Asset Management Strategies Research Articles

Remaining Useful Life Prediction from 3D Scan Data with Genetically Optimized Convolutional Neural Networks.

In the current industrial landscape, increasingly pervaded by technological innovations, the adoption of optimized strategies for asset management is becoming a critical key success factor. Among the various strategies available, the “Prognostics and Health Management” strategy is able to support maintenance management decisions more accurately, through continuous monitoring of equipment health and “Remaining Useful Life” forecasting. In the present study, convolutional neural network-based deep neural network techniques are investigated for the remaining useful life prediction of a punch tool, whose degradation is caused by working surface deformations during the machining process. Surface deformation is determined using a 3D scanning sensor capable of returning point clouds with micrometric accuracy during the operation of the punching machine, avoiding both downtime and human intervention. The 3D point clouds thus obtained are transformed into bidimensional image-type maps, i.e., maps of depths and normal vectors, to fully exploit the potential of convolutional neural networks for extracting features. Such maps are then processed by comparing 15 genetically optimized architectures with the transfer learning of 19 pretrained models, using a classic machine learning approach, i.e., support vector regression, as a benchmark. The achieved results clearly show that, in this specific case, optimized architectures provide performance far superior (MAPE = 0.058) to that of transfer learning, which, instead, remains at a lower or slightly higher level (MAPE = 0.416) than support vector regression (MAPE = 0.857).

Comprehensive aging assessment of pitch systems combining SCADA and failure data

Due to the recent rapid development of the wind energy industry, many wind turbines that have been operational over long periods will face degradation caused by aging effects; hence, an appropriate aging assessment method for wind turbines and their components is essential for optimizing the asset management and maintenance strategy of a wind farm. An aging assessment method is proposed for wind-turbine electric-pitch systems by introducing four individual aging indicators based on the examination of supervisory control and data acquisition (SCADA) and failure data, i.e. function, energy-consumption, temperature, and reliability indicators. To obtain a reliable comprehensive assessment, an information-fusion method has been developed based on a given reference value; the weighting factors in the information fusion were calculated based on the reference value, while reliability and robustness were verified using the SCADA and failure data from a wind farm over three years.

When it rains, it pours: Multifactor asset management in good and bad times

AbstractWe examine the profitability of multifactor portfolios on the US stock market. Using passive sector investing as the benchmark, we assess the performances of factor‐based asset management strategies in good and bad times. When short selling is unrestricted, factor investing outperforms sector investing in all respects. For long‐only portfolios, our results reveal a trade‐off between the risk premia associated with factors and the diversification potential of sectors. Multifactor investing tends to be more profitable than the benchmark during good times but less attractive during bad times, when diversification is needed the most.

Analyzing, Modeling, and Utilizing Observation Series Correlation in Capital Markets

In this paper, we consider the task of the analysis, modeling, and application of dependencies between asset quotes at various capital markets. As an example, we study the dependency between financial instrument observation series in the currency and stock markets. Our work intends to give a theoretical basis to asset management strategies that estimate an asset’s price via regression, taking into account its correlated assets in various markets. Furthermore, we provide a way to increase the estimate quality using an evolutionary algorithm.

BRIDGE MAINTENANCE DECISION-MAKING MODEL

As bridge infrastructure continues to age and deteriorate, maintenance is essential for keeping the bridges in good condition. However, owners have limited funds, thus, they need to select the most suitable maintenance option at the right time to minimize the cost. With all the advancements in processes and tools used to manage the bridge infrastructure, many US States continue to report high numbers of structurally deficient bridges, one of which is California State Department of Transportation (Caltrans). The objective of this study is (1) identifying effective practices used by owners in bridge maintenance management and (2) developing a decision-making model to maintain the bridges, using Caltrans as a case study. To achieve this objective, the methodology of the study is divided into three steps: (1) a review of the current state of practice of bridge maintenance decision-making processes and bridge asset management strategies currently used by US Department of Transportations (DOTs) that had shown improvement in their bridge management strategies, (2) a conducted in-depth case study of the Caltrans maintenance decision-making practices, (3) based on both the review of literature and the data collected from the case study, a revised bridge maintenance decision-making process is developed and presented using a swim lane diagram. The proposed model builds on exiting DOTs’ effective practices and optimizes the selection of bridge maintenance decisions, including repair, rehabilitation, and replacement. The developed maintenance decision-making framework could potentially improve the effectiveness of bridge maintenance operations and help decision-makers effectively select and prioritize the bridge maintenance options.

