Technological requirements for water system asset management

The public and private sectors have been managing their assets in some form for many years. Recently, however, the concept of asset management has been formulated to draw more explicitly on the principles of business, technology, economics, and other disciplines in a systematic and integrated way. This strategy offers cost-effective and responsive advantages in managing the public’s assets. Other management systems, particularly pavement management, have preceded the current interest in asset management by several decades. Accordingly, it is useful to assess whether there are common elements between asset management and pavement management and, if so, whether the experience gained from pavement management implementation and operation can be of benefit. In a generic sense, asset management has extensive commonalities with its component systems such as pavement management. However, asset management has some issues to resolve in progressing from a framework to an operational reality. A number of ways or areas in which asset management system development and implementation can benefit from pavement management operational experience are presented. Finally, some technical, economic/technical, and institution and user opportunities for innovations and advancements in asset management systems are identified.

The objective of the work is to present the concepts of Asset Management for the Subsea area and a possible path on how to implement it in its processes, in accordance with the requirements of the ISO 55000 standard. This is an international standard published in 2011 and which covers requirements on how extract more value from an organization's physical assets by managing performance, cost and risk. According to IAM (Institute of Asset Management) and GFMAN (Global Forum for Asset Management), organizations have been increasing recognition of Asset Management as a discipline that has great relevance and significant potential for increasing the performance of the management system, increasing the guarantee of achieving organizational objectives. The introduction of this work will address the origin of the Asset Management topic and how it has been growing in organizations. A brief history of the evolution of the Subsea area in Integrity Management and similarities of this topic in Asset Management will also be presented. Next, the main concepts of Asset Management will be described, going through the ISO 55000 standards. Finally, a possible path for implementing asset management in the subsea area will be described, through a model for preparing a SAMP (Strategic Asset Management Plan), this being one of the main requirements of ISO 55000.

The railway as a complete system is a collection of assets working collectively to deliver the desired functionality. Asset Management is primarily concerned with ensuring optimum performance of the railway system by lifecycle management of the assets. While the concept of asset management is fairly well understood, the diversity and age of assets types on the UK railways create significant challenges to engineers responsible for the management of the railway system. Signalling and control systems have a significant safety and performance impact on the operation of the railway; therefore it is essential for a business led railway that the management of signalling assets is a core activity. In practice the railway industry and signalling engineers have been carrying out asset management activities and processes without the term necessarily being applied to the tasks being undertaken. Asset management is therefore not a new idea but a term to recognize good management process of which engineering is a major element. This paper is intended to give an overview of asset management of the signalling and control systems as presently undertaken by Network Rail.

The focus of the transportation industry, in both the public and private sectors, has slowly been changing from construction and expansion to that of preservation, as a result of various factors. Private-sector industries have made strides in asset management that could be beneficial to the public sector. Private-sector asset management principles and concepts that would form an integral part of any asset management program employed by state transportation agencies and that are transferable to the public sector, especially state departments of transportation, are identified. An overview of best practices in asset management in the private sector is presented. Thus, lessons learned are identified based on a synthesis of case studies. The analysis has been done by carefully examining asset management practices of seven near-transportation private-sector companies. Included are case studies from two railroads, two airlines, two energy companies, and one railcar leasing company. The case studies highlight the need for communication, tools, and education as well as an information technology foundation from which asset management can be practiced effectively.

In the article it was explored the concept of asset and liability management. It was found that this process has a direct impact on the structure and liquidity of the bank's balance sheet, as well as sensitivity to fluctuations in interest rates on its financial items. Liquidity management is a priority in the bank's asset and liability management. It was justified that the best method of assessing the risk of liquidity loss is to analyze the gap in the maturity of financial requirements and liabilities. The basis of liquidity management is the concept of cash flow compliance, aimed at ensuring that based on the GAP-analysis of incoming cash flows are brought in line with the outgoing flows. It was revealed that an important system-forming institution of the domestic banking sphere is JSC CB «PrivatBank». From the point of view of asset and liability management, the main sources of mobilization of financial resources of this bank were be identified. It was found that due to the active work of JSC CB «PrivatBank» in the Ukrainian financial market, the greatest danger is the probability of liquidity risk. The emergence of this risk means that the institution may suffer losses, additional expenses or loss of income due to its inability to provide financing to increase assets and/or fulfillment of its liabilities in due time. In this context the GAP-analysis was performed for JSC CB «PrivatBank». For the purpose of liquidity gap analysis there were selected only financial assets and liabilities of the bank. All these funds were divided into following groups: on demand and up to 1 month, from 1 to 3 months, from 3 to 12 months, more than 12 months. It was made an assessment of the dynamics of changes in liquidity gaps in JSC CB «PrivatBank» in terms of maturity, as well as the total liquidity gap in 2016-2020. The necessity of developing measures to maintain liquidity in case of adverse events was substantiated. There were offered variants of scenarios of response to realization of bank liquidity risks. Emphasis was placed on the importance of finding alternative sources of funding that increase the bank's ability to withstand stressful situations and liquidity crises.

