Comprehensive Asset Management Research Articles

Asset risk assessment and management of large-scale electricity enterprises under the concept of financial sharing

The power grid is an important industry that is crucial to national security and economic development, and its importance in society continues to grow. As an emerging concept, financial sharing enables internal resource sharing and optimization, thereby improving the efficiency and effectiveness of asset management. This study investigates and analyzes the current situation of asset management in large-scale electricity enterprises in X Province, China, and proposes a comprehensive asset management strategy optimization plan based on the concept of financial sharing. The proposed plan integrates management models such as PDCA and designs an entire information management architecture to enhance resource utilization efficiency, reduce environmental pollution risks, and optimize asset allocation and operational decisions. In addition, it also utilizes the status of assets to assess the risks associated with fixed assets in the power grid. The results indicate that the asset risk assessment method under the concept of financial sharing can reduce power grid asset losses, effectively enhance the competitiveness and sustainable development capabilities of electricity enterprises.

Asset Information Model Management-Based GIS/BIM Integration in Facility Management Contract

Achieving efficiency success status inside an organization’s built environment and obtaining a positive return on investments need robust and comprehensive asset management and maintenance processes based on the efficiency of contract information documents within the built asset lifecycle. This paper aims to highlight the appropriate interactive approach for construction projects to build the information flow scope of asset facility management contracts based on GIS (Geographical Information System) and BIM (Building Information Modeling) integration processes and sustainability standards, and project as-built contractual documents to support owners and stakeholders with the intent of improving asset management processes. Expert interviews and contract information flow types in several facility management processes conducted in both local and international facility management organizations were used to assist the information flow scope method. The study classified and built significant integrated information and data flow models for a case study to serve as contract guidelines, including efficiency performance measures and indicators for monitoring procedures, technical evaluation, and financial issues in order to provide high-performance service quality in facility management applications.

Review of Asset Management Practice in Indonesian State-Owned Enterprise

This study examines Indonesian State-Owned Enterprises (SOEs) asset management methods, problems, and financial and operational performance effects. The report synthesizes case studies and academic research on how large organizations manage their huge and diverse asset portfolios and how governance, regulatory frameworks, and human resource practices affect their effectiveness. The research begins with case studies of talent management innovations from big Indonesian SOEs. These cases show how proactive human resource approaches can boost company commitment and reduce turnover, improving asset management efficiency. According to the research, governance and legal frameworks influence asset management techniques. Studies show that corporate governance quality affects SOE operational performance. The paper explores how reforms and legislation affect state asset management, highlighting the major changes in SOE governance and legal frameworks, particularly after economic and political reforms. Asset management difficulties for Indonesian SOEs include managing large and diverse asset portfolios, integrating modern management frameworks, and optimizing state asset revenue. According to the study, comprehensive asset management systems, governance transparency, and professional management can address these difficulties. The research examines how asset management strategies affect Indonesian SOE profitability, corporate governance, and performance measures. Strategic asset management boosts financial performance, especially profitability. SOE profitability is greatly affected by current asset and liability management. The study offers advice to Indonesian SOEs and policymakers. Enhancing financial and operational performance requires comprehensive asset management, governance changes, and strategic innovation. These efforts boost Indonesia's economy, demonstrating the importance of asset management in SOE performance.

RESEARCH ON ASSET MANAGEMENT IN PRIVATE UNIVERSITIES IN CHINA (THE CASE STUDY OF THE YUNNAN COLLEGE OF BUSINESS MANAGEMENT)

The purpose of this study is to examine asset management practices in Chinese private universities using Yunnan College of Business Management as a case study. The study draws on four theoretical frameworks: legitimacy theory, stakeholder theory, agency theory, and resource-based view theory. Qualitative research methods, including interviews and document analysis, are used to collect data from relevant stakeholders, such as administrators, faculty, and students. The study finds that while Yunnan College of Business Management has implemented various asset management strategies, there are still opportunities for improvement in areas such as asset utilization and maintenance. The results also suggest that the university should consider the interests of various stakeholders, including students, faculty, and donors, to improve the legitimacy and sustainability of its asset management practices. Based on these findings, this study recommends that the university develop a comprehensive asset management plan that is consistent with its mission and values, adopts advanced technology for asset tracking and maintenance, and establishes a transparent and accountable asset management system. This study contributes to the literature on asset management in the higher education sector and provides practical recommendations for improving asset management practices in Chinese private universities.