Performance Assessment System for Energy Efficiency in Wastewater Systems

Performance assessment is essential to effectively evaluate and monitor the activity of water utilities, support decision making, and encourage continuous improvement. Performance assessment systems (PAS), covering several service objectives and criteria, have been successfully applied in water supply and wastewater systems. Tailored approaches focusing on the assessment of the energy use and efficiency in wastewater systems are still limited. This paper aims at the development and demonstration of a comprehensive PAS for energy efficiency, tailored for wastewater systems, incorporating criteria related to energy consumption, operation and maintenance (O&M) costs, and environmental impacts, such as untreated discharges and greenhouse gases emissions, among others. Management and control of excessive or undue inflows to these systems is specifically addressed by several novel criteria and metrics. The proposed PAS should be adapted by each utility to be aligned with the objectives of the organisation and with the implemented asset management strategy. The proposed approach and the resulting consolidated PAS are thoroughly described. Results from the application of the PAS to several Portuguese utilities are discussed. This PAS aims at contributing to a reliable and replicable process to assess energy efficiency in wastewater systems and to encourage a more rational energy management.

Thermally Accelerated Aging of Insulation Paper for Transformers with Different Insulating Liquids

The article presents issues related to the aging behavior of oil-paper insulations in transformers using different oil- and ester-based insulating fluids. Despite numerous conducted studies on the subject of oil-paper aging, the use of new insulating fluids is creating open questions. In addition, new liquids such as synthetic and natural esters, as well as oil of the newest generation, are being used. Furthermore, there is still little research on the formation of aging markers with this form of the dielectric. For this reason, in this contribution, oil-paper insulations with mineral oil-based insulating fluids, natural and synthetic esters, as well as oil from natural gas, are aged thermally accelerated at 130 °C over a duration of 15 weeks, by considering two cases of free-breathing and hermetically sealed transformers. Therefore, various aging markers are investigated to allow a condition assessment. The results show that differences exist between the fluids and design of the transformer, as in the aging rate of the paper and the formation of aging markers in the insulating liquid such as acids. These findings can be used to improve asset management strategies by a more precise determination of the aging state depending on the transformer type as well as the type of insulating fluid.

Assessing asset management competency with focus on levels of service and climate change

This paper aims at exploring the practice of municipal asset management (AM) planning in Ontario, Canada, and discovering the needs of municipalities. The study is based on conducting a survey of 58 municipalities, studying their AM plans and interviewing municipalities and experts. The findings show that the state of awareness and practice of AM in Ontario has progressed well. Almost all municipalities in Ontario are involved or working on AM systems, and some have reached advanced levels of AM practices. However, several issues persist. Capacity building is at the core of the gaps. There is a need for training professionals on AM concepts and tools. Also, providing guidelines and support for change management in decision-making practices is needed. Smaller municipalities are still facing issues defining the levels of service and linking them to decision making. The next need for AM in Ontario is to link it to climate change strategies and programmes. While some of the municipalities are aware of climate change, they mostly have taken no practical steps regarding adaptation or mitigation. Among key challenges to the success of the Ontario AM strategy is the management of data. There is inconsistency in the specifications for data and limited quality assessment or interoperability guidelines.

