CUED Publications database

A framework for implementing value-based approach in asset management

Roda, I and Parlikad, AK and Macchi, M and Garetti, M (2016) A framework for implementing value-based approach in asset management. In: 10th World Congress on Engineering Asset Management, 2015-9-28 to 2015-9-30, Tampere, Finland pp. 487-495..

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© 2016, Springer International Publishing Switzerland. ISO 55000 puts ‘value’ at the core of asset management. This paper provides a framework to help production companies implement value-based Asset Management (AM) in a way that it contributes to operational excellence. Value-based AM is achieved when the value delivered by assets is used by the organization as the key decision criterion to choose between different AM options (both at tactical and operational level). Given this perspective, it is vital that organizations are able to quantify the value delivered by their assets and manage that value through informed and coherent decision-making. Value-based AM is still a concept more quoted in theory than described in practical terms. A clear understanding about the main elements that are needed to enable it is still missing in industrial practice. The framework presented in this paper provides the key elements needed for successful integration of a value quantification model with the AM system to ensure the effective implementation of value-based approach in AM.

Item Type: Conference or Workshop Item (UNSPECIFIED)
Divisions: Div E > Manufacturing Systems
Depositing User: Cron Job
Date Deposited: 17 Jul 2017 19:18
Last Modified: 22 May 2018 07:58