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Through the use of the Markov Decision Model (MDM) approach, this study uncovers significant variations in the availability of machines in both faulty and ideal situations in small and medium-sized enterprises (SMEs). The first-order differential equations are used to construct the mathematical equations from the transition-state diagrams of the separate subsystems in the critical part manufacturing plant.

To obtain the lowest investment cost, one of the non-traditional optimization strategies is employed in maintenance operations in SMEs in this research. It will use the particle swarm optimization (PSO) algorithm to optimize machine maintenance parameters and find the best solutions, thereby introducing the best decision-making process for optimal maintenance and service operations.

The major goal of this study is to identify critical subsystems in manufacturing plants and to use an optimal decision-making process to adopt the best maintenance management system in the industry. The optimal findings of this proposed method demonstrate that in problematic conditions, the availability of SME machines can be enhanced by up to 73.25%, while in an ideal situation, the system's availability can be increased by up to 76.17%.

The proposed new optimal decision-support system for this preventive maintenance management in SMEs is based on these findings, and it aims to achieve maximum productivity with the least amount of expenditure in maintenance and service through an optimal planning and scheduling process.

This paper proposes a progressive, multi-level framework for diagnosing maintenance performance: rapid performance health checks of key performance for different equipment groups and end-to-end process diagnostics to further locate potential performance issues. A question-based performance evaluation approach is introduced to support the selection and derivation of case-specific indicators based on diagnostic aspects.

The case research method is used to develop the proposed framework. The generic parts of the framework are built on existing maintenance performance measurement theories through a literature review. In the case study, empirical maintenance data of 196 emergency shutdown valves (ESDVs) are collected over a two-year period to support the development and validation of the proposed approach.

To improve processes, companies need a separate performance measurement structure. This paper suggests a hierarchical model in four layers (objective, domain, aspect and performance measurement) to facilitate the selection and derivation of indicators, which could potentially reduce management complexity and help prioritize continuous performance improvement. Examples of new indicators are derived from a case study that includes 196 ESDVs at an offshore oil and gas production plant.

Methodological approaches to deriving various performance indicators have rarely been addressed in the maintenance field. The proposed diagnostic framework provides a structured way to identify and locate process performance issues by creating indicators that can bridge generic evaluation aspects and maintenance data. The framework is highly adaptive as data availability functions are used as inputs to generate indicators instead of passively filtering out non-applicable existing indicators.

The purpose of this paper is to propose a system dynamic simulated process model for maintenance work management incorporating the Fourth Industrial Revolution (4IR) technologies.

The extant literature in physical assets maintenance depicts that poor maintenance management is predominantly because of a lack of a clearly defined maintenance work management process model, resulting in poor management of maintenance work. This paper solves this complex phenomenon using a combination of conceptual process modeling and system dynamics simulation incorporating 4IR technologies. A process for maintenance work management and its control actions on scheduled maintenance tasks versus unscheduled maintenance tasks is modeled, replicating real-world scenarios with a digital lens (4IR technologies) for predictive maintenance strategy.

A process for maintenance work management is thus modeled and simulated as a dynamic system. Post-model validation, this study reveals that the real-world maintenance work management process can be replicated using system dynamics modeling. The impact analysis of 4IR technologies on maintenance work management systems reveals that the implementation of 4IR technologies intensifies asset performance with an overall gain of 27.46%, yielding the best maintenance index. This study further reveals that the benefits of 4IR technologies positively impact equipment defect predictability before failure, thereby yielding a predictive maintenance strategy.

The study focused on maintenance work management system without the consideration of other subsystems such as cost of maintenance, production dynamics, and supply chain management.

The maintenance real-world quantitative data is retrieved from two maintenance departments from company A, for a period of 24 months, representing years 2017 and 2018. The maintenance quantitative data retrieved represent six various types of equipment used at underground Mines. The maintenance management qualitative data (Organizational documents) in maintenance management are retrieved from company A and company B. Company A is a global mining industry, and company B is a global manufacturing industry. The reliability of the data used in the model validation have practical implications on how maintenance work management system behaves with the benefit of 4IR technologies' implementation.