Information Quality for Effective Asset Management: A literature review

Transaction costs are a major factor affecting portfolio returns in asset management. We propose an enhanced target volatility strategy to reduce the deleterious effect of transaction costs by adding rebalancing boundaries to the target volatility asset allocation mechanism. We formulate a constrained optimization problem to determine the optimal rebalancing boundary level. Based on simulations using an overlapping block bootstrap approach, we find that the extended target volatility portfolio with rebalancing boundary levels can provide better investment outcomes (higher portfolio returns and reduced transaction costs) without losing the ability to control portfolio risk under a pre-determined threshold. Further computational analysis on different real market scenarios confirms these findings and allows us to summarize insights on the appropriate boundaries to use under different market conditions and transaction cost magnitudes. Our findings have important practical implications given the popularity of the target volatility investment strategy as well as other asset management concepts with a dynamic asset allocation mechanism.

Abstract. The integration of Building Information Modelling (BIM) and Geographical Information Systems (GIS) is gaining momentum in digital built Asset Management (AM), and has the potential to improve information management operations and provide advantages in process control and delivery of quality AM services, along with underlying data management benefits through entire life cycle of an asset. Work has been carried out relating GeoBIM/AM to buildings as well as infrastructure assets, where the potential financial savings are extensive. While information form BIM maybe be sufficient for building-AM; for infrastructure AM a combination of GIS and BIM is required. Scientific literature relating to this topic has been growing in recent years and has now reached a point where a systematic analysis of current and potential uses of GeoBIM in AM for Infrastructure is possible. Three specific areas form part of the analysis – a review of BIM and Infrastructure AM and GIS and Infrastructure AM leads to a better understanding of current practice. Combining the two, a review of GeoBIM and Infrastructure AM allows the benefits of, and issues relating to, GeoBIM to be clearly identified, both at technical and operational levels. A set of 54 journal articles was selected for in-depth contents analysis according to the AM function addressed and the managed asset class. The analysis enabled the identification of three categories of issues and opportunities: data management, interoperability and integration and AM process and service management. The identified knowledge gaps, in turn, underpin problem definition for the next phases of research into GeoBIM for infrastructure AM.

Asset Management is a concept that has a very wide range of uses and different levels of maturity across diverse industrial sectors and regions. Because of this, there is lots exists a large amount of variation in the concepts and the terminology used. In discussing the concept of asset management, the asset management professionals tend to adhere to their own definitions. This situation is an impediment to bringing the concept further, and can mostly be attributed to the fact that framing an improvement in one specific approach or terminology may render it virtually inapplicable in another context. In other words, quite comparable approaches and concepts have to be invented over and over again. To prevent the chaos and in order to provide the basis for a unified resolution, a system level reference model for translating improvements into other realms would be very helpful. In this paper, the outline of such a reference model is developed.

사회기반시설이 노후화됨에 따라 현행 시설물 유지관리를 넘어 예산을 절약하고 시설물의 가치를 높이기 위해 공공시설에 자산관리를 도입해야 한다는 요구가 증대되고 있다. 공공시설 자산관리는 이러한 요구에 대응하기 위한 새로운 시설물 유지보수 개념으로 기존의 시설물 유지관리업무를 통해 축적된 데이터를 분석하고 생애주기분석, 리스크관리 등의 의사결정 방법을 활용하여 최적화된 유지관리계획을 수립하고 실행하는 것이다. 자산관리의 정보화 방안을 도출하기 위해 자산관리 업무를 조사하고, 뉴질랜드의 IIMM의 내용과 미국의 FHWA의 업무정의 그리고 국내의 대표적 유지관리시스템을 분석하였다. 또한 현행 시설물 유지관리 조직간의 역할을 조사하고, 자산관리 조직과 업무간의 관계를 분석하였다. 마지막으로 자산관리에 필요한 정보와 기존 유지관리시스템이 포함하고 있는 정보를 자산관리 업무와 비교분석하였다. 본 논문에서는 공공시설 자산관리 정보화 방안으로 첫째, 시설물 유지관리시스템에 있는 기능을 중복해서 개발하지 않고 자산관리 핵심업무만을 구현하며 둘째, 시스템의 구조를 계층으로 분할하고 셋째, 자산관리시스템과 기존 시설물 유지관리시스템들간을 연동하여 정보를 공유하는 방안을 제시하였다. With the social infrastructure being deteriorated, there is a growing need to introduce the asset management to social infrastructure management in order to increase their value and save budget. Social infrastructure asset management is a new concept of facility management in response to these demands. It is defined as a procedure for collecting and analysing facility maintenance data and for making and practicing an economically optimized management plan. Detailed survey work of asset management business is analyzed in order to derive a strategy for asset management information. The contents of IIMM of New Zealand and the asset management definition of the FHWA of the United States, and representative facility management systems of Korea are analysed. The role between organizations and the relationship between business and organization were analyzed. Information required for asset management and for existing facility management systems is compared with business of asset management. In this thesis, three development strategies are suggested. The first one is to develop core business of asset management while excluding duplicated development. The second one is to divide system's structure into three layers. And the last one is to share information by interfacing asset management systems with existing facility management systems.

