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Article
Publication date: 5 March 2018

Naief Alhazmi

The purpose of this paper is to provide a theoretical framework to improve understanding of physical asset management (AM) practices contained in well-known AM standards and…

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Abstract

Purpose

The purpose of this paper is to provide a theoretical framework to improve understanding of physical asset management (AM) practices contained in well-known AM standards and guidelines.

Design/methodology/approach

Textual thematic analysis of physical AM standards and guidelines was carried out after developing a priori template derived from existing theories in management knowledge. Triangulation to validate the developed theoretical framework was used based on a deductive logic of inquiry equipped with semi-structured interview. The interviewees were managers of physical asset departments of 15 out of 24 ministries of Saudi public sector.

Findings

The developed theoretical framework called “systematic asset management practices” (SAMP) explains the logic behind physical AM practices contained in well-known standards and guidelines in terms of the essence of directly related practices for the life cycle of physical assets. SAMP shows that all AM standards and guidelines use a similar logic for managing the life cycles of physical assets.

Practical implications

AM developers can use the SAMP theoretical framework to develop and improve AM guidelines. In addition, the framework enables practitioners to further understand differences among standards and guidelines in addition to their potential future development.

Originality/value

This paper provides an original theory for AM practices, which originally evolved from informal to formal on the basis of practitioners’ logic.

Details

Facilities, vol. 36 no. 3/4
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 13 November 2019

Alireza Pezeshkian and Naser Hamidi

In order to increase productivity and create added value in ceramic and tile industries of Iran, the role of physical assets including machinery, equipment and utilities is very…

Abstract

Purpose

In order to increase productivity and create added value in ceramic and tile industries of Iran, the role of physical assets including machinery, equipment and utilities is very important in these industries, and management of those take an important role. Organizational culture and its role in physical asset management implementation are very important in the Iran ceramic and tile industries. In these industries, there is a secret force called culture, which must be changed if the organization wants to grow up and improve physical assets management. The purpose of this paper is to identify organizational cultural, technical and reliability variables and structure of these variables in form of a combined structural model.

Design/methodology/approach

In order to present a structural combination model, a development model type, the mixed research method is used, and expert’s comments are also used. This model was implemented at Apadana Ceram Company, and its results, in comparison with previous models on physical assets, have shown that consideration of four culture elements can be of great help to reach an optimal point in maintenance and excellence.

Findings

In this paper, analysis of previous research studies, project documents and expert’s opinions in ceramic and tile industries have been used. In the presented model, special attention has been paid to organizational culture and its four elements including values, patterns, rituals and procedures and cultural infrastructure in order to achieve excellence and reach an optimal point in maintenance. Also, governing structure between organizational culture and technical and reliability variables was nominated, which could help companies in physical asset management. Furthermore, eight components of change management were expressed, which are important in order to implement this model.

Originality/value

This model with special consideration of four culture elements can be of great help to industries to reach an optimal point in maintenance and excellence.

Details

Journal of Quality in Maintenance Engineering, vol. 26 no. 3
Type: Research Article
ISSN: 1355-2511

Keywords

Content available
Article
Publication date: 21 September 2023

Renan Favarão da Silva and Gilberto Francisco Martha de Souza

The Maintenance Management Framework for Asset Management (MMFAM) is a recently modeled framework to ensure the alignment of maintenance management with physical asset management

Abstract

Purpose

The Maintenance Management Framework for Asset Management (MMFAM) is a recently modeled framework to ensure the alignment of maintenance management with physical asset management based on the ISO 55000 series for asset management. In this context, the purpose of this paper is to discuss the applicability of the MMFAM considering the operational context of a hydroelectric power plant.

Design/methodology/approach

The paper adopted the case study method for the discussion of the applicability of the MMFAM to a real operational context. A hydroelectric power plant was chosen as the scope of the case study due to its relevance since the electricity sector is an example of an asset-intensive industry in which asset management performance is fundamental. To gain a detailed understanding of the organization, data were collected through direct requests to the plant, informal meetings with technical collaborators, a technical visit to the hydroelectric plant and on-site data collection. Then, the MMFAM processes were demonstrated based on this information and the results supported the discussion of the MMFAM applicability.

Findings

The case study provided a deeper understanding of the processes included in the MMFAM. In addition, the results suggested the applicability of the framework to other organizations besides the hydroelectric sector due to its generic approach and the possibility of choosing appropriate tools to support and implement the MMFAM processes.

Practical implications

The case study is expected to contribute to the practical understanding of the MMFAM processes within an operational context and assist maintenance professionals and researchers in their implementation in other organizations.

Originality/value

Although the literature provides different maintenance management frameworks, their practical discussion based on a real operational context is still a gap. Accordingly, this paper discusses the MMFAM under a case study method to expand its understanding beyond theory and contribute to practical comprehension in depth.

