes that make replacement equipment economical, being deterioration one of them that is manifested by excessive operating and rising maintenance costs. This subject has been researched by several authors, with interesting results, as is shown, in the field of urban passenger transport, by the references [28], [29] and [30].…”

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confidence: 99%

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Optimizing the Life Cycle of Physical Assets – a Review

Pais

Farinha²,

Cardoso

et al. 2020

Wseas Transactions on Systems and Control

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Life cycle optimization has been a concern over decades; it has been clear that an asset well-kept will have a longer life with a higher return for the organization; this life cycle depends of several factors. The standard ISO 55001 defines a set of requirements that, when implemented and maintained, guarantee the good performance of an organization's asset management, responding to stakeholders need and expectations and ensuring the value creation and maintenance as well as a global vision of assets on the Optimizing the Life Cycle of Physical Assets. The organizations where physical asset management is of major importance include all those that involves facilities, machinery, buildings, roads and bridges, utilities, transportation industries, oil and gas extraction and processing, mining and mining processing, chemicals, manufacturing, distribution, aviation and defence. However, since ISO 55001 is a new standard in the global market, due to its necessity to involve all the organization its implementation becomes difficult; but, it is clear that an organization that certifies by the ISO 55001 is ahead on life cycle optimization because it is part of its requirements; so, what model of life cycle optimization to use? Is there anyone that fits on the ISO 55001? Can an existing one be adapted to be used according to ISO 55001 requirements? The approaches of this paper bring a literary review of life cycle models used in asset management and their major concerns, this is the beginning to build a model to optimize the life cycle of physical assets including the ISO 55001 perspective.

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Section: Asset Management Diagnosismentioning

confidence: 99%

mentioning

confidence: 99%

Optimizing the Life Cycle of Physical Assets – a Review

Pais

Farinha²,

Cardoso

et al. 2020

Wseas Transactions on Systems and Control

Self Cite

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show abstract

“…LCC is a commonly used concept mentioned in several standards, like the ISO 15663-1, Petroleum and natural gas industries -Life cycle costing -Part 1: Methodology. The work of Pais et al [19] is in line with [9], as they include a diagnostic model on the state of organizations to help the implementation of ISO 55001.…”

Section: State Of the Art On Asset's Life Cycle And Maintenance Policiesmentioning

confidence: 99%

Life Cycle Cost versus Life Cycle Investment – A new Approach

Farinha

Raposo

Galar

2020

Wseas Transactions on Systems and Control

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The paper proposes a model for the life cycle of physical assets that includes the maintenance policy, because it has direct implications on the equipment’s Return On Investment (ROI) and Life Cycle Cost; the developed model can be applied to any type of physical asset. The model is called Life Cycle Investment (LCI) instead of the traditional Life Cycle Cost (LCC). The paper proposes a new methodology based on the modified economic life cycle and lifespan methods by including the maintenance policy using maintenance Key Performance Indicators (KPI), namely Availability, based on the Mean Time Between Failures (MTBF) and the Mean Time To Repair (MTTR). The benefits (profits) that result from the asset’s Availability must be balanced with the initial investment and the variable maintenance investment along its life, which has relation with the maintenance policy and the ROI.

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“…The work of Pais et al [19] is in line with [9], including a diagnostic model on the state of organizations to help the implementation of ISO 55001. Farinha [20] presents some econometric models to evaluate the LCC, including the withdrawal time for medical equipment.…”

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confidence: 97%

From the Maintenance Management until the Physical Asset Management – A Disruptive Paradigm

Farinha¹

2020

GJES

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Physical asset management is attracting increasing attention, especially after the publication of ISO 5500X standards (ISO 55000, ISO 55001, ISO 55002) and PAS 55. According to ISO 55000, the asset life is the period from "asset creation to asset end-of-life," and the life cycle corresponds to "the stages involved in the management of an asset". Woodward [1] says that "the life cycle cost of an item is the sum of all funds expended in support of the item from its conception and fabrication through its operation to the end of its useful life". According to Goh and Sun [2], "the history of the application of Life Cycle Costing (LCC) began in the UK in the late 1950's." As Lindholm & Suomala [3] say, "Life Cycle Costing (LCC) is a way of thinking where attention is paid to the total costs that occur during a product's entire life cycle". The authors say that "in addition to the estimation of future costs, an essential feature of LCC is cost monitoring during a product's life cycle," and "the sum of life cycle costs of many products often substantially exceeds the initial purchase price". Estevan and Schaefer [4] argue, "Life cycle costing is a powerful technique that supports the analytical processes by which managers can make the most cost-effective decisions on options presented to them at differing life cycle stages and at different levels of the life cycle cost estimate". It must be emphasized that United States Department of Energy (USDE) looks at equipment as a final product to be consumed, like any other product. Schuh et al. [5] relate the life cycle to products, saying that "relevant information which can be used to assess the subsequent maintenance costs are requirements for product life cycle, e.g. service costs according to Total Cost of Ownership (TCO) as well as serviceability and maintainability of the product." According to Kianian et al. [6], "Life Cycle Costing (LCC) was initially used by US

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ISO 55001 – A Strategic Toolfor the Circular Economy – Diagnosisof the Organization’s State

Cited by 10 publications

References 2 publications

Optimizing the Life Cycle of Physical Assets – a Review

Optimizing the Life Cycle of Physical Assets – a Review

Life Cycle Cost versus Life Cycle Investment – A new Approach

From the Maintenance Management until the Physical Asset Management – A Disruptive Paradigm

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