Analisis Ketimpangan Penguasaan dan Pemilikan Tanah Pasca Reforma Agraria di Indonesia

Reforming agrarian law will only be successful if agrarian law prioritizes farmers as the main pillar of national economic development, without ignoring the interests of investors and large investors as a source of development financing. In following up on the policy of reforming Agrarian law as regulated in the UUPA, the government has issued a decree as outlined in MPR Decree Number: IX/MPR/2001 concerning Agrarian Reform and Natural Resource Management. To overcome problems that will later hinder the implementation of agrarian law reform in Indonesia, Pancasila and the 1945 Constitution must be used as the ideal basis and constitutional basis for every legal act carried out by the State, meaning that regulations or policies issued in the context of implementing agrarian law reform must be based on on Pancasila and the 1945 Constitution. Agrarian conflict is still a legal problem in Indonesia. The presence of a strategy in the form of agrarian reform is expected to be able to make a real contribution in realizing social justice and people's prosperity for all Indonesian people. The implementation of agrarian reform is characterized by comprehensive asset management and access management, so it is important to carry out a comprehensive evaluation with fairness and community empowerment. The results obtained from this research show that the organizers of agrarian reform are expected to be able to guarantee increased community welfare and realize social justice, whether through the efforts of the Agrarian Reform Task Force (GTRA) or the Government which carries out a compromise strategy with ministries/institutions to ensure land rights through agrarian reform.

Establishing Levels of Service as the Foundation of Utility Asset Management

Key TakeawaysLevels of service (LoS) are a crucial component of a successful, comprehensive asset management approach.This article sets out a framework for developing LoS, including descriptions of elements, definitions of terms, and the where and why to employ different types of metrics.Stages of asset management centered on developing and supporting LoS are ranked in a maturity scale; the stages help water utilities assess their current levels and next steps.

Ultrasensitive lightweight magnetic probe for non-destructive inspection of high-voltage overhead lines

For power utilities with comprehensive asset management programs, inspection of high-voltage line conductors is critical to ensure network reliability. Current non-destructive testing methods for ferromagnetic materials are still not completely adapted to perform these inspections quickly, safely and accurately. This paper presents the prototype of a novel probe that is specifically designed for the inspection of conductors steel core. It is based on a novel lightweight and symmetrical design intended for automated inspection by drone. The sensitivity of the new probe is achieved by compensating for the conductor’s imperfect centering during inspection and by creating a zero magnetic field point that allows the use of low range and accurate fluxgate sensors. Experimental results verify that the prototype is capable of detecting broken wires, quantifying metal area loss and inspecting steel core splice joints under unsaturated magnetization, which is the key element to achieve a lightweight probe.

Asset Management in Malaysia: Current Status

Asset management is a rapidly growing practice in response to changes in urban development and becoming one of the important practices in Malaysia. As a result, the Malaysian government has raised awareness of asset management to manage and maintain government assets. Thus, the Malaysian government has established MySPATA, a fixed asset management system used by all government ministries to help agencies standardize, manage, and monitor fixed assets. The four asset management documents used in MySPATA are the Government Asset Management Policy (DPAK), Government Comprehensive Asset Management Manual (MPAM), Government Immovable Asset Management Procedures (TPATA), and Immovable Asset Management System. Asset management is concerned mainly with operating assets in Malaysia, including their management, monitoring, maintenance, and disposal. Government agencies are charged with supervising governments and enabling the delivery of public services. Thus, asset management policies and processes are critical for delivering and assisting in effective asset management. Asset management must be effective and efficient to ensure that the assets provided can be handled and utilized for the intended purpose. This study examines Malaysia’s current asset management practices and identifies the advantages and disadvantages of the current approach.

Develop and implement asset management strategy to create capital works programme for roads

Organisations manage assets to provide services to various customers effectively and efficiently through the development of a comprehensive asset management system. The asset management strategy is a core component of an asset management system that is defined from a different perspective in the area of asset management. An explicit definition will make it easy to comprehend, develop and implement. The development and implementation of an effective asset management strategy play a vital role in formulating a long-term capital works programme as part of capital investment planning. How to develop and implement the strategy to create an effective capital works programme is the main research question. This paper defines the asset management strategy at three levels and develops and implements the strategy to create the capital works programme for roads using a case study approach following a six-step methodology.

