scholarly journals Value Creation in Physical Asset Management: A Case Study

2020 ◽  
Vol 24 (3) ◽  
pp. 32-39
Author(s):  
Damjan Maletič ◽  
Viktor Lovrenčić ◽  
Marta Grabowska ◽  
Matjaž Maletič
Keyword(s):  
Value Creation ◽  
Asset Management ◽  
Physical Asset

scholarly journals Improving Decision-Making Grid based on interdependence among failures with a case study in the steel industry

2019 ◽  
Vol 31 (2) ◽  
pp. 167-182 ◽  
Author(s):  
Arash Shahin ◽  
Ashraf Labib ◽  
Soroosh Emami ◽  
Mahdi Karbasian
Keyword(s):  
Decision Making ◽  
Asset Management ◽  
Block Diagram ◽  
Fault Tree Analysis ◽  
Content Type ◽  
Steel Making ◽  
Physical Asset ◽  
Mean Time ◽  
Continuous Casting Plant

Purpose Decision-Making Grid (DMG) is used for determining maintenance tactics and is associated with the reliability and risk management of assets. In this grid, decision making is performed based on two indicators of Mean Time to Repair (MTTR) and frequency of failures. The purpose of this paper is to improve DMG by recognizing interdependence among failures. Design/methodology/approach Fault Tree Analysis and Reliability Block Diagram have been applied for improving DMG. The proposed approach has been examined on eight equipment of the steel making and continuous casting plant of Mobarakeh Steel Company. Findings Findings indicate different positions of equipment in the cells of the new grid compared to the basic grid. Research limitations/implications DMG is limited to two criteria of frequency of failures and MTTR values. In both basic and new DMGs, cost analysis has not been performed. The application of the proposed approach will help the reliability/maintenance engineers/analysts/managers to allocate more suitable maintenance tactics to equipment. This, in turn, will enhance the equipment life cycle and availability as the main objectives of physical asset management. Originality/value A major limitation of basic DMG is that the determined tactic based on these two indicators might not be an appropriate solution in all conditions, particularly when failures are interdependent. This has been resolved in this paper.

scholarly journals Optimizing the Life Cycle of Physical Assets – a Review

2020 ◽  
Vol 15 ◽  
Keyword(s):  
Life Cycle ◽  
Value Creation ◽  
Asset Management ◽  
Oil And Gas ◽  
Global Market ◽  
Gas Extraction ◽  
Global Vision ◽  
Life Cycle Optimization ◽  
Physical Assets ◽  
Physical Asset

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.

The Changing Role of Maintenance in Physical Asset Management

2022 ◽  
pp. 354-372
Author(s):  
Damjan Maletič ◽  
Hana Pačaiová ◽  
Anna Nagyová ◽  
Matjaž Maletič
Keyword(s):  
Asset Management ◽  
Success Factors ◽  
Paper Mill ◽  
Key Success Factors ◽  
Main Factors ◽  
Physical Asset ◽  
Definition Of ◽  
Changing Role

Physical asset management (PAM) is an area with a growing role in the asset intensive industry. The purpose of this chapter is to emphasize the role of maintenance within PAM. For this purpose, a case study was conducted in a Slovenian organization. The results show that maintenance is recognized as part of PAM activities in the observed paper mill company. Furthermore, the results of the study show that the strongest involvement of maintenance in PAM-related tasks was found in the creation and maintenance of the maintenance management system and the least in the definition of key success factors for the asset system and the design of the asset system. In addition, the case study uncovered two main factors that have the greatest impact on the involvement of maintenance and its activities within PAM, namely leadership and knowledge management. This study is one of the few studies that aims to explore the role of maintenance within PAM, considering all life cycle phases of the asset system.

Executives’ Decision Processes at the Front End of Major Projects: The Role of Context and Experience in Value Creation

2020 ◽  
pp. 875697282097722
Author(s):  
Denise Chenger ◽  
Jaana Woiceshyn
Keyword(s):  
Value Creation ◽  
Oil And Gas ◽  
Decision Processes ◽  
Strategic Decision ◽  
Decision Context ◽  
Front End ◽  
Risk Approach ◽  
Multiple Case

The front end of projects is strategically important; yet, how project concepts are identified, evaluated, and selected at the pre-project stage is poorly understood. This article reports on an inductive multiple-case study of how executives made such decisions in major upstream oil and gas projects. The findings show that in such a high-risk context, often an experienced executive makes these decisions alone and he creates value by facilitating growth. We identified three value-creating decision processes that varied by the executives’ risk approach and decision context. These processes depart from the formal project management prescriptions and the strategic decision-making literature.

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