Details

Journal of Quality in Maintenance Engineering, vol. 30 no. 1
Type: Research Article
ISSN: 1355-2511

Keywords

Article
Publication date: 1 June 2005

Charles A. Schuman and Alan C. Brent

Asset management is often one of the last options to maximise cost savings in a competitive global economy due to its intrinsic complexity, especially in many developing…

11399

Abstract

Purpose

Asset management is often one of the last options to maximise cost savings in a competitive global economy due to its intrinsic complexity, especially in many developing countries. Asset management in the process industry must consider the commissioning, operational and end‐of‐life phases of physical assets when commencing a design and implementation project. However, current asset management models show inefficiencies in terms of addressing life cycle costs comprehensively, as well as other aspects of sustainable development. An asset life cycle management (ALCM) model is subsequently proposed for assets in the process industry, which integrates the concepts of generic project management frameworks and systems engineering with operational reliability in order to address these inefficiencies.

Design/methodology/approach

Experiences within a large petrochemical company in South Africa are used as a case study to demonstrate and discuss the different components of the proposed ALCM model.

Findings

Operational reliability and systems engineering are the means to achieve optimum value from physical assets over a facility's lifetime. Thereby, activities are identified that should be completed during each stage of the project life cycle. The application of performance measurements for the operation and support stages is proposed to influence decision making in the process industry.

Originality/value

Specific issues pertaining to the ALCM model are highlighted to ensure optimal practicality and incorporation of the model with other management practices in the process industry.

Details

International Journal of Operations & Production Management, vol. 25 no. 6
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 5 December 2018

Fawzeia Abdulla Al Marzooqi, Matloub Hussain and Syed Zamberi Ahmad

The purpose of this paper is to explore certain resources, capabilities and competencies needed to improve the performance of physical asset management (PAM).

Abstract

Purpose

The purpose of this paper is to explore certain resources, capabilities and competencies needed to improve the performance of physical asset management (PAM).

Design/methodology/approach

The analytic hierarchy process (AHP) is used to select and prioritize the most appropriate factors for improving performance. A multi-criteria approach is used to analyze and compare the importance of 6 main criteria and 18 subcriteria identified from a survey of relevant literature.

Findings

The study revealed that not all factors are viewed as having equal importance in improving PAM performance, as three of the main factors attained greater importance among the six factors.

Research limitations/implications

This study explored the factors required for managing assets only within the third stage of asset lifecycle, that is, the utilization stage. It is recommended that future studies be conducted in such a way as to determine the importance of similar factors in the other stages of the asset lifecycle, or to identify new factors and add new criteria.

Practical implications

Knowledge of the differential impacts of the factors on the performance of PAM can impact asset managers and decision makers in their allocation of resources and focus their work on the highest-ranked rather than the lowest-ranked factors. Also, AHP used provides an effective mean for asset managers to identify priorities among decision criteria in their organization.

Originality/value

To date, no study has explored the impact of six combined factors on the performance of PAM. Previous studies have found that these factors each had equal importance. However, their relative ranking in practice and when they appear together have remained unrecognized.

Details

Property Management, vol. 37 no. 3
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 14 April 2023

Zihao Ye, Georgios Kapogiannis, Shu Tang, Zhiang Zhang, Carlos Jimenez-Bescos and Tianlun Yang

Built asset management processes require a long transition period to collect, edit and update asset conditions information from existing data sets. This paper aims to explore and…

Abstract

Purpose

Built asset management processes require a long transition period to collect, edit and update asset conditions information from existing data sets. This paper aims to explore and explain whether and how digital technologies, including asset information model (AIM), Internet of Things (IoT) and blockchain, can enhance asset conditions assessment and lead to better asset management.

Design/methodology/approach

Mixed methods are applied to achieve the research objective with a focus in universities. The questionnaire aims to test whether the integration of AIM, IoT and blockchain can enhance asset condition assessment (ACA). Descriptive statistical analysis was applied to the quantitative data. The mean, median, mode, standard deviation, variance, skewness and range of the data group were calculated. Semi-structured interviews were designed to answer how the integration of AIM, IoT and blockchain can enhance the ACA. Quantitative data was analysed to define and explain the essential factors for each sub-hypothesis. Meanwhile, to strengthen the evaluation of the research hypothesis, the researcher also obtained secondary data from the literature review.

Findings

The research shows that the integration of AIM, IoT and blockchain strongly influences asset conditions assessment. The integration of AIM, IoT and blockchain can improve the asset monitoring and diagnostics through its life cycle and in different aspects, including financial, physical, functional and sustainability. Moreover, the integration of AIM, IoT and blockchain can enhance cross-functional collaboration to avoid misunderstandings, various barriers and enhance trust, communication and collaboration between the team members. Finally, costs and risk could be reduced, and performance could be increased during the ACA.

Practical implications

The contribution of this study indicated that the integration of AIM, IoT and blockchain application in asset assessment could increase the efficiency, accuracy, stability and flexibility of asset assessment to ensure the reliability of assets and lead to a high-efficiency working environment. More importantly, a key performance indicator for ACA based on the asset information, technology and people experience could be developed gradually.

Originality/value

This study can break the gap between transdisciplinary knowledge to improve the integration of people, technology (AIM, IoT and blockchain) and process value-based ACA in built asset management within universities.