This research study yields an overall benefit in asset management, thereby intensifying asset performance. The expected learnings are intended to benefit future research in the physical asset management field of study and most important to the industry practitioners in physical asset management.

This paper provides for a model in which maintenance work and its dynamics is systematically managed. Uncontrollable corrective maintenance work increases the complexity of the overall maintenance work management. The use of a system dynamic model and simulation incorporating 4IR technologies adds value on the maintenance work management effectiveness.

The article addresses the optimization of safety stock service levels for parts in a repair kit. The work was undertaken to assist a public transit entity that stores thousands of parts used to repair equipment acquired over many decades. Demand is intermittent, procurement lead times are long, and the total inventory investment is significant.

Demand exists for repair kits, and a repair cannot start until all required parts are available. The cost model includes holding cost to carry the part being modeled as well as shortage cost that consists of the holding cost to carry all other repair kit parts for the duration of the part’s lead time. The model combines deterministic and stochastic approaches by assuming a fixed ordering cycle with Poisson demand.

The results show that optimal service levels vary as a function of repair demand rate, part lead time, and cost of the part as a percentage of the total part cost for the repair kit. Optimal service levels are higher for inexpensive parts and lower for expensive parts, although the precise levels are impacted by repair demand and part lead time.

The proposed model can impact society by improving the operational performance and efficiency of public transit systems, by ensuring that home repair technicians will be prepared for repair tasks, and by reducing the environmental impact of electronic waste consistent with the right-to-repair movement.

The optimization model is unique because (1) it quantifies shortage cost as the cost of unnecessary holding other parts in the repair kit during the shortage time, and (2) it determines a unique service level for each part in a repair kit bases on its lead time, its unit cost, and the total cost of all parts in the repair kit. Results will be counter-intuitive for many inventory managers who would assume that more critical parts should have higher service levels.

The purpose of this study is to propose an extended reliability method for an industrial motor drive by integrating the physics of failure (PoF).

Industrial motor drive systems (IMDS) are currently expected to perform beyond the desired operating conditions to meet the demand. The PoF of the subsystem affects its reliability under such harsh operating circumstances. It is crucial to estimate reliability by integrating PoF, which helps in understanding its impact and to develop a fault-tolerant design, particularly in such an integrated drive system. An integrated PoF extended reliability method for industrial drive system is proposed to address this issue. In research, the numerical failure rate of each component of industrial drive is obtained first with the help of the MIL-HDBK-217 military handbook. Furthermore, the mathematically deduced proposed approach is modeled in the GoldSim Monte Carlo reliability workbench.

From the results, for a 15% rise in integrated PoF, the reliability and availability of the entire IMDS dropped by 23%, resulting in an impact on mean time to failure (MTTF).

The integrated PoF of the motor and motor controller affects industrial drive reliability, which falls to 0.18 with the least MTTF (2.27 years); whose overall reliability of industrial drive drops to 0.06 if it is additionally integrated with communication protocol.

In recent years, railway systems worldwide have faced challenges such as the modernization of engineering projects, efficient management of intelligent digital railway equipment, rapid growth in passenger and freight transport demands, customized transport services and ubiquitous transport safety. The transformation toward intelligent digital transformation in railways has emerged as an effective response to the formidable challenges confronting the railway industry, thereby becoming an inevitable global trend in railway development.

This paper, therefore, conducts a comprehensive analysis of the current state of global railway intelligent digital transformation, focusing on the characteristics and applications of intelligent digital transformation technology. It summarizes and analyzes relevant technologies and applicable scenarios in the realm of railway intelligent digital transformation, theoretically elucidating the development process of global railway intelligent digital transformation and, in practice, providing guidance and empirical examples for railway intelligence and digital transformation.

Digital and intelligent technologies follow a wave-like pattern of continuous iterative evolution, progressing from the early stages, to a period of increasing attention and popularity, then to a phase of declining interest, followed by a resurgence and ultimately reaching a mature stage.

The results offer reference and guidance to fully leverage the opportunities presented by the latest wave of the digitalization revolution, accelerate the overall upgrade of the railway industry and promote global collaborative development in railway intelligent digital transformation.

