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Asset Management
Published in Rajkumar Banoth, Narsimha Gugulothu, Aruna Kranthi Godishala, A Comprehensive Guide to Information Security Management and Audit, 2023
Rajkumar Banoth, Narsimha Gugulothu, Aruna Kranthi Godishala
Asset management is important because it can help organizations to:Reduce the total costs of operating their assets.Reduce the capital costs of investing in the asset base.Improve the operating performance of their assets (reduce failure rates, increase availability, etc.).Reduce the potential health impacts of operating the assets.Reduce the safety risks of operating the assets.Minimize the environmental impact of operating the assets.Maintain and improve the reputation of the organization.Improve the regulatory performance of the organization.Reduce legal risks associated with operating assets.
Asset Management
Published in Joel D. Levitt, Leadership Skills for Maintenance Supervisors and Managers, 2020
Asset management takes all phases of an asset’s life-cycle into consideration when designing a managing system that delivers value. Typical asset lifecycle phases can be described as:Business needs analysis.Asset planning.Asset design and creation.Asset operations and maintenance.Asset decommission and disposal.An asset management system ensures that an organization has the processes, support systems, and people to make effective whole life decisions that optimize value delivery from assets.
Determining the value of underground infrastructure assets
Published in Mark Knight, Neil Thomson, Underground Infrastructure Research, 2020
The following example definitions, from the transportation sector but applicable in general, address these guiding principles wholly or in part: “Asset management is a comprehensive business strategy employing people, information and technology to effectively and efficiently allocate available funds amongst valid and competing asset needs” [TAC 1999]. “Asset management is a systematic process of maintaining, upgrading and operating physical assets cost-effectively. In the broadest sense, the assets of a transportation agency include physical infrastructure such as pavements, bridges, and airports, as well as human resources (personnel and knowledge), equipment and materials, and other items of value such as financial capacities, right-of-way, data, computer systems, methods, technologies and partners” [AASHTO & FHWA 1997].“Total Asset Management (TAM) is a comprehensive and structured planning process for developing capital and recurrent programs and budgets. It aims to focus on customer and community needs, provide quality services and a commitment to excellence to ensure that assets remain productive” [RTA 1996].
Climate change risk and adaptation costs for stormwater management in California coastal parklands
Published in Sustainable and Resilient Infrastructure, 2023
Erik Porse, Cristina Poindexter, Christian Carleton, Michael Stephens
Finally, stormwater managers often have limited information on the sizes and locations of assets in their systems. Municipal stormwater programs are increasingly encouraged to improve system surveys through better asset management (EPA, 2017). Asset management is the process of recording data such as age, size, condition, material, and location for components throughout a system (pipes, gutters, catch basins, and others along with green stormwater infrastructure devices) and using the data to develop repair and replacement plans. The lack of metrics to address uncertainties associated with both limited system knowledge and future climate variability presents a significant knowledge gap for stormwater system planning, especially in small- and medium-sized systems that have previously used straightforward design heuristics.
Dynamic Evaluation of Electricity Distribution Lines to Speed Up the Fault Repairs
Published in Electric Power Components and Systems, 2022
Leila Fayazi Rad, Reza Dashti, Rouhollah Ahmadi
Risk analysis integration with the asset management decisions [19], customers achieving positive investment return by implementing an asset management project are some of related these studies. Using suitable data plays a fundamental role in asset management. Therefore, to assess the reliability and the efficiency of the infrastructures and the networks, the quantity, and the quality of the existing data is essential [20] .For example, to model photovoltaic energy storage by instrumenting data, a high-level statistical method, named CRISP, is used to quantify the transmission network’s flexibility [21]. Reference [22] presents a comprehensive analysis of the role of micro grids in resilience improvement through the formation of self-sustainable micro grids and networked micro grids, in which the resilience of communication networks and the micro grid components. Reference [23] combines economic-technical goals with resilience and reliability and installs storage and distributed generation to complement renewable generation and enable the micro grid to supply priority demands during stochastic islanding events. Reference [24] addresses the effect of emergency diesel generators during crisis and shows that single emergency diesel generators configurations are only 80% likely to provide power for the duration of a two-week grid outage.
Prognostic modelling for industrial asset health management
Published in Safety and Reliability, 2022
Neda Gorjian Jolfaei, Raufdeen Rameezdeen, Nima Gorjian, Bo Jin, Christopher W. K. Chow
Asset management is a strategic and integrated set of comprehensive processes (i.e. financial, planning, engineering, operation, and maintenance) to achieve optimal lifetime performance, utilisation and returns from engineering assets. Most engineering assets must be highly reliable, and a good understanding of their failure dynamics is required to predict future capital, operation, and maintenance requirements. Asset owners expect longer-term planning and budgeting; hence, quantitative models that can predict the probability of failures need to be developed. Condition-based Maintenance (CBM) is an approach being implemented to accomplish these requirements (Alaswad & Xiang, 2017). A CBM program consists of three essential steps: data acquisition (information collecting), data processing (information handling) and maintenance decision support (fault diagnostics and failure prognostics). Fault diagnostics, which consist of detecting and rectifying the probable cause of the fault, and failure prognostics, which aim at forecasting the time to the failure, are two key aspects of maintenance decision support and they have been widely used in industrial applications (Gašperin et al., 2011; Medjaher et al., 2012).