Real Estate Investment Trusts’ (REITs) Asset Management Strategies Within Global REIT Portfolios

Abstract Investment in REITs has become significant in recent years due to the stability and sustainable performance of the investment. A study on the management perspective is very important but this perspective is very limited. Asset management will derive from the profit optimization of the investment. Therefore, it is important to assess asset management strategies to ensure the sustainable performance of the assets. This paper aims to assess asset management strategies among matured REIT companies in developed countries in comparison with Malaysian REIT companies from the perspective of the managers. This research employed qualitative analyses by using content analysis techniques. A total of 41 REIT companies from the United States (US), Japan, Singapore, Australia and Malaysia were assessed. The analyses focused on the similarities and differences between the strategy framework identified in the literature review and the strategies adopted by global REITs and Malaysian REITs under review. The study will enable all REIT stakeholders to become well-informed on global REIT asset management that will derive the maximum profit from the investment. The success of developed countries’ REITs will provide guidelines for Malaysian REITs to adopt the best practice of strategic asset management from REITs in mature markets. Furthermore, this study is one of few papers that have discussed the issue of strategic property investment, particularly focusing on REITs.

Fundamental References: Infrastructure Asset and Renewable Energy [Book Review

This book provides detailed highlights of infrastructure asset management issues. The author points out that infrastructure asset management can be expressed as a combination of managerial, financial, economic, and engineering concepts applied to physical assets. Infrastructure asset management is a wide field that covers different expertise areas. It includes the whole lifecycle of an asset: design, construction, commission, operation, maintenance, modification, decommissioning, and disposal. There are budget constraints, which result in the need for a strategy for asset management. The electric power system is a massive infrastructure to manage the supply of electricity from generation to consumption. The electric power system is undergoing a major reconstruction, which is captured in the concept of a smart grid. The main drivers are higher reliability, climate change, and customer participation in sustainable energy. This book provides readers with knowledge of the terminology and theory used. It provides different analysis tools and examples to use for electric power system applications. The book focuses on energy infrastructure asset management. It shows systematic techniques, such as reliability- centered maintenance (RCM) and reliability-centered asset maintenance (RCAM). These are used to achieve infrastructure asset management strategies. The RCM method focuses on maintenance plans’ reliability aspects. Maintenance and reliability are large costs not only as maintenance tasks but also as production and breakdowns costs. Breakdown consequences affect the environment and/or personal safety. The RCAM method combines RCM with maintenance-optimization techniques. Merging these approaches provides an instrument for maintenance strategy assessment and comparisons. The author eloquently presents that new technology developments provide enhanced solutions for asset management. One new general trend is control and operation with phasor measurement units located in transmission grids or with smart meters placed at consumer sites to enable the integration of distributed resources with distributed energy-use control.

A new multi-objective-multi-criteria model for determining physical asset management strategy based on maintenance and procurement factors

In this research, a new multi-objective-multi-criteria model is presented to determine physical asset management strategy for capital equipment. Initially, a multi-objective model is formulated to determine non-dominated strategies considering cost, reliability, and availability as objective functions. Secondly, the strategies will be ranked based on decision maker preferences and restrictions using a PROMETHEE-entropy module. Each strategy is a vector of procurement variables (dealer-manufacturer and contract type) and maintenance planning variables (PM action level, PM interval and the degree of upgrade action). The multi-objective model, which is a new nonlinear mixed integer optimisation model, is solved using a customised NSGA-II. Buy, lease, rent and upgrading a used equipment are contract types that are considered. The model is used in a real case for determination of asset management strategy for a truck to be used in a mine for 48 months. A piece of software is designed for simplification of using the model. [Received: 13 January 2019; Accepted: 3 March 2020]

Comparison between data maturity and maintenance strategy: A case sutdy

With the rise of Industry 4.0, there has been a substantial drive towards sensor networks for enabling predictive maintenance as an essential component of asset management. This study analyses sensor data maturity and asset management strategy. A model is proposed for establishing a best-fit correlation between data maturity and maintenance strategy, both for the current situation and as a guide for future development. The findings are based on the literature and case studies for small and medium-sized enterprises. The research implication is to view enterprise strategy as a balance between the chosen maturity and operational needs. The practical implication is the possibility to sustain or improve and qualify investment planning.

