Asset Management Model Research Articles

An integrated decision support system for building asset management based on BIM and Work Breakdown Structure

The asset management phase of a building constitutes approximately 60% of its total lifecycle costs. However, significant unnecessary expenses occur in current asset management practices because of the separation of the design and construction phases from operation and maintenance and the lack of an effective building asset management system covering all types of buildings with numerous components. Asset management decision-making is inherently a process that requires the assimilation of a multitude of data, processes, and software systems. Therefore, this paper proposes an integrated decision support system for building asset management that addresses the systematization and coordination of lifecycle data. In this approach, a lifecycle work breakdown structure (WBS) for the asset management system is developed to provide a unified hierarchy to categorize and organize building assets. It is then used to develop the WBS-based integrated building lifecycle asset management model through a relational database management system (DBMS). Since building information modelling (BIM) is a rich information-based platform with large volumes of asset data needed, it is integrated with the WBS-based DBMS to achieve an effective integrated building asset management. A case study of an educational building is presented and discussed in the paper to demonstrate how the proposed automated solution is used for asset management. The research contributes to the body of knowledge by formalizing a WBS-based unified asset inventory hierarchy and mapping BIM data to the proposed hierarchy for effective asset management.

Tempo-spatial changes of ecological vulnerability in resource-based urban based on genetic projection pursuit model

Due to the intensification of large-scale mining and of human activities, the ecological integrity of resource-based cities has been severely damaged. Studying its ecological vulnerability (EV) will help improve the environmental degradation and ecosystem imbalance in the region and provide a decision-making basis for its sustainable development. In this paper, genetic projection pursuit and ecological vulnerability index model were used to quantitatively evaluate the EV of Datong from 2000 to 2017. This study shows that it is feasible to apply genetic projection pursuit on ecological vulnerability evaluation. This method avoids artificial assumptions, and thus provides objective results that successfully execute multi indicator evaluation process and analysis under non-linear systems in ecological environment. From 2000 to 2017, under the dual influence of national development plans and coal mining activities, Datong City's EV showed a downward trend, and the highest and lowest EV occurred in 2010 and 2017 respectively; the differences in natural conditions in different regions made the spatial distribution of EV high in the west and low in the east, the spatial variation was relatively stable, and the regions with large changes were concentrated in the Urban District, Zuoyun County and Lingqiu County; due to rapid industrialization and urbanization, the centroid of EV shifted to the southwest. The maximum offset was 3.81 km, and the EV distribution was uneven. Local governments should take corresponding measures in different ecologically vulnerable areas. In the buffer and transition zone, the idea of attaching importance to ecology should continue to be maintained and the ecological asset management models and mechanisms based on ecological protection should be actively explored. In the key ecological restoration area, efforts should be made to return farmland to forests (grass), accelerate the process of vegetation restoration, and rationally develop coal resources. In the absolute ecological protection zone, establish a mine reclamation monitoring mechanism and promote the development of the tertiary industry represented by tourism.

Manajemen Aset Wakaf Berbasis Kearifan Lokal Dengan Pendekatan Sosio-Ekonomi di Lembaga Wakaf Sabilillah Malang

This study aims to disclose the model of waqf asset management carried out by the waqf foundation of Sabilillah Malang. This disclosure is essential, given the high number of waqf assets in Indonesia that are not managed. The significance of this study lies in the strategies and approaches utilized, including the strategy of bringing local wisdom as a management base on the social and economic development of the local community. Specifically, this study is included in the research area of social institutions that are descriptive, along with a qualitative analysis approach. The data collection technique used two methods, including interviews and documentation. The sample of informants was chosen randomly (purposive sampling). In this case, the position of the researcher was a participatory observer, where the data instruments were in the researcher’s assumptions. After the research was conducted, some crucial findings, include 1) in performing the process of asset management, the first step to do is identifying the assets in the form of a human, natural, and social assets. 2) developing assets by maximizing local potentials. A number of identified local potentials are developed through the provision of facilities like cooperatives, minimarkets, food courts where all elements of the development are under the direct coordination of the economic and empowerment centers. 3) developing waqf assets by maximizing the sources of local potentials by engaging small business enterprises as business partners, setting up businesses by providing capital, and establishing businesses by credit. All this cooperation is packed up using mudharabah, murabahah and musyarakah contracts.

