Optimizing Asset Management: Comprehensive Analysis and Innovative Strategy Design to Increase the Effectiveness of Life Cycle Delivery at PT Pembangkitan Jawa-Bali Services

Abstract

Asset management is the art and science of making the right decisions and optimizing the delivery of value from organizational assets. ( Institute of Asset Management , 2010). PT PLN Pembangkitan Jawa Bali Services, which is often abbreviated as PT PJB Services, is a subsidiary of PT Pembangkitan Jawa-Bali (PT PJB) . This company operates in the field of power plant operation and maintenance services, as well as supporting services related to power plants. The company has a strong focus on asset management, given its role in managing and maintaining critical power generation assets. This research examines the implementation of multidimensional strategies in optimizing asset management at PT Pembangkitan Jawa-Bali Services (PJB Services). The main focus of the analysis is to test the variables that influence the success of asset performance at PT Pembangkitan Jawa Bali Services based on group 3 ( Life Cycle Delivery ) consist of 11 key dimensions of asset management: Technical Standards & Legislation , Asset Creation & Acquisition , Systems Engineering , Configuration Management , Maintenance Delivery. Reliability Engineering, Asset Operation, Resource Management, Shutdown & Outage Management, Fault & Incident Response, Asset Decommissioning & Disposal. The main aim of the research is to design an integrated approach to improve the effectiveness of corporate asset management. The method used in this research is the Structural Equation Model with the Partial Least Square approach. The research results revealed that the accepted hypothesis is H1, H2, H3, H4, H9, H10, H12, H16, H17, H18, and H19 are acceptable because they have t-statistic values > 1.96 and p-values < 0.05. Meanwhile, the hypotheses H5, H6, H7, H8, H11, H13, H14, and H15 were rejected because they had t-statistic values > 1.96 and p-values > 0.05.