A generic asset management framework for optimising maintenance investment decision

A generic asset management framework for optimising maintenance investment decision

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Article ID: iaor200972170
Country: United Kingdom
Volume: 19
Issue: 4
Start Page Number: 287
End Page Number: 300
Publication Date: Jun 2008
Journal: Production Planning and Control
Authors: ,
Keywords: investment
Abstract:

This paper proposes a generic asset management framework that integrates enterprise decisions for optimising maintenance investment decisions. Optimisation involves finding the best results for an objective with given restraints and relationships. Three business decision dimensions are used-the annualised costs to the enterprise related to maintenance-namely loss of output cost, resources cost and risk cost. The objective is to reduce costs including those due to risks to the minimum. This paper addresses the relationship between these business decision dimensions within the proposed framework and implements the value per unit time approach for optimisation to occur in an integrated fashion.

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