An integrated intuitionistic fuzzy (IF) modelling-based framework for examining the performance analysis of a packaging unit (PU) in three different stages has been proposed.

For the series and parallel configuration of PU, a mathematical model based on the intuitionistic fuzzy Lambda–Tau (IFLT) approach was developed in order to calculate various reliability parameters at various spreads. For determining membership and non-membership function-based reliability parameters for the top event, AND/OR gate transitions expression was employed.

For 15%–30% spread, unit’s availability for the membership function falls by 0.006442%, and it falls even more by 0.014907% with an increase in spread from 30% to 45%. In contrast, for 15%–30% spread, the availability of non-membership function-based systems reduces by 0.007491% and further diminishes. Risk analysis has presented applying an emerging approach called intuitionistic fuzzy failure mode and effect analysis (IFFMEA). For each of the stated failure causes, the output values of the intuitionistic fuzzy hybrid weighted Euclidean distance (IFHWED)-based IFFMEA have been tabulated. Failure causes like HP1, MT6, FB9, EL16, DR23, GR27, categorized under subsystems, namely hopper, motor, fluidized bed dryer, distributor, grader and bin, respectively, with corresponding IFFMEA output scores 1.0975, 1.0190, 0.8543, 1.0228, 0.9026, 1.0021, were the most critical one to contribute in the system’s failure.

The limitation of the proposed framework lies in the fact that the results obtained for both reliability and risk aspects mainly depend on the correctness of raw data provided by the experts. Also, an approximate model of PU is obtained from plant experts to carry performance analysis, and hence more attention is required in constructing the model. Under IFLT, reliability parameters of PU have been calculated at various spreads to study and analyse the failure behaviour of the unit for both membership and non-membership function in the IFS of [0.6,0.8]. For both membership- and non-membership-based results, availability of the considered system shows decreasing trend. To improve the performance of the considered system, risk assessment was carried using IFFMEA technique, ranking all the critical failure causes against IFHWED score value, on which more attention should be paid so as to avoid sudden failure of unit.

The livelihood of millions of farmers and workers depends on sugar industries. So perpetual running of these industries is very important from this viewpoint. On the basis of findings of reliability parameters, the maintenance manager could frame a correct maintenance policy for long-run availability of the sugar mills. This long-run availability will generate revenue, which, in turn, will ensure the livelihood of the farmers.

Mathematical modelling of the considered unit has been done applying basic expressions of AND/OR gate. IFTOPSIS approach has been implemented for ranking result comparison obtained under IFFMEA approach. Eventually, sensitivity analysis was also presented to demonstrate the stability of ranking of failure causes of PU.

Spare Parts Management (SPM) and Industry 4.0 has proven their importance. However, employment of Industry 4.0 solutions for SPM is at emerging stage. To address the issue, this article is aimed toward a systematic literature review on SPM in Industry 4.0 era and identification of research gaps in the field with prospects.

Research articles were reviewed and analyzed through a content-based analysis using four step process model. The proposed framework consists of five categories such as Inventory Management, Types of Spares, Circularity based on 6Rs, Performance Indicators and Strategic and Operational. Based on these categories, a total of 118 research articles published between 1998 and 2022 were reviewed.

The technological solutions of Industry 4.0 concepts have provided numerous opportunities for SPM. Industry 4.0 hi-tech solutions can enhance agility, operational efficiency, quality of product and service, customer satisfaction, sustainability and profitability.

The review of articles provides an integrated framework which recognizes implementation issues and challenges in the field. The proposed framework will support academia and practitioners toward implementation of technological solutions of Industry 4.0 in SPM. Implementation of Industry 4.0 in SPM may help in improving the triple bottom line aspect of sustainability which can make significant contribution to academia, practitioners and society.

The examination uncovered a scarcity of research in the intersection of SPM and Industry 4.0 concepts, suggesting a significant opportunity for additional investigative efforts.