Development of a holistic model for the management of an enterprise’s information assets

Organisations increasingly realise that they must transform into true digital enterprises to create competitive advantage and ensure corporate survival. However, many organisations do not realise that successful digital transformation (DT) requires much more than technology; it can only succeed if they manage their data, information and knowledge as true business assets. This paper describes collaborative research conducted by academic and industry partners, a mutually beneficial journey spanning the past ten years. The aim was to develop a Holistic Information Asset Management (HIAM) model indicating the important areas of information asset management (IAM) that support the DT journey. Interviews were conducted with C-level executives in organisations from all industries on three continents to investigate their IAM practices, the barriers to good IAM and the benefits of managing information assets (IAs) well. This paper proposes that organisations should focus on ten domains in their quest for effective IAM: i) business benefits, ii) business environment, iii) executive awareness, iv) leadership and management, v) information environment, vi) information systems, vii) information behaviour, viii) information attributes/quality, ix) information performance and x) justification.

Bayesian network-based methodology for selecting a cost-effective sewer asset management model.

This paper presents a methodology based on Bayesian networks (BN) to prioritize and select the minimal number of variables that allows predicting the structural condition of sewer assets to support the strategies in proactive management. The integration of BN models, statistical measures of agreement (Cohen's Kappa coefficient) and a statistical test (Wilcoxon test) were useful for a robust and straightforward selection of a minimum number of variables (qualitative and quantitative) that ensure a suitable prediction level of the structural conditions of sewer pipes. According to the application of the methodology to a specific case study (Bogotás sewer network, Colombia), it found that with only two variables (age and diameter) the model could achieve the same capacity of prediction (Cohen's Kappa coefficient = 0.43) as a model considering several variables. Furthermore, the methodology allows finding the calibration and validation percentage subsets that best fit (80% for calibration and 20% for validation data in the case study) in the model to increase the capacity of prediction with low variations. Furthermore, it found that a model, considering only pipes in critical and excellent conditions, increases the capacity of successful predictions (Cohen's Kappa coefficient from 0.2 to 0.43) for the proposed case study.

Reliable, Effective, and Sustainable Urban Railways: A Model for Optimal Planning and Asset Management

Urban railways play a critical role in the daily life of citizens. However, extensive deterioration of mostly aged systems complicates the management of this type of infrastructure in coping with increased demand and restricted upgrade and renewal budgets. The main objective of this research is to develop a comprehensive network-level decision-making model for managing urban railway systems to maintain the highest level of performance, reliability, and convenience in the movement of passengers in a metropolitan area. By considering ridership fluctuations and network expansion scenarios, the proposed model integrates the current and expected future usage rates into the decision-making process. The Montreal metro system was considered as a real-world case study. The results indicate that proactive maintenance scheduling can save up to 25% of the cumulative expenditure during a 20-year horizon while improving the overall performance of the system. Comparing the decisions proposed by the model and the government plan for this network presents an opportunity to understand current railway asset management practices. The proposed model is applicable to rail rapid transit (underground and surface), light rail transit, and suburban trains as well as bus rapid transit and guides maintenance, upgrade, and expansion of these systems, targeting improvements in their convenience, reliability, and ridership.

Ontology-Based Research Asset Management Model for Academic Environment

Data related to research assets are dispersed in various places and heterogeneous formats which may be structured or semi-structured in nature. This scattering of data causes a lot of repetition and inconsistencies. In this paper, we propose an Ontology-Based Research Asset Management Model (ORAM) useful for academic institutions. For this model, we created academic ontology. Data from different academic institutions is mapped to produce a single knowledge base. This mapping is performed by writing mapping rules. This unified knowledge base is integrated with web application to provide a single platform for decision-makers to retrieve information. The ORAM model is tested by developing a prototype with research assets data of various academic institutions available in structured and semi-structured formats. It is concluded that ontology plays a very important role in managing research assets effectively and efficiently.

Is There Too Much Benchmarking in Asset Management?

We propose a model of asset management in which benchmarking arises endogenously, and analyze its unintended welfare consequences. Fund managers’ portfolios are unobservable and they incur private costs in running them. Conditioning managers’ compensation on a benchmark portfolio’s performance partially protects them from risk, and thus boosts their incentives to invest in risky assets. In general equilibrium, these compensation contracts create an externality through their effect on asset prices. Benchmarking inflates asset prices and gives rise to crowded trades, thereby reducing the effectiveness of incentive contracts for others. Contracts chosen by fund investors diverge from socially optimal ones. A social planner, recognizing the crowding, opts for less benchmarking and less incentive provision. We also show that asset management costs are lower with socially optimal contracts, and the planner’s benchmark-portfolio weights differ from the privately optimal ones.

