Identifying Core Functions of Asset Management
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 tec
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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 __________________________________ V. Frolov Cooperative Research Centre for Integrated Engineering Asset Management, School of Engineering Systems, Queensland University of Technology (QUT), Brisbane Queensland 4001, Australia L. Ma Cooperative Research Centre for Integrated Engineering Asset Management, School of Engineering Systems, Queensland University of Technology (QUT), Brisbane Queensland 4001, Australia Y. Sun Cooperative Research Centre for Integrated Engineering Asset Management, School of Engineering Systems, Queensland University of Technology (QUT), Brisbane Queensland 4001, Australia W. Bandara Business Process Management Cluster, Faculty of Information Technology, Queensland University of Technology (QUT), Brisbane Queensland 4000, Australia J.E. Amadi-Echendu, K. Brown, R. Willett, J. Mathew, Definitions, Concepts and Scope of Engineering Asset Management, © Springer 2010
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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. Keywords Asset management, Functions, Processes, Complexity, Business Process Modelling
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Introduction
In many organisations, physical assets are the foundation for success and future growth. The effective management of these assets (hereon referred to as asset management) is essential to the overall success of such organisations [1]. Around the world, hundreds of billions of dollars are spent on managing assets. However, along with monetary significance, the rising importance of asset management is being fuelled by other factors, such as: the general ageing of assets; changing stakeholder and service level requirements; augmented emphasis on public health and safety; and increasingly stringent requirements set by regulating bodies [2, 3]. Organisations are acknowledging such factors as being sig
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