This chapter analyzes the efficiency levels of a circular economy (CE) with an emphasis on transaction costs. It examines the governance aspect of CE activities in comparison to the predominant linear value creation. Extant CE research in business studies tends to be descriptive and lacks a theoretical foundation, particularly in understanding CE management. Transaction cost theory explains efficiency in economic organizing, lending itself to the study of arrangements that maximize resource efficiency at continued economic virtue. The conceptualization proposes that CE transaction costs are greater than those within the linear economy (LE), primarily due to the uncertainties about reciprocal dependencies, looping material complexities, exchanging novel information, and increased contracting efforts. Geographically bounded and institutionally homogeneous CE initiatives may curb these rising costs. By bringing efficiency concerns into CE analysis, the chapter demonstrates the applicability of transaction cost theory and highlights CE relevance to international business by pointing out spatial choice implications.

Artificial intelligence (AI) has sparked interest in various areas, including marketing. However, this exhilaration is being tempered by growing concerns about the moral and legal implications of using AI in marketing. Although previous research has revealed various ethical and legal issues, such as algorithmic discrimination and data privacy, there are no definitive answers. This paper aims to fill this gap by investigating AI’s ethical and legal concerns in marketing and suggesting feasible solutions.

The paper synthesises information from academic articles, industry reports, case studies and legal documents through a thematic literature review. A qualitative analysis approach categorises and interprets ethical and legal challenges and proposes potential solutions.

The findings of this paper raise concerns about ethical and legal challenges related to AI in the marketing area. Ethical concerns related to discrimination, bias, manipulation, job displacement, absence of social interaction, cybersecurity, unintended consequences, environmental impact, privacy and legal issues such as consumer security, responsibility, liability, brand protection, competition law, agreements, data protection, consumer protection and intellectual property rights are discussed in the paper, and their potential solutions are discussed.

Notwithstanding the interesting insights gathered from this investigation of the ethical and legal consequences of AI in marketing, it is important to recognise the limits of this research. Initially, the focus of this study is confined to a review of the most important ethical and legal issues pertaining to AI in marketing. Additional possible repercussions, such as those associated with intellectual property, contracts and licencing, should be investigated more deeply in future studies. Despite the fact that this study gives various answers and best practices for tackling the stated ethical and legal concerns, the viability and efficacy of these solutions may differ depending on the context and industry. Thus, more research and case studies are required to evaluate the applicability and efficacy of these solutions in other circumstances. This research is mostly based on a literature review and may not represent the experiences or opinions of all stakeholders engaged in AI-powered marketing. Further study might involve interviews or surveys with marketing professionals, customers and other key stakeholders to offer a full knowledge of the practical difficulties and solutions. Because of the rapid speed of technical progress, AI’s ethical and regulatory ramifications in marketing are continually increasing. Consequently, this work should be a springboard for more research and continuing conversations on this subject.

This study’s findings have several practical implications for marketing professionals. Emphasising openness and explainability: Marketing professionals should prioritise transparency in their use of AI, ensuring that customers are fully informed about data collection and utilisation for targeted advertising. By promoting openness and explainability, marketers can foster customer trust and avoid the negative consequences of a lack of transparency. Establishing ethical guidelines: Marketing professionals need to develop ethical rules for the creation and implementation of AI-powered marketing strategies. Adhering to ethical principles ensures compliance with legal norms and aligns with the organisation’s values and ideals. Investing in bias detection tools and privacy-enhancing technology: To mitigate risks associated with AI in marketing, marketers should allocate resources to develop and implement bias detection tools and privacy-enhancing technology. These tools can identify and address biases in AI algorithms, safeguard consumer privacy and extract valuable insights from consumer data.

This study’s social implications emphasise the need for a comprehensive approach to address the ethical and legal challenges of AI in marketing. This includes adopting a responsible innovation framework, promoting ethical leadership, using ethical decision-making frameworks and conducting multidisciplinary research. By incorporating these approaches, marketers can navigate the complexities of AI in marketing responsibly, foster an ethical organisational culture, make informed ethical decisions and develop effective solutions. Such practices promote public trust, ensure equitable distribution of benefits and risk, and mitigate potential negative social consequences associated with AI in marketing.

To the best of the authors’ knowledge, this paper is among the first to explore potential solutions comprehensively. This paper provides a nuanced understanding of the challenges by using a multidisciplinary framework and synthesising various sources. It contributes valuable insights for academia and industry.