Asset life cycle plans: twelve steps to assist strategic decision-making in asset life cycle management

Research output: Chapter in Book/Report/Conference proceedingChapterAcademic

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Abstract

Effective management of physical assets should deliver maximum business value. Therefore, Asset Management standards such as PAS 55 and ISO 55000 ask for a life cycle approach. However, most existing methods focus only on the short term of the asset's life or the estimation of its remaining life. These methods do not consider alignment to changing corporate objectives in a variable context, nor do they adopt a multidisciplinary perspective. This chapter argues that, to create maximum value, Asset Management should be a multidisciplinary and strategic practice that considers the complete life cycle of the asset: Asset Life Cycle Management. A practical twelve-step approach is presented to develop an Asset Life Cycle Plan (ALCP) in which expert sessions are used to identify the main lifetime impacts that influence the creation of business value from the use of the asset. The steps are illustrated with an example from practice. The chapter concludes that the ALCP supports asset managers in making long-term strategic decisions in a timely and effective manner.
Original languageEnglish
Title of host publicationOptimum decision making in asset management
EditorsMaria Carmen Carnero, Vicente Gonzalez-Prida
Place of PublicationHershey, PA
PublisherIGI Global
Pages259-287
Number of pages29
ISBN (Print)9781522506515
DOIs
Publication statusPublished - 2017

Publication series

Name
PublisherIGI Global

Keywords

  • METIS-319393
  • IR-102460

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