Road Asset Value Calculation Based on Asset Performance, Community Benefits and Technical Condition

The article presents a comprehensive asset management method. Here presented method aims to bridge the economic approach to asset management with the technical approach to road infrastructure life cycle, namely its resilience and performance. The presented asset value calculation methods are based both on socio-economic viewpoints on community benefits of an asset, as well as the technical aspect of the technical condition and residual life calculations of a road infrastructure. In contrast to common road asset management methods, asset value is not arbitrarily annually depreciated, instead, it is exactly calculated based on pavement performance models, pavement construction fatigue and paving material properties. Road asset value calculation is based on the asset performance and the technical condition of a pavement structure and other objects. Road asset performance is defined in terms of society and road user demands put on road category and its qualitative standard. Road asset technical condition is evaluated by the procurement cost calculation and condition deterioration. Value of condition deterioration is defined by residual life expectancy based on fatigue and construction reliability of the road infrastructure. The cross-asset allocation method is used for the creation of programs for claim and allocation of funding. The aim was to increase the credibility of the road administrators with the public as they present their decisions based on road asset management, and to increase the level of acceptance for practitioners.

Best practices to transform comprehensive asset management in the natural gas industry as a business strategy into a profitability center

This article describes the models and implementation strategies of the Assessment and Implementation of Asset Man-age-ment with ISO 55000 to ensure that the natural gas industry operates aligned with business requirements to maintain its design capacity, eliminating waste and increasing efficiency operations, establishing a starting point for a scientific way to define strategies, tactics and operational actions which must be executed to achieve good practice in the management of physical assets will be. Applying the three 3P methodology that identifies and analyz-es the opportunities for improvement in the 5 key areas of business: Resources for maintenance and operations, information technology, preventive maintenance and technology, planning and scheduling, and operations and maintenance support, under the requirements defined in the standard, making a quantitative and qualitative data analysis and identifying areas to enhance and good practice based on the 28 requirements of Standard. Monitoring and control of the efficiency and effectiveness of maintenance (implementation of specific indicators), improving the efficiency of the maintenance function (implementation of predictive strategies) and cost reduction (plan: conclusion based on two objectives is proposed plan asset substitution).

Developing Pavement Marking Management Systems: A Theoretical Model Framework Based on the Experiences of the US Transportation Agencies

Pavement markings are essential elements of transportation infrastructure with critical impacts on safety and mobility. They provide road users with the necessary information to adjust driving behavior or make calculated decisions about commuting. The visibility of pavement markings for drivers can be the boundary between a safe trip and a disastrous accident. Consequently, transportation agencies at the local or national levels allocate sizeable budgets to upkeep the pavement markings under their jurisdiction. Infrastructure asset management systems (IAMS) are often biased toward high-capital-cost assets such as pavements and bridges, not providing structured asset management (AM) plans for low-cost assets such as pavement markings. However, recent advances in transportation asset management (TAM) have promoted an integrated approach involving the pavement marking management system (PMMS). A PMMS brings all data items and processes under a comprehensive AM plan and enables managing pavement markings more efficiently. Pavement marking operations depend on location, conditions, and AM policies, highly diversifying the pavement marking management practices among agencies and making it difficult to create a holistic image of the system. Most of the available resources for pavement marking management focus on practices instead of strategies. Therefore, there is a lack of comprehensive guidelines and model frameworks for developing PMMS. This study utilizes the existing body of knowledge to build a guideline for developing and implementing PMMS. First, by adapting the core AM concepts to pavement marking management, a model framework for PMMS is created, and the building blocks and elements of the framework are introduced. Then, the caveats and practical points in PMMS implementation are discussed based on the US transportation agencies’ experiences and the relevant literature. This guideline is aspired to facilitate PMMS development for the agencies and pave the way for future pavement marking management tools and databases.

