Abstract

Asset Management (AM) is promising for value creation from assets in the long term. A major concern to this end relates with the capabilities to achieve effective AM decision-making at every organisational level, i.e. operational, tactical, and strategical. Therefore, the goal of this research, grounded on a systematic literature review, is to identify which are the main sources of uncertainty that may influence the achievement of AM system related objectives and, as such, should be taken into consideration in a risk-informed decision-making process. Taking the manufacturing sector as a reference, the risk sources addressed by the extant literature are identified and mapped against a reference classification scheme. As a result, the research offers a comprehensive framework where risk sources, affecting the AM decision-making process, are systematically mapped. Information management is found to be the main risk source when making asset-related decisions.

Highlights

  • Asset Management (AM) as discipline and business process is recently at the center of the scientific and industrial debate

  • The paper is so structured: Section 2 describes the reference framework for AM risk sources, proposed as a background, and built by integrating the risk-orientation principle to the lifecycle-orientation; Section 3 deals with the systematic literature review methodology, and it describes how the framework is fulfilled based on the literature findings; Section 4 proposes the results of the literature review, Section 5 states some conclusions and work limitations for future improvements

  • The present study focused on the analysis of risk sources to be taken into account within the decision-making processes supporting the implementation of AM in the manufacturing sector

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Summary

Introduction

Asset Management (AM) as discipline and business process is recently at the center of the scientific and industrial debate. In order to achieve such a balanced cost, risk and performance, the focus on value in asset-related decisions is remarked by the most recent discussion on value-based AM [7–9]. Notwithstanding the application sector, and the relative AM maturity within it, a common understanding is that a proper and efficient AM requires to setup an effective decision-making process, capable of supporting asset-related decisions through all the lifecycle phases of an asset [10]. In this perspective, risk management plays an important role in improving the decision-making process within AM [11]. Methodology, and it describes how the framework is fulfilled based on the literature findings; Section 4 proposes the results of the literature review, Section 5 states some conclusions and work limitations for future improvements

Framework for Asset Management risk sources
Literature review methodology
Risk sources against risk source categories
Conclusions
Findings
28. The Asset Management Benchmark Report
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