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Asset performance evaluation: A recipe for success or failure
Luleå University of Technology, Department of Civil, Environmental and Natural Resources Engineering, Operation, Maintenance and Acoustics.ORCID iD: 0000-0002-7474-2723
Luleå University of Technology, Department of Civil, Environmental and Natural Resources Engineering, Operation, Maintenance and Acoustics.ORCID iD: 0000-0002-0188-4624
Number of Authors: 22016 (English)In: Proceedings for the COMADEM 2016, 2016Conference paper, Published paper (Refereed)
Abstract [en]

Abstract.The prevailing economicdownturn, looming global recession, vola-tile energy and asset prices with emerging technology for prescriptive analytics and increasing budgetary cuts have compelled the companies to manage its en-gineering assets competitively for survival and growth. As per international standard ISO 55001:2014, performance evaluation is fundamental to asset man-agement system (AMS). Asset maintenance performance measurement and management (AMPM) is a recognized process and best practice for supporting sustainability and return on investment.It is hard for an organization to improve the present level of performance of the engineering assets without measurement. Therefore, all functions including units and processes of the organization need to be built and developed as per as-set management principles, such as; ISO 55000 series standard. The challenges in AMPM are to prepare a strategic road map from top management level to the operational level through a link and effect model for identifying and developing key performance indicators (KPI). These KPIs are broken down to measures which are used for monitoring and controlling the unplanned downtime with in-creased reliability, availability, maintainability and safety. Other challenges are to define and develop methods for right data collection through condition moni-toring and big data analytics, beside management for knowledge management. eMaintenance is required for remote data collection, storage, analysis and deci-sion making. The KPIs and indicators will be used for developingcomposite indicators (CI) for bench marking the performance with the best in the industry, besides verifying the return on investment.The author has discussed the various compulsions and challenges associated with asset performance evaluation (APE) for AMPM for the organization. Once the AMPM fundamentals and recipe is known, its success or failure will depend on finding solutions for the challenges while defining, structuring, developing, and implementing AMPM system.

Place, publisher, year, edition, pages
2016.
National Category
Other Civil Engineering
Research subject
Operation and Maintenance
Identifiers
URN: urn:nbn:se:ltu:diva-62051OAI: oai:DiVA.org:ltu-62051DiVA, id: diva2:1075012
Conference
29th International Congress on Condition Monitoring and Diagnostic Engineering Management, Xi'an, China, 20-22 August 2016
Available from: 2017-02-16 Created: 2017-02-16 Last updated: 2017-11-24Bibliographically approved

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Parida, AdityaStenström, Christer
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CiteExportLink to record
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