| Publication type: | Conference paper |
| Type of review: | Editorial review |
| Title: | Decision making in asset management : optimal allocation of resources for maximizing value realization |
| Authors: | Heitz, Christoph Goren, Lilach Sigrist, Jörg |
| DOI: | 10.1007/978-3-319-27064-7_25 |
| Proceedings: | Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015) |
| Page(s): | 259 |
| Pages to: | 268 |
| Conference details: | WCEAM 2015, Tampere, Finland, 28-30 September 2015 |
| Issue Date: | 2016 |
| Series: | Lecture Notes in Mechanical Engineering |
| Publisher / Ed. Institution: | Springer |
| Publisher / Ed. Institution: | Cham |
| ISBN: | 978-3-319-27062-3 978-3-319-27064-7 |
| ISSN: | 2195-4356 2195-4364 |
| Language: | English |
| Subject (DDC): | 658.1: Organization and finance |
| Abstract: | Asset Management is about realizing value from physical assets, but formal methods how to do this are still missing. In this paper, we present a formal model for decision making in asset management, based on the general concepts of ISO 55000, in particular the notion of value realization. With this framework, we can first define what optimal decisions are, and second show how to solve these problems in the context of Asset Management. The model describes both the cost and the value contributions of assets in an asset portfolio. The basic policy decision problem is decomposed into a budget setting step, and an allocation problem, where the latter can be solved with standard optimization algorithms. We apply the model to the case of an electrical supply network and find that the supply quality (value) can be increased by about 20% without spending more money, or the costs can be decreased by 16% without sacrificing quality, by optimized asset policy decisions with our model. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/15825 |
| Fulltext version: | Published version |
| License (according to publishing contract): | Licence according to publishing contract |
| Departement: | School of Engineering |
| Organisational Unit: | Institute of Data Analysis and Process Design (IDP) |
| Published as part of the ZHAW project: | Optimiertes Asset Management von Infrastrukturnetzen |
| Appears in collections: | Publikationen School of Engineering |
Files in This Item:
There are no files associated with this item.
Show full item record
Heitz, C., Goren, L., & Sigrist, J. (2016). Decision making in asset management : optimal allocation of resources for maximizing value realization [Conference paper]. Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015), 259–268. https://doi.org/10.1007/978-3-319-27064-7_25
Heitz, C., Goren, L. and Sigrist, J. (2016) ‘Decision making in asset management : optimal allocation of resources for maximizing value realization’, in Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015). Cham: Springer, pp. 259–268. Available at: https://doi.org/10.1007/978-3-319-27064-7_25.
C. Heitz, L. Goren, and J. Sigrist, “Decision making in asset management : optimal allocation of resources for maximizing value realization,” in Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015), 2016, pp. 259–268. doi: 10.1007/978-3-319-27064-7_25.
HEITZ, Christoph, Lilach GOREN und Jörg SIGRIST, 2016. Decision making in asset management : optimal allocation of resources for maximizing value realization. In: Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015). Conference paper. Cham: Springer. 2016. S. 259–268. ISBN 978-3-319-27062-3
Heitz, Christoph, Lilach Goren, and Jörg Sigrist. 2016. “Decision Making in Asset Management : Optimal Allocation of Resources for Maximizing Value Realization.” Conference paper. In Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015), 259–68. Cham: Springer. https://doi.org/10.1007/978-3-319-27064-7_25.
Heitz, Christoph, et al. “Decision Making in Asset Management : Optimal Allocation of Resources for Maximizing Value Realization.” Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015), Springer, 2016, pp. 259–68, https://doi.org/10.1007/978-3-319-27064-7_25.
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.