Toward a Better Future: Building Back Better with Intelligent Civil Infrastructure — Smart Sensors and Self-Monitoring Civil Works

The United States needs to build better infrastructure. The current repairs and replacements are disorganized and patchwork, resulting in unsafe, costly, and inequitable roads, bridges, dams, sidewalks, and water systems. A strategic, smart infrastructure plan that integrates digital technology, sensors, and data not only addresses these issues but can mitigate risks and even improve the conditions and structures that shape our daily lives. By applying data analysis to intelligent infrastructure, which integrates digital technology and smart sensors, we can identify issues with the country’s roadways, buildings, and bridges before they become acute dangers. First, by identifying infrastructure weaknesses, smart infrastructure systems can address decades of deferred maintenance, a practice that has left many structures in perilous conditions. Sensors in pavement, bridges, vehicles, and sewer systems can target where these problems exist, allowing governments to allocate funding toward the neediest projects. From there, these sensors and other smart technologies will alert leaders to changes or issues before they pose a danger—and often before a human inspector can even see them. The many infrastructure emergencies in the U.S. cost thousands of lives and billions of dollars each year, so identifying and fixing these issues is a pressing security issue. Further, as the changing climate leads to more extreme weather and natural disasters, the safety and resiliency of the country’s infrastructure is an immediate concern. Sensor systems and other intelligent infrastructure technology can identify and mitigate these problems, saving money and lives. In addition, intelligent infrastructure can be layered onto existing infrastructure to address public health concerns, like monitoring sewer water for COVID-19 and other pathogens or installing smart sensors along dangerous interstates to automatically lower speed limits and reduce accidents. It can also be used to improve materials, like concrete, to reduce the carbon footprint of a project, ultimately contributing to better health and environmental outcomes. Finally, addressing inequities is a major reason to utilize intelligent infrastructure. Research shows that people of color in the U.S. are exposed to more pollutants, toxic chemicals, and physical danger through excess car emissions, aging water pipes, and poor road conditions. The implementation and funding of these intelligent infrastructure projects must consider where—and to whom—harm has traditionally been done and how building back better can measurably improve the quality of life in marginalized and vulnerable communities. While there are challenges to implementing a sweeping intelligent infrastructure plan, including upfront costs and security concerns, all levels of government play a role in achieving a safer society. At the federal level, with infrastructure funding bills being debated at this moment, the government must look beyond roads and bridges and consider that intelligent infrastructure is a : upheld, connected, and integrated by data. Through grants, incentives, and authorized funding, the federal government can effect monumental change that will improve how all residents experience their daily lives. At the state level, budgeting with intelligent infrastructure in mind will encourage innovative approaches to local infrastructure. And on a municipal level, cities and towns can invest in comprehensive asset management systems and training for local workers to best utilize the intelligent infrastructure data.

Obstacles to comprehensive real estate asset management

PurposeMotivated by behavioral theories of the firm, this study aims to consider the extent to which knowledge gaps, organizational inertia and conflicts of interest prevent large real estate investment management firms from approaching asset management in a comprehensive manner.Design/methodology/approachResults of 93 semi-structured interviews conducted with real estate practitioners working in the USA are thematically analyzed.FindingsAll of the aforementioned factors are found to influence real estate asset management practices and serve as potential obstacles to operational excellence.Research limitations/implicationsThe qualitative analysis is limited in the sense that it focuses exclusively on the perceptions of real estate practitioners in the USA who work for relatively large organizations. However, it offers compelling evidence that comprehensive asset management is difficult under the best of circumstances, and becomes even more so in the presence of knowledge gaps, organizational inertia and conflicts of interest.Practical implicationsThose working in asset management or with asset managers must be mindful of the obstacles discussed if they hope to encourage and facilitate process improvement.Originality/valueThe study contributes to a small but growing, body of research examining the challenges large real estate investment management firms face when trying to derive value from their asset management platforms.

Development of consequence of failure index for water and wastewater pipelines

Water and wastewater pipelines form intrinsic constituents of the complex water infrastructure system. Given the serious consequences of failure of these pipes, risk assessment needs to be made an integral part of a comprehensive infrastructure asset management plan. This risk assessment comprises of two parts – likelihood and consequence of failure. As past literature has focused primarily on the former aspect, this paper attempts to focus on the latter. A comprehensive list of parameters has been identified with a two-level hierarchy structure; with five global parameters at the first level while certain sub-parameters under each one of them at the second. On the basis of questionnaire feedback from various utilities and industry experts, weights are determined using analytical hierarchy process and simple arithmetic average for global parameters and sub-parameters, respectively. These weights are used to develop the consequence of failure index using simple weighted summation. It is expected that this index will assist utilities in risk assessment of pipelines for making timely and appropriate decisions relating to the management of pipelines, and avoiding their failure and its catastrophic consequences.

