Advertisement

What Is Engineering Asset Management?

  • Joe E. Amadi-Echendu
  • Roger Willett
  • Kerry Brown
  • Tony Hope
  • Jay Lee
  • Joseph Mathew
  • Nalinaksh Vyas
  • Bo-Suk Yang
Part of the Engineering Asset Management Review book series (EAMR, volume 1)

Abstract

Definitions of asset management tend to be broad in scope, covering a wide variety of areas including general management, operations and production arenas and, financial and human capital aspects. While the broader conceptualisation allows a multifaceted investigation of physical assets, the arenas constitute a multiplicity of spheres of activity. We define engineering asset management in this paper as the total management of physical, as opposed to financial, assets. However, engineering assets have a financial dimension that reflects their economic value and the management of this value is an important part of overall engineering asset management. We also define more specifically what we mean by an “engineering asset” and what the management of such an asset entails. Our approach takes as its starting point the conceptualisation of asset management that posits it as an interdisciplinary field of endeavour and we include notions from commerce and business as well as engineering. The framework is also broad, emphasising the life-cycle of the asset. The paper provides a basis for analysing the general problem of physical asset management, relating engineering capability to economic cost and value in a highly integrated way.

Keywords

Accounting System Financial Asset Asset Management Human Dimension Life Cycle Analysis 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

References

  1. Amadi-Echendu J E (2006) New Paradigms for Physical Asset Management. Plenary Lecture 18 Euromaintenance, 3rd World Congress on Maintenance, Basel, Switzerland, June: 20–22.Google Scholar
  2. Chopey N P and Fisher-Rosemount J M (1999) Put a Smart Face on Asset Management; Intelligent field devices can make plant maintenance more effective, less costly. Chemical Engineering, 106 (2) Feb.: 108.Google Scholar
  3. Madu C N (2000) Competing through maintenance strategies. International Journal of Quality & Reliability Management, 17 (9) Dec.: 937–949.CrossRefGoogle Scholar
  4. Malano H M, Chien N V and Turrell H N (1999) Asset Management for Irrigation and Drainage Infrastructure – Principles and Case Study. Irrigation and Drainage Systems, 13(2) June: 109–29.CrossRefGoogle Scholar
  5. Mathew J (2005) Collaborative R&D and Training Opportunities in Engineering Asset Management. Working Paper, Centre for Integrated Engineering Asset Management, Queensland University of Technology, Brisbane, Queensland, Australia.Google Scholar
  6. McElroy R S (1999) Update on national asset management initiatives: Facilitating investment decision-making. Proc., APWA Int. Public Works Congr., Innovations in Urban Infrastructure Seminar, http://irc.nrc-cnrc.gc.ca/pubs/fulltext/apwa/apwaassetmanagement.pdf, April 2007.Google Scholar
  7. Mitchell J S (2006) Physical Asset Management Handbook, 4th Edition, Clarion Technical Publishers, ISBN 0-9717945-1-0.Google Scholar
  8. Morton K (1999) Asset management in the electricity supply industry. Power Engineering Journal, 13(5) Oct.: 233–240.CrossRefGoogle Scholar
  9. OECD (2001) Asset Management for the Roads Sector, OECD Publishing.Google Scholar
  10. OED (2007) Oxford English Dictionary Online, 2nd Edition, 1989, Oxford University Press.Google Scholar
  11. Publicly Available Specification (PAS) 55-1 & 55-2. British Standards Institution 2004.Google Scholar
  12. Reed R and Defillipi R J (1990) Causal Ambiguity, Barriers to Imitation, and Sustainable Competitive Advantage. The Academy of Management Review, 15(1) Jan.: 88–102.Google Scholar
  13. Schuman C A and Brent A C (2005) Asset life cycle management: towards improving physical asset performance in the process industry. International Journal of Operations & Production Management, 25(6): 566–79.CrossRefGoogle Scholar
  14. Townsend T (1998) Asset management – the maintenance perspective, Maintenance & Asset Management, 13(1): 3–10.MathSciNetGoogle Scholar
  15. Tsang A H C (2002) Strategic dimensions of maintenance management. Journal of Quality in Maintenance Engineering, 8(1) Mar.: 7–39.CrossRefGoogle Scholar
  16. Vanier D J D (2001) Why Industry Needs Asset Management Tools. Journal of Computing in Civil Engineering, Journal of Computing in Civil Engineering, 15(1) Jan.: 35–43.CrossRefGoogle Scholar
  17. Woodhouse, J. (2001) Asset Management, John Woodhouse Partnership Ltd.Google Scholar

Copyright information

© Springer 2010

Authors and Affiliations

  • Joe E. Amadi-Echendu
    • 1
  • Roger Willett
    • 2
  • Kerry Brown
    • 3
  • Tony Hope
    • 4
  • Jay Lee
    • 5
  • Joseph Mathew
    • 6
  • Nalinaksh Vyas
    • 7
  • Bo-Suk Yang
    • 8
  1. 1.University of PretoriaPretoriaSouth Africa
  2. 2.University of OtagoDunedinNew Zealand
  3. 3.Southern Cross UniversityTweed HeadsAustralia
  4. 4.Southampton Solent UniversitySouthamptonUK
  5. 5.University of CincinnatiCincinnatiUSA
  6. 6.CRC for Integrated Engineering Asset Management (CIEAM)BrisbaneAustralia
  7. 7.Indian Institute of TechnologyKanpurIndia
  8. 8.Pukyong National UniversityBusanKorea, Republic of

Personalised recommendations