Definition of Engineering Asset Management: A Review

M.S Somia Alfatih,Lim Meng Hee,M Salman Leong

doi:10.4028/www.scientific.net/amm.773-774.794

M.S Somia Alfatih, Lim Meng Hee + Show 1 more

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https://doi.org/10.4028/www.scientific.net/amm.773-774.794

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Abstract

The terminology of "Asset Management" (AM) has been widely used in many organizations. It has been generally accepted and defined as a cost effective approach for asset operation, maintenance, upgrade, and disposal. It covers many scopes and topics spanning from financial, IT, human resources, and also physical engineered assets. Engineering asset management (EAM) is the management of engineering assets and it provides guidelines on the effective usage of all the physical engineered assets within the organization. It is deemed essential to understand the concept of effective EAM and practices in an organization. This paper provides a review on the definition and concepts of AM and EAM with the aim of providing good insights and understanding on this topics.

Highlights

Definitions of asset management have wide and a very broad scope, covering a variety of areas including general management, operations and production and, financial and human aspects
The importance of asset management were not properly recognized and applied in many organizations but recently it had become of great value as the physical asset represent an important factor in the whole asset management process
As stated in Publicly Available Specification 55 (PAS 55), a Publicly Available Specification on Asset Management published by the British Standards Institute Based on these definitions it can be summaries that AM is mainly related to the best practices in any organization to manage its physical asset sustainability through its entire life cycle

Summary

Introduction

Definitions of asset management have wide and a very broad scope, covering a variety of areas including general management, operations and production and, financial and human aspects. The Asset Management Council in Australia defined AM as the management of physical assets life cycle in order to achieve certain outputs and goals in an enterprise [2]. AM is defined as the coordinated practices where any organization can effectively manage the sustainable level of its assets and its associated performance, risks and expenditures over their lifecycles to achieve the organization plans and goals [3].

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Conclusion