An eco asset ontology towards effective eco asset management

Abstract

PurposeThe purpose of this paper is to develop an ontology of eco or natural assets to represent eco asset knowledge at two levels: eco asset metal model and eco asset ontology (EA_Onto). The three objectives of this paper are to: define eco assets explicitly to reach a common understanding of the terms; evaluate the ontology; and discuss a potential area of application.Design/methodology/approachA seven-step methodology was used to develop the proposed ontology: define the scope; develop the eco asset meta model (EA_MM), define taxonomy, code ontology, capture ontology, evaluate ontology and document ontology.FindingsThe EA_MM was developed to represent eco asset domain knowledge, which was further extended to develop the EA_Onto, explicitly defining the eco asset knowledge in asset management. As a part of evaluation, it was found that the knowledge representation is consistent, concise, clear, complete and correct.Practical implicationsTheoretically, the proposed ontology is a significant contribution to the body of knowledge in asset management. Practically, the knowledge representation provides a common understanding of eco assets for asset management experts. In addition, it will be used in applications for effective eco asset management.Originality/valueThe current literature lacks explicit declaration of eco assets, how they are related to built environment for effective integration and how asset management functions are to be applied to accomplish effective eco asset management. Presently, eco assets are managed on an ad hoc basis, which need to be explicitly defined through developing an EA_Onto for implementation in applications for effective eco asset management.