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What is Engineering Asset Management?
conference contribution
posted on 2023-05-23, 05:27 authored by Amadi-Echendu, JE, Willett, RJ, Brown, K, Lee, J, Mathew, J, Vyas, N, Yang, Bo-SukDefinitions of asset management tend to be broad in scope, covering a wide variety of areas including general management, operations and production arenas and, financial and human capital aspects. While the broader conceptualisation allows a multifaceted investigation of physical assets, the arenas constitute a multiplicity of spheres of activity. We define engineering asset management in this paper as the total management of physical, as opposed to financial, assets. However, engineering assets have a financial dimension that reflects their economic value and the management of this value is an important part of overall engineering asset management. We also define more specifically what we mean by an “engineering asset” and what the management of such an asset entails. Our approach takes as its starting point the conceptualisation of asset management that posits it as an interdisciplinary field of endeavour and we include notions from commerce and business as well as engineering. The framework is also broad, emphasising the life-cycle of the asset. The paper provides a basis for analysing the general problem of physical asset management, relating engineering capability to economic cost and value in a highly integrated way.
History
Publication title
2nd World Congress on Engineering Asset Management and the 4th International Conference on Condition MonitoringPagination
EJDepartment/School
TSBEPublisher
WCEAMPlace of publication
United KingdomEvent title
2nd World Congress on Engineering Asset Management and the 4th International Conference on Condition MonitoringEvent Venue
Cairn Hotel, Harrogate, Yorkshire UKDate of Event (Start Date)
2007-06-11Date of Event (End Date)
2007-06-14Rights statement
Copyright 2007 the authorsRepository Status
- Restricted