Asset Management Evaluation Methods: The EDF Perspective

2003 ◽  
Author(s):  
Catherine E. Bauby ◽  
Vale´ry E. Just ◽  
Caroline Garreau
Keyword(s):  
Asset Management ◽  
Economic Assessment ◽  
Decision Makers ◽  
Component Level ◽  
Technical Management ◽  
Management Evaluation ◽  
Equipment Reliability ◽  
Plant Level ◽  
And Performance

The long term management of a production asset raises several major issues, among which rank the technical management of the plant, its economics and the fleet level perspective one has to adopt. Decision makers are therefore faced with the need to define long term policies (until the end of the life of the asset) which take into account multiple criteria including safety (which is paramount) and performance. In this paper we describe the French context where EDF (Electricite´ de France) is both Plant Owner and Operator of a fleet of 58 PWRs. We introduce a three-level methodology for asset management: the component / technical level (how to safely operate daily and invest for the future), the plant level (how to translate technical decisions into plant-wide consequences including economic performance) and the fleet level (how to manage a large number of similar assets). We then focus on the theoretical and practical links one can draw between the component level and the plant level. We describe several plant-wide indicators that are used to assess the value of the asset and we show how they can be inferred from the component-level technical and economic assessment (long-term equipment reliability, maintenance strategies, ...) by « rolling up » component level plans into a plant-wide decision process while taking into account the various sources of uncertainty associated with this assessment. We finally exemplify how this process could be applied to the life management of nuclear assets. To conclude, it appears asset management can be a major means for assessing and enhancing the long term value of a production unit while meeting everyday constraints.

Asset Management Evaluation: A Pilot Case Study

2006 ◽  
Vol 129 (1) ◽  
pp. 148-154
Author(s):  
C. E. Bauby ◽  
B. Charbonnier ◽  
P. Haik ◽  
S. Lacombe ◽  
J. Lonchampt ◽  
...  
Keyword(s):  
Asset Management ◽  
Management Strategies ◽  
Software Tool ◽  
Decision Makers ◽  
Technical Management ◽  
Maintenance Policies ◽  
Plant Level ◽  
And Performance

The long term management of a production asset raises several major issues, among which rank the technical management of the plant, its economics, and the fleet level perspective one has to adopt. Decision makers are therefore faced with the need to define long term policies (up to the end of asset operation) that take into account multiple criteria including safety (which is paramount) and performance. In this paper we first remind the reader of the EDF three-level methodology for asset management. As introduced in PVP 2003 and PVP 2004, this methodology addresses the component/technical level (how to safely operate daily and invest for the future), the plant level (how to translate technical decisions into plant-wide consequences including economic performance), and the fleet level (how to manage a large number of similar assets). We then focus on the software tool that implements this methodology in order to allow decision makers to define, evaluate, and analyze long term plant operation and maintenance policies. Lastly we show how the methodology and the software tool were used on a pilot case study. The technical and economic results obtained at the plant level are described as well as the conclusions one can draw from them in order to help decision makers evaluate and analyze long term asset management strategies.

Asset Management Evaluation: A Pilot Case Study

2005 ◽  
Author(s):  
C. E. Bauby ◽  
B. Charbonnier ◽  
P. Haik ◽  
S. Lacombe ◽  
J. Lonchampt ◽  
...  
Keyword(s):  
Asset Management ◽  
Management Strategies ◽  
Software Tool ◽  
Decision Makers ◽  
Technical Management ◽  
Maintenance Policies ◽  
Plant Level ◽  
And Performance

The long term management of a production asset raises several major issues among which rank the technical management of the plant, its economics and the fleet level perspective one has to adopt. Decision makers are therefore faced with the need to define long term policies (up to the end of asset operation) which take into account multiple criteria including safety (which is paramount) and performance. In this paper we first remind the reader of the EDF three-level methodology for asset management. As introduced in PVP 2003 and PVP 2004, this methodology addresses the component/technical level (how to safely operate daily and invest for the future), the plant level (how to translate technical decisions into plant-wide consequences including economic performance) and the fleet level (how to manage a large number of similar assets). We then focus on the software tool that implements this methodology in order to allow decision makers to define, evaluate and analyze long term plant operation and maintenance policies. Lastly we show how the methodology and the software tool were used on a pilot case study. The technical and economic results obtained at the plant level are described as well as the conclusions one can draw from them in order to help decision makers evaluate and analyze long term asset management strategies.

