Orders > Conference proceedings > Product lifecycle management PLM'09
Proceedings of the International Conference on
Product Lifecycle Management PLM'09
Supporting the extended enterprise
PLM-SP5, 2009 |
(from Chapter 4: Asset Information Management)
| Full Citation and Abstract
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Title: |
Towards value based asset management |
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Author(s): |
Ali Z. Rezvani, Farnaz Farzan, Mohsen A. Jafari |
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Address: |
Department of Industrial & Systems Engineering, Rutgers, The State University of New Jersey, 96 Frelinghuysen Road, Piscataway, NJ 08854, USA
rezvani @ eden.rutgers.edu, farnazfn @ eden.rutgers.edu, jafari @ rci.rutgers.edu |
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Reference: |
PLM-SP5 - 2009 Proceedings pp. 208 - 217 |
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Abstract/
Summary |
Conventional cost based lifecycle approach in infrastructure asset management can no longer handle different aspects of an asset from functionality to social impacts over its lifecycle. In this work, a value based paradigm is introduced for decision making process over the lifecycle of an asset. Cost based asset management is compared to value based on the basis of a single value dimension. We will discuss the differences through the outcomes that the two decision models generate. We will conclude the article with a discussion on the value of information on a conditional basis. By conditioning on the decision making paradigm, we define a simple metrics model to compute the value of the information necessary to optimize within that paradigm. |
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