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Definitions, Concepts and Scope of Engineering Asset Management pp 19–30Cite as

Identifying Core Functions of Asset Management

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Part of the book series: Engineering Asset Management Review ((EAMR,volume 1))

Abstract

It is widely acknowledged that effective asset management requires an interdisciplinary approach, in which synergies should exist between traditional disciplines such as: accounting, engineering, finance, humanities, logistics, and information systems technologies. Asset management is also an important, yet complex business practice. Business process modelling is proposed as an approach to manage the complexity of asset management through the modelling of asset management processes. A sound foundation for the systematic application and analysis of business process modelling in asset management is, however, yet to be developed. Fundamentally, a business process consists of activities (termed functions), events/states, and control flow logic. As both events/states and control flow logic are somewhat dependent on the functions themselves, it is a logical step to first identify the functions within a process. This research addresses the current gap in knowledge by developing a method to identify functions common to various industry types (termed core functions). This lays the foundation to extract such functions, so as to identify both commonalities and variation points in asset management processes. This method describes the use of a manual text mining and a taxonomy approach. An example is presented.

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Author information

Authors and Affiliations

  1. Cooperative Research Centre for Integrated Engineering Asset Management, School of Engineering Systems, Queensland University of Technology (QUT), 4001, Brisbane, QLD, Australia

    Vladimir Frolov, Lin Ma & Yong Sun

  2. Business Process Management Cluster, Faculty of Information Technology, Queensland University of Technology (QUT), 4000, Brisbane, QLD, Australia

    Wasana Bandara

Authors
  1. Vladimir Frolov
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  2. Lin Ma
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  3. Yong Sun
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  4. Wasana Bandara
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Editor information

Editors and Affiliations

  1. Graduate School of Technology Management, University of Pretoria, 0002, Pretoria, South Africa

    Joe E. Amadi-Echendu

  2. Southern Cross University, 2485, Tweed Heads, NSW, Australia

    Kerry Brown

  3. Department of Accountancy and Business Law, University of Otago, 9015, Dunedin, New Zealand

    Roger Willett

  4. CRC for Integrated Engineering Asset Management (CIEAM), Queensland University of Technology, 4001, Brisbane, QLD, Australia

    Joseph Mathew

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Frolov, V., Ma, L., Sun, Y., Bandara, W. (2010). Identifying Core Functions of Asset Management. In: Amadi-Echendu, J., Brown, K., Willett, R., Mathew, J. (eds) Definitions, Concepts and Scope of Engineering Asset Management. Engineering Asset Management Review, vol 1. Springer, London. https://doi.org/10.1007/978-1-84996-178-3_2

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  • DOI: https://doi.org/10.1007/978-1-84996-178-3_2

  • Publisher Name: Springer, London

  • Print ISBN: 978-1-84996-177-6

  • Online ISBN: 978-1-84996-178-3

  • eBook Packages: EngineeringEngineering (R0)

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