A Strategic Business Intelligence Framework for Sustainable Asset Management in Finance

Amidst the evolving landscape of finance, integrating sustainability principles into asset management stands as a pivotal pursuit for fostering long-term value creation. This research addresses the symbiotic relationship between business intelligence methodologies and sustainable asset management within the domain of finance. Leveraging advanced machine learning techniques including logistic regression, XGBoost, and CatBoost, this study delves into the exploration of sustainable finance practices and their implications for optimized asset management strategies. The study analyzes and models Asset data, aiming to understand the multifaceted dynamics and interdependencies shaping sustainable asset management decisions. Logistic regression serves as a foundation to model the relationships between variables, while XGBoost and CatBoost handle the complexities of categorical attributes, predicting outcomes related to sustainability metrics and financial performance indicators within the asset portfolio. Through comprehensive analyses and visualizations, this research illuminates critical insights into the influential factors driving sustainable asset management decisions. The findings underscore the significance of leveraging data-driven methodologies to optimize asset management strategies aligned with environmental, social, and governance considerations.

STRATEGI PERBANKAN SYARIAH DALAM MANAJEMEN ASET DAN LIABILITAS

The purpose of this article is for readers to know what Islamic banking strategies are in managing their assets and liabilities. This research is classified as Library Research, while the nature of this research is descriptive qualitative, namely research that seeks to find solutions to existing problems based on data, by presenting, analyzing, and interpreting data. Data analysis techniques that take general things, then conclude to specific things. The results of this study can be concluded that if Islamic banks are able to maximize their benefits from well-managed and structured funding and financing and are able to produce optimal management of the risks faced by Islamic banks, then these Islamic banks can be said to be successful in their asset and liability management strategies. The ALMA strategy used by Islamic banks is Planning, Fund Management and Financing. The ALMA Strategy Quality Management can also minimize risks such as: Financing Risk, Liquidity Risk, Pricing Risk, Foreign Exchange Risk, Contingency Risk, Liquidity Risk, Gap Risk.

A COMPREHENSIVE STUDY OF ASSETS MANAGEMENT COMPANY , FOCUSING ON INVESTMENT STRATEGIES, PERFORMANCE, AND REGULATORY.

Major shifts in the competitive environment encouraged a recent growth in the number of academic articles devoted to strategic aspects of asset management. Organizations start to recognize that a strategic approach to asset management becomes a source of sustainable competitive advantages and long-term survival in the turbulent environment. However, existing studies are largely case-specific in interpreting strategy and draw on various theoretical grounds and approaches. This leads to little theoretical and methodological consistency in understanding current findings and how to design future studies. The key goal of this paper is to systematically review the existing research through the analysis of over 700 articles devoted to asset management with a focus on strategic aspects. Our key contributions are positioning strategic asset management within the vast field of asset management research, describing the nature of strategic asset management research, and confirming that asset management strategies align with different levels of organizational strategy. We visualize the existing research field, and indicate gaps and underdeveloped areas of research. We also shortly outline future research directions based on our findings, thus encouraging a more coherent development of research on strategic asset management.

Evaluation of dynamic loading capability for optimal loading strategies of power transformers

Increasing needs for operational flexibility encourage concepts of using thermal operational limits of grid equipment instead of nominal limits, e.g., “dynamic line rating” for transmission lines. Using the available loading flexibility of complex and valuable power transformers requires a comprehensive approach. The thermal state and condition of a power transformer are among the most considerable impact factors for planning overload capability and lifetime management in the long term. This paper investigates the dynamic loading capability of power transformers by using a dynamically calculated initial thermal state, set thermal limits and a dynamic thermal model as proposed in the IEC 60076-7:2017. Different thermal limits can be set depending on the operation state, e.g., long-term emergency or insulation-friendly. The suggested thermal limits also consider ageing and dielectric properties of insulation. Thermal limits of equal ageing velocity for different moisture content in solid insulation can be used to operate the transformer with respect to long-term asset management strategies. Using the proposed reverse calculation of the thermal model’s steady-state loading limits, e.g., nameplate rating, the permissible short-term loading beyond the steady-state limits can be obtained for given timespan. The dependency of the steady-state loading limit from ambient temperature is approximated as a polynomial function with linear, quadratic and cubic components. For a safe loading of the power transformer the steady-state limits of the subsystems have to be compared. The study shows that the hot-spot steady-state limits for normal and long-term emergency loading are lower than the top-oil steady-state limits. Power transformers are usually subject to variations in the loading profile. The current thermal state becomes essential for the estimation of the thermal reserve and loading capability, especially when permissible overloading for a time of up to 60 minutes is scheduled. When determining the possible overload for a longer time span, the validity of the results is decreasing due to growing uncertainties. Moreover, the paper proposes a system to enhance the model by a moisture migration model for mineral-oil-immersed power transformers, decision-making under uncertainties assistance and transformer’s intelligent condition assessment system.

