What Is Engineering Asset Management?
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
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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
__________________________________ J.E. Amadi-Echendu University of Pretoria, South Africa e-mail: [email protected] R. Willett University of Otago, New Zealand e-mail: [email protected] K. Brown Southern Cross University, Australia e-mail: [email protected] T. Hope Southampton Solent University, UK e-mail: [email protected] J. Lee University of Cincinnati, US e-mail: [email protected] J. Mathew CRC for Integrated Engineering Asset Management (CIEAM), Australia e-mail: [email protected] Nalinaksh Vyas Indian Institute of Technology, India e-mail: [email protected] Bo-Suk Yang, Pukyong National University, South Korea e-mail: [email protected] J.E. Amadi-Echendu, K. Brown, R. Willett, J. Mathew, Definitions, Concepts and Scope of Engineering Asset Management, © Springer 2010
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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 Engineering asset management, Definitions, Frameworks, Challenges
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Introduction
Shaping an emergent field of endeavour requires understanding the boundaries of the specific activities contained within that field. However, acknowledging the associated activities and functions from closely related fields may also provide new insights and analytic tools. As such it may also involve learning from other related fields. In developing a definition of engineering asset management (EAM), we have drawn from the general field of asset management, but also from associated asset management sectors. Since the 1990s however, it has been argued that the field of asset management requires an interdisciplinary approach in order to ensure that an appropriate mix of skills can be brought to bear on resolving the vexed issue of asset management. The new orientation has been on developing a range of strategic responses to safeguard the large public and private investme
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