“Adaptative” User Interface for Expert Knowledge Validation and Evaluations Interpretation in an Asset Management Process

2007 ◽  
Author(s):  
P. Hai¨k ◽  
S. Parfouru ◽  
C. Bauby ◽  
S. Mahe
Keyword(s):  
User Interface ◽  
Asset Management ◽  
Expert Knowledge ◽  
Decision Makers ◽  
Technical Management ◽  
Base Content ◽  
Maintenance Policies ◽  
And Performance

The long term management of a production asset raises several major issues among which rank the technical management of the plant, its economics and the fleet level perspective one has to adopt. Decision makers are therefore faced with the need to define long term policies (up to the end of asset operation) which take into account multiple criteria including safety (which is paramount) and performance. In this paper we first remind the reader of the EDF three-level methodology for asset management. We then focus on the knowledge model and on the software tools that implement this methodology in order to gather, preserve, share, maintain and exploit the expert knowledge needed for asset management and to allow decision makers to define, evaluate and analyze long term plant operation and maintenance policies. Lastly, as the quality of the processed plant level evaluations (operation & maintenance strategies are evaluated, at a plantlevel, through a set of technical and economic indicators) and their interpretation relies on the quality of the knowledge captured in the tools, we focus on the definition of a “adaptative” user interface — based on Electronic Structured Documents — that allows technical/strategic experts and decision makers to consult the useful pieces of knowledge in a context dependent way. Such an interface, which, in a near future, should be fully implemented in the tools will facilitate the validation of the knowledge-base content and the analysis of the processed results.

Asset Management Evaluation: Extended Pilot Case Studies

2007 ◽  
Author(s):  
P. Hai¨k ◽  
C. Bauby ◽  
J. Lonchampt ◽  
E. Remy
Keyword(s):  
Case Studies ◽  
Asset Management ◽  
Management Strategies ◽  
Software Tool ◽  
Decision Makers ◽  
Added Value ◽  
Maintenance Policies ◽  
Plant Level ◽  
And Performance

The long term management of a production asset raises several major issues among which rank the technical management of the plant, its economics and the fleet level perspective one has to adopt. Decision makers are therefore faced with the need to define long term policies (up to the end of asset operation) which take into account multiple criteria including safety (which is paramount) and performance. In this paper we first remind the reader of the EDF three-level methodology for asset management. As introduced in PVP 03 [1] and PVP 04 [2], this methodology addresses the component/technical level (how to safely operate daily and invest for the future), the plant level (how to translate technical decisions into plant-wide consequences including economic performance) and the fleet level (how to manage a large number of similar assets). We then focus on the software tools — introduced in PVP 04 [2] and PVP 05 [4] — that implement this methodology in order to allow decision makers to define, evaluate and analyze long term plant operation and maintenance policies. Lastly we show how the methodology and the software tool were used, in 2006, on two pilot case studies. Examples of technical and economic results obtained at the plant level are described as well as the conclusions one can draw from them in order to help decision makers evaluate and analyze long term asset management strategies or compare different plants. We also analyze the added value of probabilistic evaluations and of our “rolling-up” process that allows to take into account interactions existing between the components of the plant. Finally, we introduce some of the possible uses of our methodology and tools.

Overview of EDF Life Cycle Management and Nuclear Asset Management Methodology and Tools

2008 ◽  
Author(s):  
P. Hai¨k ◽  
K. Fessart ◽  
E. Remy ◽  
J. Lonchampt
Keyword(s):  
Life Cycle ◽  
Case Studies ◽  
Asset Management ◽  
Capital Investment ◽  
Life Cycle Management ◽  
Software Tools ◽  
Decision Makers ◽  
Operation And Maintenance ◽  
Plant Level

The long term management of a production asset raises several major issues among which rank the technical management of the plant, its economics and the fleet level perspective one has to adopt. Decision makers are therefore faced with the need to define long term policies (up to the end of asset operation) which take into account multiple criteria including safety (which is paramount) and performance. In this context, EDF “PWR Durability I & II” research projects have consecutively been launched, since 2001, at EDF - Research & Development in order to develop methods and tools for EDF fleet. The aim of this paper is to summarize and analyze the research work that has been performed by EDF - R&D (in the field of decision making for nuclear power plant maintenance and operation) during the past seven year, in order to characterize the issues that have been or could be addressed with the developed methodology and tools. As a result, in this paper, we first remind the reader of the EDF overall methodology for asset management and its adaptations to plant-level life cycle management and to fleet-level component major replacement or capital investment management. We then focus on the three software tools that implement this methodology in order to allow decision makers, in several different contexts (life-cycle management, plant level operation and maintenance optimization, major component replacement ...) to define, evaluate and analyze long term plant operation and maintenance policies, major component replacement policies and capital investment strategies. We also show how the methodology and the software tools were used, from 2003 to 2007, on several pilot case studies. Examples of technical and economic results obtained for two pilot case studies (one at the plant level, the other at the fleet level) are described as well as the kinds of conclusions one can draw from them in order to help decision makers evaluate and analyze long term asset management strategies or compare different plants. We also analyze the added value of probabilistic evaluations and of our “rolling-up” process that allows to take into account interactions between the components of the plant or between the plants. Finally, we propose a classification of issues that can be addressed with our methodology and tools and introduce some perspectives for our future work.