Details

Construction Innovation , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1471-4175

Keywords

Article
Publication date: 7 September 2010

Linda M. Cohen

The purpose of this paper is to highlight how a commonly‐overlooked resource – physical assets – can be used to advantage as both a tactical and strategic tool during mergers and

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Abstract

Purpose

The purpose of this paper is to highlight how a commonly‐overlooked resource – physical assets – can be used to advantage as both a tactical and strategic tool during mergers and acquisitions (M&A). It aims to present an overview of strategies for managers to consider when faced with M&A – both for deterring and defending against unwanted acquirer attention, and for managing M&A post‐transaction.

Design/methodology/approach

Integrating findings from different research streams (e.g. financial, management, geography and real estate), and drawing on interviews and recent M&A reports, the paper distills physical asset strategies into a general overview and a two‐stage framework.

Findings

Firms' physical assets can play a significant role in driving, defending and managing M&A. By affecting both financial and organizational outcomes, it is shown how physical assets are a powerful strategic resource within the manager's toolkit. Deter‐and‐defend strategies reduce M&A vulnerability and defend against hostile raiders; Managing M&A strategies improve post‐M&A revenue generation, efficiency gains and increased organizational effectiveness.

Practical implications

For managers facing M&A, this paper highlights a range of strategic options which are often overlooked in M&A research. Beyond M&A, many of these strategies can also be used by any firm facing financial and performance pressures.

Originality/value

The paper highlights a category of M&A strategies that can have a significant impact on M&A outcomes, but is often underplayed in general management and strategy research. It elaborates on a range of strategy options. Also, by integrating findings from diverse research streams, this paper offers a broadened perspective of M&A strategies.

Details

Journal of Business Strategy, vol. 31 no. 6
Type: Research Article
ISSN: 0275-6668

Keywords

Article
Publication date: 13 October 2021

Renan Favarão da Silva and Gilberto Francisco Martha de Souza

Maintenance management is perceived as fundamental for ensuring that physical assets contribute to business outcomes. In this context, the purpose of this paper is to elaborate a…

1182

Abstract

Purpose

Maintenance management is perceived as fundamental for ensuring that physical assets contribute to business outcomes. In this context, the purpose of this paper is to elaborate a novel maintenance management framework for asset management (MMFAM) based on ISO 55000 series guidelines.

Design/methodology/approach

The paper proposes an MMFAM that intends to translate the technical requirements set out in the ISO 550001 standard to the maintenance stage of asset management. First, the framework is modeled using consideration based on the analysis of the ISO 55000 series and the review of previous maintenance management frameworks. Then, support tools are presented that collaborate for the implementation of the processes and activities provided for in the MMFAM.

Findings

The proposed MMFAM was modeled using a Business Process Model and Notation since it is a standardized graphical notation for process modeling and contributes to the understanding of the framework. In addition, the applicable tools were presented for the practical implementation of MMFAM processes and activities.

Practical implications

The paper is expected to contribute to maintenance practitioners and researchers in understanding and disseminating a novel maintenance management framework that is in line with asset management through the international ISO 55000 series.

Originality/value

As it is essentially multidisciplinary and complex, asset management has still been little explored. Moreover, the requirements for implementing an asset management system, as explained in the ISO 55001 standard, only provide what needs to be done, but not how to do it. Accordingly, the paper fills a gap in maintenance management literature, as it addresses the ISO 55000 series for asset management in depth.

Details

Journal of Quality in Maintenance Engineering, vol. 28 no. 4
Type: Research Article
ISSN: 1355-2511

Keywords

Open Access
Article
Publication date: 26 May 2023

Mpho Trinity Manenzhe, Arnesh Telukdarie and Megashnee Munsamy

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.

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Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Practical implications

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.

Social implications

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.

Originality/value

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.

Details

Journal of Quality in Maintenance Engineering, vol. 29 no. 5
Type: Research Article
ISSN: 1355-2511

Keywords

Book part
Publication date: 4 April 2022

Peter C. Young

Chapter Seven turns to what will be characterised as operational risks/uncertainties. The associated concept of strategic risks/uncertainties introduced in Chapter Six, is…

Abstract

Chapter Seven turns to what will be characterised as operational risks/uncertainties. The associated concept of strategic risks/uncertainties introduced in Chapter Six, is somewhat arbitrary as many risks and uncertainties fit into both categories. Further, a precise demarcation is not practically possible. Nevertheless, for purposes of introduction it is a helpful distinction.

Although it might be an overstatement, here operational risks/uncertainties do seem to offer greater opportunities for quantifiable measurement. This is simply because many operational functions are repetitive, offer numerous contexts where data can be gathered, and observations can lead to useful predictions of future outcomes. Supplementing individual organisation observations with sector-wide data is more possible as well. This is not to say that human factors do not matter, they most certainly do. Subjectivity also matters; but it remains the case that operational activity does present the better chance for measurement.

As with Chapters Five and Six, alternative perspectives are presented, and the complex adaptive systems idea reappears in relation to the processes by which operational risks/uncertainties are assessed and analysed.

Details

Public Sector Leadership in Assessing and Addressing Risk
Type: Book
ISBN: 978-1-80117-947-8

Keywords

1 – 10 of over 36000