A theoretical framework for physical asset management practices

Abstract

PurposeThe purpose of this paper is to provide a theoretical framework to improve understanding of physical asset management (AM) practices contained in well-known AM standards and guidelines.Design/methodology/approachTextual thematic analysis of physical AM standards and guidelines was carried out after developing a priori template derived from existing theories in management knowledge. Triangulation to validate the developed theoretical framework was used based on a deductive logic of inquiry equipped with semi-structured interview. The interviewees were managers of physical asset departments of 15 out of 24 ministries of Saudi public sector.FindingsThe developed theoretical framework called “systematic asset management practices” (SAMP) explains the logic behind physical AM practices contained in well-known standards and guidelines in terms of the essence of directly related practices for the life cycle of physical assets. SAMP shows that all AM standards and guidelines use a similar logic for managing the life cycles of physical assets.Practical implicationsAM developers can use the SAMP theoretical framework to develop and improve AM guidelines. In addition, the framework enables practitioners to further understand differences among standards and guidelines in addition to their potential future development.Originality/valueThis paper provides an original theory for AM practices, which originally evolved from informal to formal on the basis of practitioners’ logic.