Knowledge Modeling for Asset Management Evaluation

2004 ◽  
Author(s):  
Catherine E. Bauby ◽  
Philippe Hai¨k ◽  
Emmanuel Remy ◽  
Benoiˆt Ricard
Keyword(s):  
Asset Management ◽  
Expert Knowledge ◽  
Software Tool ◽  
Decision Makers ◽  
Evaluation Methodology ◽  
Knowledge Modeling ◽  
Plant Operation ◽  
Management Evaluation ◽  
Management Domain

The long-term management of a production asset raises several major issues among which rank the technical management of the plant, its economics and the fleet level perspective one has to adopt. Decision-makers are therefore faced with the need to define long term policies (up to the end of asset operation), which take into account multiple criteria including safety (which is paramount) and performance. In this paper we remind the reader of the EDF three-level methodology for asset management. As introduced in PVP 2003, this methodology provides decision-makers with indicators to evaluate the status of a plant. The methodology addresses the component/technical level (how to safely operate daily and invest for the future), the plant level (how to translate technical decisions into plant-wide consequences including economic performance) and the fleet level (how to manage a large number of similar assets). Identifying what might occur to ageing plant components, how operations or maintenance decisions might influence these occurrences and what the consequences of these decisions and events might have on plant operation, is definitely an expert task. In order to gather, preserve, share, maintain and exploit this expert knowledge, we therefore relied on a “knowledge modeling” activity. This activity is used to support the asset management evaluation methodology. We detail the knowledge model — an entity/relation expert description of the plant life-management domain — on which our three-level methodology relies. Lastly, we focus on the software tool that implements this model in order to allow decision-makers to define, analyze and evaluate long-term plant operation and maintenance policies.

“Adaptative” User Interface as a Support for Evaluation Analysis in the Context of Asset Management

2008 ◽  
Author(s):  
P. Hai¨k ◽  
S. Parfouru ◽  
K. Fessart ◽  
J. Lonchampt ◽  
E. Remy
Keyword(s):  
User Interface ◽  
Case Studies ◽  
Asset Management ◽  
Capital Investment ◽  
Management Strategies ◽  
Research Work ◽  
Software Tools ◽  
Decision Makers ◽  
Plant Level

The long term management of a production asset raises several major issues among which rank the technical management of the plant, its economics and the fleet level perspective one has to adopt. Decision makers are therefore faced with the need to define long term policies (up to the end of asset operation) which take into account multiple criteria including safety (which is paramount) and performance. In this context, EDF “PWR Durability I & II” research projects have consecutively been launched, since 2001, at EDF – Research & Development in order to develop methods and tools for EDF fleet. The aim of this paper is: • to summarize and analyze the research work that has been performed by EDF – R&D in the field of decision making for nuclear power plant maintenance and operation during the past seven year; • to highlight the strong and weak points of the developed methodology and tools and to identify the research work needed in order to ensure their use by EDF decision makers; • to introduce and illustrate our last development based on the use of an “adaptative” man/machine user interface in order to allows technical/strategic experts and decision makers to consult the useful pieces of knowledge in a context dependent way and, thus, facilitate the validation of the knowledge-base content and the analysis of the processed results. As a result, in this paper, we first remind the reader of the EDF overall methodology for asset management and its adaptations to plant-level life cycle management and to fleet-level component major replacement or capital investment management. We then focus on the three software tools that implement this methodology in order to allow decision makers, in several different contexts to define, evaluate and analyze long term plant operation and maintenance policies, major component replacement policies and capital investment strategies. We also show how the methodology and the software tools were used, from 2003 to 2007, on several pilot case studies. Examples of technical and economic results obtained for plant level pilot case study is quickly described as well as the kinds of conclusions one can draw from them in order to help decision makers evaluate and analyze long term asset management strategies or compare different plants. We then present the opinion of EDF’s decision makers about the developedmethodology and tools — and their use — and our understanding of their feedback. Lastly, we illustrate, using examples of technical and economic knowledge, data and results obtained from our previous pilot case studies, how the concept of an “adaptative” man/machine user interface could be used in order to facilitate the mastering of the methodology and tools’ complexity and to support decision makers’ evaluation and analysis of long term asset management strategies.