Can Human Capital and Asset Management Improve the Financial Performance of Older Age Groups? Evidence from Europe

Extending Ehrlich et al.’s (2008, 2011) labor-theoretic, rational-expectations model of asset management (AM), we investigate the interplay between AM and portfolio choices of older-age households in a sample of 11 European countries plus Israel over 5 waves of the SHARE longitudinal data in the period 2004-2015. Our analysis shows that education, health, and other components of human capital, generally determine the reduced-form demand for, or portfolio shares of, risky assets, the derived-demand for asset management time, and the household’s portfolio returns. Moreover, we find that education and underlying health conditions affect these portfolio outcomes largely through proxies of time household heads devote to asset management. Our key findings hold up against a battery of robustness and internal validation tests based on reduced-form and structural IV regressions, alternative regression specifications, and alternative groups of investors. We also find that the effects of education on the demand for AM time, risky financial assets, and portfolio returns, become larger as the opportunity costs of AM fall with age, which supports the mechanism of the asset management hypothesis.

Development of asset management model using real-time equipment monitoring (RTEM): case study of an industrial company

Globally, the issue of implementing efficient and effective asset management systems has been a challenge for most companies, especially those operating in the oil and gas industry due to the compl...

A new model to compare intelligent asset management platforms (IAMP)

Nowadays, no business activity escapes the fourth industrial revolution, called industry 4.0, which is characterized by digitalization of processes. The possibility of simultaneously having systems with greater interconnection, more information and greater flexibility, allows companies to have a clearer view of their processes and consequently improve their effectiveness and efficiency. The digital transformation can no longer be based simply on making the processes more efficient, but on creating more sustainable and profitable customer relationships, continuously aligning the value of the product with the changing customer requirements. Even though managing assets over the Internet is increasingly common, much effort is needed to identify the functionality that should be provided by these platforms to enhance existing asset management practices.The effort of IT vendors is focused on the development of IoT platforms, which allow, among other functions, to create a connection between machinery and digital systems, protect all devices and data against hacking or attacks, control operations and maintenance of equipment or perform different analyses of assets or systems. The aim of this paper is to understand the functionalities of the existing IAMP platforms, providing a system that evaluates these functionalities based on the business objectives from the point of view of asset management. This methodology allows maintenance managers guiding the evolution of the life cycle of their assets according to the business value conception. This makes this methodology especially suitable for supporting new challenging scenarios of maintenance management. In this paper we first talk about the structure of an IAMP, then how they integrate the asset management model and a summary of the features and modules that have the most known IAMP platforms. Finally, an evaluation system of IAMP platforms and a case study is presented based on their content for asset management.

Model of Islamic Wealth Management Based on Maqasid al-Shariah

Islamic wealth management has been aimed at choosing investment instruments so that their portfolios get maximum returns. The process of wealth management emphasizes wealth accumulation without linking it with Maqashid al-Sharia, such as how to safeguard assets (hifz al-mal), protecting assets oriented to offspring (hifz al-nasl) and so on. The orientation is on welfare in the world without involving elements of blessing and the pleasure of Allah SWT. This study uses a qualitative method through the postmodernism approach. First, the reconstruction of the model is associated with relevant values in Maqashid al-Sharia. Second, the researcher makes observations on the actions and thoughts of investors in interpreting investment and managing investment returns by sharia in the capital market. Third, applying the Islamic Wealth Management model based on Maqashid al-Sharia according to the results of the study. The output of this study is a model of asset management based on Maqashid al-Sharia as a grand theory in sharia stock investments in the capital market, to achieve the ultimate goal of prosperity in the world and the hereafter and provide positive benefits for all parties.

Valuation mismatch and shipping q indicator for shipping asset management

ABSTRACTThis paper aims to develop an adaptation of the Tobin Q investment model for the shipping asset management in order to monitor valuation mismatch and bubble pricing of shipping assets. In this circumstance, the market prices of various shipping assets (e.g., Capesize or Panamax dry bulk carriers in different age profiles) are compared to the measured long-term asset value with second-hand ship prices. The mark-to-market prices of shipping assets are led by current market trends and freight rates, while the long-term asset value is estimated by using past data under certain assumptions (mean reversion, trend reversion). The discrepancy between market prices and the long-term nominal value of a shipping asset reflects any mispricing, which in turn sheds light on investment timing and market entry-exit decision.

Optimal Values in an Uncertain Optimal Control Model with Application to Capital Asset Management

A new model of capital asset management was developed under the assumptions of hyperbolicabsolute risk aversion, and employing the basic skills of mathematical modelling. The solutionto the model was sought by formulating a continuous-time utility portfolio model satisfying someuncertainty criteria where the investment is continuous, the investor does not possess enoughpower to determine price and the investor can borrow money for a given period at a particularinterest rate. The model was solved using analytical method and numerical method and optimalvalues of some input factors are derived.

