Abstract
Assets in line with ISO55000 standard for asset management are items, things and entities which have value or potential value to the organisation. Asset management is for what we do with those assets. The journey begins with understanding the needs of the organisation in line with business objectives to deliver goods and services in a reliable, safe, timely and cost-effective manner. Realising value from assets is a holistic approach addressing complexities of expectations of stakeholder and providing competitive advantage to the business. It starts from the concept of the asset and continues to the design, manufacturing/construction, operations, maintenance and disposal of the asset known as asset life cycle. Focus is on reduced risks, enhanced performance including safety of the operation, environment and the wider communities and achieving reduced Life Cycle Costs. Systematic approach in asset management helps in improving reliability, availability, maintainability, safety and security. Leadership, good organisation culture, alignment with other systems and assurance that assets will perform when needed contributes significantly to the success of any organisation. This chapter covers how to balance cost, risk and performance in informed decision-making for maintaining value of and realising value from assets.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Chattopadhyay, G. (2016). Issues and challenges of balancing cost, performance and risk in heavy-haul rail asset management. In International Conference on Engineering Management, IEEM2016, IEEE Xplore, 521-525, 978-1–5090-3665–3/16, 4–7, Bali, Dec 2016.
Chattopadhyay, G. (2020). Balancing cost, performance and risk in maintenance and capital expenditure. IAPQR Transactions, 44(2).
International Organization for Standardization, ISO 55000: 2014 “Asset Management—Overview, Principles and Terminology”, 2014.
Wikipedia, https://en.wikipedia.org/wiki/Infrastructure_asset_management, 26 May 2020.
International Infrastructure Management Manual (IIMM), IPWEA, 2015.
Asset Management Council (AMC) Australia: https://www.amcouncil.com.au/AMBoK_glossary_detail.aspx?glId=1905, 26 May 2020.
Global Forum on Maintenance and Asset Management, 2015, Asset Management Landscape, GFMAM: https://www.gfmam.org/, 26 May 2020
The Institute of Asset Management “Asset Management - an anatomy V3”, 84, 2015.
Peterson, S. B. (2002). Defining Asset Management. Strategic Asset Management Inc (SAMI), Unionville, Connecticut, USA. p.1, 2002.
Moore, R. (2007). Selecting the right manufacturing improvement tools—What Tool? When? Butterworth-Heinemann Burlington, Massachusetts, USA. pp. 32–34.
Woodhouse, J. (2001). Asset management processes & tools. p. 2. (London: The Woodhouse Partnership Ltd).
British Standard Institute, PAS55:2008–1:2008. Specification for the optimized management of physical assets, 2008.
British Standard Institute, PAS55:2008–2:2008. Guidelines for the application of PAS 55–1, 2008.
International Organization for Standardization, ISO 55001 Asset management—Management systems—Requirements, 2014.
International Organization for Standardization, ISO 55002 Asset management—Management systems—Guidelines on the application of ISO 55001, 2014.
International Organization for Standardization, ISO 15686–5:2017, Buildings and constructed assets—Service life planning—Part 5: Life-cycle costing, 2017.
Chattopadhyay, G., Webster, C., Phillips, H., & Leinster, M. (2011). Asset management systems: Learning guide. Australia: CQUniversity.
Chattopadhyay, G., Reddy, V., & Larsson, P. O. (2005). Decision on economical rail grinding interval for controlling rolling contact fatigue (RCF). International Transactions in Operational Research, 12(6), 545–558.
Parida, A., & Chattopadhyay, G. (2007). Development of a multi criteria hierarchical maintenance performance measurement (MPM) model. Journal of Quality in Maintenance Engineering, 13(3), 241–258.
Canada, J. R., Sullivan, W. G., White, J. A., & Kuponda, D. (2005). Capital investment analysis for engineering and management, Prentice-Hall.
International Organization for Standardization, ISO31000:2018, Risk management—Guidelines, 2018.
Chundhoo, V., Chattopadhyay, G., Gunawan, I., & Ibrahim, Y. M. (2017). OEE improvement of thermoforming machines through application of TPM at Tibaldi Australasia. In International Conference on Engineering Management, IEEM2017, 10–13, Singapore, Dec, 2017.
Chundhoo, V., Chattopadhyay, G., & Parida, A. (2019). Productivity Improvement through OEE measurement: A TPM case study for meat processing plant in Australia, eMaintenance2019, Stockholm, Sweden, 14–15 May, 2019.
Komljenovic, D. M., Gaha, G., Abdul-Nour, C., Langheit, & Bourgeois, M. (2016). Risks of extreme and rare events in asset management. Safety Science, 88, 129–145.
Knight, F. H. (1921). Risk, uncertainty, and profit. New York: The Riverside Press.
Aven, T. (2016). Risk assessment and risk management: Review of recent advances on their foundation. European Journal of Operational Research, 253, 1–13.
Standards Australia, Sai Global: AS 4183–2007 (R2018), Value Management, 2017.
International Standards Organisation, ISO 9001:2015 Quality management systems—Requirements, 2015.
International Standards Organisation, ISO 14001:2015, Environmental management systems—Requirements with guidance for use, 2015.
International Standards Organisation, ISO 45001:2018 Occupational health and safety management systems—Requirements with guidance for use, 2018.
Acknowledgements
Sincere acknowledgement to colleagues and researchers from asset management professional bodies, universities and industries including members of GFMAM, Asset Management Council (AM Council), Power Generation Programmes in Central Qld University and Maintenance and Reliability Engineering programmes in Federation University Australia.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2021 The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Chattopadhyay, G. (2021). Asset Management Journey for Realising Value from Assets. In: Misra, K.B. (eds) Handbook of Advanced Performability Engineering. Springer, Cham. https://doi.org/10.1007/978-3-030-55732-4_19
Download citation
DOI: https://doi.org/10.1007/978-3-030-55732-4_19
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-55731-7
Online ISBN: 978-3-030-55732-4
eBook Packages: EngineeringEngineering (R0)