scholarly journals Asset Management Evaluation: The Key Role of Expert Elicitation

2006 ◽  
Author(s):  
C. E. Bauby ◽  
P. Haik ◽  
E. Remy ◽  
B. Ricard ◽  
F. Billy
Keyword(s):  
Asset Management ◽  
Nuclear Power ◽  
Technical Information ◽  
Life Cycle Management ◽  
Investment Strategy ◽  
Expert Elicitation ◽  
Decision Makers ◽  
Economic Point ◽  
Management Evaluation ◽  
Life Management

The life management of a nuclear power plant raises several major issues amongst which ranks the aging management of the key components of the plant, both from a technical and an economic point of view. Decision-makers are thus faced with the need to define the best strategy in order to achieve the best possible performance which requires both a very precise modeling of the plant and a detailed analysis of all risks potentially incurred. In this paper, we wish to provide the reader with an overview of how advanced expert elicitation techniques can help identify, structure, quantify and feed sensitive data into a risk-based information system which can then be used for risk-based asset management evaluation. First we focus on the way knowledge management techniques allow EDF to structure and collect life-cycle management data into knowledge-based information systems. The elicitation of component experts is key, particularly in order to get technical information on the future behavior of the component (“anticipation” of whatever events may occur on the plant). We then detail how expert elicitations allow to quantify the probabilities of occurrence of the events: whether there is feedback data, models or not, expert opinion has to be taken into account and mixed, for instance with Bayesian procedures, to this information. Lastly we describe how the information elicited from experts can help top level decision makers get a transverse, long term view on how life management investment strategy translates into plant availability, avoided costs and improved component durability.

scholarly journals The Dimension, Diversity and Complexity of the Macroeconomic Risk

2020 ◽  
Author(s):  
Dalis Maria Drăghici
Keyword(s):  
Risk Management ◽  
Essential Element ◽  
Decision Makers ◽  
Risk Society ◽  
Risk Indicators ◽  
Macroeconomic Risk ◽  
Composite Systems ◽  
Integrated Risk ◽  
And Performance

The approach at a macroeconomic level of the challenges in order to foster the competitiveness in certain economic areas implies understanding and assessing the risk as an essential element which can determine in every moment the availability of the mechanisms and the necessary resources for a sustainable future. Even if in a certain measure the risk has to be assumed, the losses caused by undesired events seem to be more ample than the benefits. The most important aspect and part of the risk management is represented by the fact that risk has to be distributed over time, its effects being extended for long periods. While the benefits are hard to distinguish, the efforts seem to be determined at short notice. Any privation of the risk indicators that are correlated with the long-term objectives leads to a barrier when it comes     to monitoring the exactitude and performance of the decision-makers. Despite the struggle against the global pressure and the political risk, at a macroeconomic level the uncertainty does not only lingers in association with the external framework, but it also succeeded in reaching extreme levels in comparison with the recent history. The present article aims to observe, categorize and explain the dimension, diversity and complexity of the macroeconomic risk and it will also try to demonstrate that when    it comes to composite systems, the risk follows the same path as the environmental context, all because of the diversified overlaps between financial systems and societies, together with their economies and ecosystems. Keywords: integrated risk management, risk society, uncertainty

Finance

2012 ◽  
pp. 249-284
Author(s):  
Gordon Boyce
Keyword(s):  
Communication Strategies ◽  
Financial Structure ◽  
Personal Control ◽  
Performance Data ◽  
Decision Makers ◽  
Shipping Industry ◽  
Substantial Modification ◽  
Outside Money ◽  
And Performance

This chapter explores Furness Withy’s financial structure and performance, data that offers insights into the policies of a firm operating solidly while the shipping industry and British business in general went through a period of substantial modification. It provides analysis of Christopher Furness and his successors strategies when attempting to attract capital. It devotes particular attention to how chief decision makers developed communication strategies and adapted information channels to secure funds. It also considers the financial aspects of running a family business, and the balance between relying on profit and outside money to support growth, and paying dividends and reinvesting profits. The conclusion states that Furness had a particular fundraising system that involved inter-related elements - a mixture of personal commitments, long-term supporters, risk/reward strategies, and the preservation of personal control. It was after his death that the shift from personal to corporate financial operations took place, though he attempted to instigate this shift during his lifetime.

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