Multifactor modelling in asset management

A multifactor model of capital asset management is formulated from the perspective of investors, under the assumptions of hyperbolic absolute risk aversion, and employing the basic skills of mathematical modelling. The solution to a special case of problems in asset management is sought by formulating a continuous-time utility portfolio model satisfying some uncertainty criteria where investment is continuous, investors do not possess enough power to determine price and investors can borrow money for a given period of time at a particular interest rate. Thereafter, the model is solved analytical and the optimal values of control variables are derived using optimality conditions.

Simple Formulas for Portfolio Rebalancing Rules

Portfolio rebalancing rules are used by large scale asset managers to manage a trade-off between frequent rebalancing on one hand, and a cost of deviating from the portfolio benchmark on the other. This note contributes to the design of such policies in two ways. First, it clarifies the analytical framework, by showing how the rebalancing problem can be formulated in a standard model for asset management. Although this step is straightforward, it is important as it makes a clear distinction between a risk factor and a risk factor exposure. Keeping this distinction facilitates the design of the optimal policy. Second, for a given policy the note provides closed form expressions for certain statistical quantities relevant for the policy design. These include average rebalancing frequency, average annual transaction amount, mean square deviation from benchmark, and mean absolute deviation from benchmark. The resulting formulas are simple arithmetic expressions, easy to interpret and straightforward to implement.

Consequence-of-Failure Model for Risk-Based Asset Management of Wastewater Pipes Using AHP

AbstractRisk-based asset management focuses on prioritizing the most critical assets by evaluating their risk of failure. A typical way to determine the risk of failure is by assessing the asset’s ...

Optimizacija upravljanja investicionim portfolijom

The task of creating an investment portfolio by a financial institution is considered. Funds for creating a portfolio are taken from two sources: enterprise's equity funds and borrowed funds. Optimization of the created portfolio is performed. A portfolio of maximum efficiency was obtained with restriction on the measure of risk, which is specified in the form of a VaR indicator. Using optimization portfolio data, a model of portfolio asset management is being built. Using the Pontryagin maximum principle, optimal strategies of its participants are determined. The optimal function of managing the investment portfolio in the form of a share of the income received is found. Numerical results of optimal management of investments in a financial portfolio from the financial institution as well as from the creditor are presented.

STRATEGIC BUSINESS MODEL TYPOLOGIES EVIDENT IN THE CHINESE REAL-ESTATE INDUSTRY

The Chinese real estate industry has emerged over recent decades as one of the key drivers of Chinese economic growth and attracted thousands of players nationwide. Yet, despite the continuing importance of the real-estate industry in China, there has not been any work done to identify nor describe the strategic business models used by enterprises within the sector. This study fills this gap in the literature. This paper begins by building a framework for studying the strategic business models used within the Chinese real-estate industry, and then goes on to identify the generic models that exist in the industry. A two-step cluster analysis of 117 Chinese real-estate companies was carried out over seven parameters identified in the literature as impacting business models: 1) clients, 2) products offered, 3) market locale, 4) financial structure, 5) value chain embeddedness, 6) core competency, and, 7) revenue source. Five generic strategic business models that characterize the Chinese real-estate industry were identified: 1) commercial property model, 2) government servicing model, 3) cost efficiency model, 4) asset management model, and, 5) high-turnover model. The findings will assist industry practitioners in evaluating and informing their own competitive positions within the Chinese real-estate industry.

Distribution asset management through coordinated microgrid scheduling

Distribution Asset Management is an important task performed by utility companies to prolong the lifetime of the critical distribution assets and to accordingly ensure grid reliability by preventing unplanned outages. This study focuses on microgrid applications for distribution asset management as a viable and less expensive alternative to traditional utility practices in this area. A microgrid is as an emerging distribution technology that encompasses a variety of distribution technologies including distributed generation, demand response, and energy storage. Moreover, the substation transformer, as the most critical component in a distribution grid, is selected as the component of the choice for asset management studies. The resulting model is a microgrid-based distribution transformer asset management model in which microgrid exchanged power with the utility grid is reshaped in such a way that the distribution transformer lifetime is maximised. Numerical simulations on a test utility-owned microgrid demonstrate the effectiveness of the proposed model to reshape the loading of the distribution transformer at the point of interconnection in order to increase its lifetime.