Review of asset management for metro systems: challenges and opportunities

ABSTRACTMetro systems play a crucial role in the movement of millions of passengers worldwide as commuters rely on a fast, reliable, and convenient underground railway for their daily transportation. However, in many cases, the quality of the service that can be delivered, including performance, attractiveness, and customer satisfaction, are constrained by poorly maintained infrastructure. Meanwhile, effective planning to maintain, rehabilitate, replace and expand existing systems must respect technical, social, political, financial, and management constraints. There is a lack of a comprehensive framework for managing metro assets. This is mainly due to the multiplicity of components; the complexity of their interdependencies; common lack of historical data and performance indicators; and unavailability of a unified framework that integrates forecasts of future demand with decision-making systems. The main objective of this research is to review available studies and models for underground rail systems, identify the main strategic-operational planning gaps, and propose critical tasks for a comprehensive asset management framework. The platform developed in this research is suitable for further studies in urban railways such as Rail Rapid Transit (underground and surface), Light Rail Transit, and suburban trains as well as other modes of transport (e.g. traditional buses, Bus-Rapid-Transit).

Public capital asset management:A holistic perspective

U.S. state governments own a large array of fixed assets and lease a great number of parcels of private real properties for public uses. The purpose of this paper is to explore the public asset management system of the U.S. state governments. First, this paper analyzes the major, current public asset management systems and the public procurement systems created by the Organization for Economic Co-operation and Development and the U.S. Government Accountability Office. Based on the analysis, this paper constructs a comprehensive public asset management system that consists of six cornerstones. Second, this paper verifies the comprehensive public asset management system using the data collected from thirty-seven surveyed state governments. The data analysis demonstrates that the comprehensive public asset management system is supported. However, each cornerstone of the comprehensive public asset management system presents different strengths. Third, this paper suggests that further research may delve into particular areas of capital asset management at the state government level to identify critical issues and to provide appropriate resolutions.

Framework for Defining Asset Features to Monitor and Assess Earth-Retaining Structures

Permanent earth-retaining structures (ERSs), including retaining walls, have been systematically managed, inventoried, and assessed by several government organizations, including the City of Cincinnati, Ohio; the Oregon and Pennsylvania Departments of Transportation; and the Central Federal Lands Highway Division of FHWA (for the National Park Service). For a comprehensive ERS asset management program, a careful evaluation of the structural health, criticality, and risk of ERSs is essential for proper management (preservation, rehabilitation, or replacement) of these aging assets. However, many transportation agencies struggle with the evaluation and incorporation of risk in their ERS management programs. This study addressed the development of a framework that would evaluate risk and would define its relationship to ERS condition (likelihood of failure) and ERS criticality (consequence of failure). A methodology for relating risk to routine inspection cycles for ERSs and remedial actions for those in distress is proposed.

Asset Management Contributes to Optimizing a Distribution System

The asset management planning process lets a water utility derive maximum value from its physical assets. Regardless of its size, a utility can reap huge benefits from a comprehensive asset management program.

Identifying Rehabilitation Options for Optimum Improvement in Municipal Asset Condition

AbstractSustainability in municipal services calls for a comprehensive asset management approach that balances between the needs of a growing portfolio of aging infrastructure and the increased demand(s) arising from new growth—all while staying within the financial means of the community. Best practices for municipal asset management require municipalities and communities to clearly define and state their respective goals that reflect their expectations in terms of level of service. The challenge lies in the fact that asset performance from a community perspective may be quite different from that of a municipal perspective. There is need to interrelate the two perspectives and accordingly determine the optimum quantity of improvement required in the condition of a municipal asset. A complete solution should lead to the most appropriate technique for asset rehabilitation. A methodology to address these issues is proposed and illustrated that identifies and adopts: (1) a model to express asset level of ser...