12th Annual International Conference on Industrial Engineering and Operations Management

Asset Management Models Brief Review and Framework Development for Energy Sustainability & Sustainable Development

Joseph Akpan & Oludolapo Olanrewaju
Publisher: IEOM Society International
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Track: Modeling and Simulation

Despite,  other operational disciplines like projects, risk, health & safety, environment, and quality management has a variety of global frameworks and models, asset and maintenance management has just recently been created. To help practitioners recognize the variables and constructs that might support decisions towards effective and efficient physical asset management, a variety of organizations, groups, consultancies, and researchers have provided numerous models, terminologies, and frameworks. According to Global Forum on Maintenance & Asset Management (GFMAM) most recent framework, ensuring the asset value is effectively exploited requires considering sustainability as one of the principal components.  Although companies have clearly established processes for asset management, there has not been a comprehensive framework to link physical asset management systems with energy sustainability towards meeting sustainable development objectives. With the growing demand for energy and the resulting worries about the reliability of associated asset that employs these energies to generate value for the organization, global asset sustainability becomes necessary. A sound business technique is no longer asset efficient if the energy performance that goes along with it, is not understood. Using asset management systems to achieve sustainable development is still not thoroughly and independently investigated, both in industry practice and academic study. Continuous enhancement of asset management systems under the context of sustainability requires a robust study and framework that will allow organizations to understand the various established subject groups and principles within the performance of asset management system and their contribution towards sustainability– thereby ensuring that: (i) The 6 subject groups and 39 principles of the asset management landscape by GFMAM are evaluated based on their influence on the energy sustainability & sustainable development perspective; and (ii) Organizational major targets and performance indicators under these subject groups are aligned in the context of sustainable development. The following issues will be addressed in this paper: The current state of energy sustainability measured and how they can be linked to asset management system performance, and how can this be tied back to business performance.

 

Published in: 12th Annual International Conference on Industrial Engineering and Operations Management, Istanbul, Turkey

Publisher: IEOM Society International
Date of Conference: March 7-10, 2022

ISBN: 978-1-7923-6131-9
ISSN/E-ISSN: 2169-8767