A New Multiobjective-Multicriteria Model for Determining Physical Asset Management Strategy Based on Maintenance and Procurement Factors

In this research, a new multi-objective-multi-criteria model is presented to determine physical asset management strategy for capital equipment. Initially, a multi-objective model is formulated to determine non-dominated strategies considering cost, reliability, and availability as objective functions. Secondly, the strategies will be ranked based on decision maker preferences and restrictions using a PROMETHEE-entropy module. Each strategy is a vector of procurement variables (dealer-manufacturer and contract type) and maintenance planning variables (PM action level, PM interval and the degree of upgrade action). The multi-objective model, which is a new nonlinear mixed integer optimisation model, is solved using a customised NSGA-II. Buy, lease, rent and upgrading a used equipment are contract types that are considered. The model is used in a real case for determination of asset management strategy for a truck to be used in a mine for 48 months. A piece of software is designed for simplification of using the model. [Received: 13 January 2019; Accepted: 3 March 2020]

Digital Asset Performance Management—Taking Utility Asset Management to the Next Level

Asset management today is more complex and sophisticated than ever before. With the numerous digital enhancements required for grid modernization, the average utility is managing 10 times the number of devices it was 20 years ago. Additionally, these devices have electronic components that require increased regular care and maintenance. The industry has moved beyond putting a pole in the ground and dressing it—mounting arms and a transformer and spanning conductors to the customer and the next pole. Sound asset management strategies provide an array of benefits, including operational efficiencies and cost savings, increased asset life expectancy, improved reliability, and increased safety. More so, in today's digital world, enterprise asset management (EAM) has become known as asset performance management (APM) and continues to evolve toward “digital asset performance management.” Implementation of a digital APM solution can reduce utilities capital and operations and maintenance (O&M) spend by 20 percent or more.

Strategic Aspects of Asset Management: An Overview of Current Research

Major shifts in the competitive environment encouraged a recent growth in the number of academic articles devoted to strategic aspects of asset management. Organizations start to recognize that a strategic approach to asset management becomes a source of sustainable competitive advantages and long-term survival in the turbulent environment. However, existing studies are largely case-specific in interpreting strategy and draw on various theoretical grounds and approaches. This leads to little theoretical and methodological consistency in understanding current findings and how to design future studies. The key goal of this paper is to systematically review the existing research through the analysis of over 700 articles devoted to asset management with a focus on strategic aspects. Our key contributions are positioning strategic asset management within the vast field of asset management research, describing the nature of strategic asset management research, and confirming that asset management strategies align with different levels of organizational strategy. We visualize the existing research field, and indicate gaps and underdeveloped areas of research. We also shortly outline future research directions based on our findings, thus encouraging a more coherent development of research on strategic asset management.

Al Maktoum bridges, UAE: condition evaluation, assessment and durability analysis

This paper presents a case study of the condition evaluation, structural assessment and durability analysis of the Al Maktoum bridges in the UAE to provide assurance that they will meet their 100-year service life. It is considered that this holistic analysis is the first of its kind in the UAE. The project included a detailed structural assessment utilising three-dimensional finite-element methods. The analysis indicated that the stresses in all the critical elements were well below the yield limit. The results of the structural assessment were used in combination with the durability assessment to inform the life cycle cost analysis and asset maintenance strategy. The durability analysis incorporated a probabilistic assessment method to verify the remaining service life of the structures. This method utilised a 90% confidence level using the fib Model Code for Service Life Design. The results of modelling were verified against the inspection and testing results, which included concrete strength tests, half-cell potential mapping and chloride ion sampling. Overall, this project case is the first of its kind in the UAE and provided a platform of asset management strategy implementation to establish the current condition of the structures, assess their structural integrity and verify their remaining service life.