The aim of this paper is to improve the water industry asset life cycle management framework towards more resilient water services in Finland. This paper is based on a literature study and a web-based semi-structured thematic interview, in which the Finnish water utility managers identified the current status of their utilities’ asset management. The water services professionals are extremely worried that, by and large, water and sewage networks are still deteriorating, although the networks are nowadays rehabilitated more systematically. The survey reveals that although most of the surveyed utilities have adopted several processes and sub-processes of asset management, and a few utilities are even using some asset management guides, as a whole a strategic approach to and a comprehensive framework for optimized management of physical assets are not practiced. Therefore the development and introduction of specific asset management guidelines should be considered. In order to support successful usage of the asset management framework, the basic concepts and principles of engineering asset management should be included in educational and professional development programs, in particular at the university level.

Due to increasing flood risks, storm surge barriers become crucial for the socioeconomic continuity of coastal areas. They provide flood protection, especially against extreme events, by operating under specific circumstances. This imposes high-performance requirements for storm surge barriers and their asset management during their lifetime and emphasises the role and criticality of their asset management. For this purpose, the research investigates asset management for storm surge barriers by focusing on the approach in the Netherlands and analysing it relative to distinctive characteristics of storm surge barriers. Based on thematic analysis, the study unfolds that barriers’ characteristics: (1) clarify the vital motives for the asset management approach, (2) confront the approach with challenging conditions, resulting in further maturation of the approach, and (3) require ongoing support from the approach, enforcing continuous improvement and resilience of the asset management approach. These findings demonstrate the strong influence of barriers’ characteristics on their asset management approach and provide a fundamental understanding of asset management for storm surge barriers. This supports flood defence authorities in the development and improvement of asset management for storm surge barriers and underpins associated complexities for future designs and research. Furthermore, the study assists in tailoring approaches for other assets.

As interest in asset management among public sector organizations has grown over the past decade, a number of professional and government organizations have attempted to define asset management and develop research agendas in an effort to focus the practice and implementation of asset management. This article synthesizes these research initiatives to develop a research road map for transportation asset management. This road map is intended to identify research needs and provide significant milestones along the way. The road map includes specific projects over a 15-year period in the areas of (a) policy goals and objectives and performance measures, (b) planning and programming, (c) program delivery, and (d) systems monitoring and performance results. Ultimately this research program aims to facilitatethe widespread adoption of the asset management concept and the continued enhancement of tools and processes.

Local government asset management has come of age in both Australia and New Zealand, and professional associations such as New Zealand Asset Management Support (Nams) and Institute of Public Works Engineering Australia (Australasia) develop and deliver a variety of training programs and manuals to ensure asset management practitioners have access to what they need to know. Why then do some organisations fail to gain traction in their asset management (AM) efforts and officers complain they get no support from above? This paper posits that the missing AM ingredient in many organisations is leadership. It builds on previous work by the author on the key success factors in developing a strategic asset management framework and includes the results of a feedback survey undertaken during an Asset Management Study Tour of New Zealand in 2010. Rather than approach asset management as a technical issue, this paper will examine it from a number of ‘leadership’ perspectives, including change management, cultural change, process management and quality management. AM requires strong leadership to improve and maintain its position in local government integrated planning, and this paper will establish a case for improved leadership in AM.

The main Author has over 17 years of railway operations and consulting experience in East Asia. He observed that the railway operators in the region share high degree of similarities due to demographic issue. Some metro operators outperform worldwide operators in spite of their relatively young age. In contrast to their recognized service performance, some may find that asset management is a new concept to them and their business. Most of them benchmark with the international best practices, especially those that have adopted such as ISO55000/PAS55. However, the degree of implementation is inevitably affected by the social characteristics where these operators are located. This paper aims to illustrate the phenomenon observed from these operators when they tried to incorporate Asset Management into their management system. Topics such as organization structure and hierarchy, staff's attitude and mind-set, acceptance level of Asset Management, decision making and corporate strategic target that impact AM are discussed. In summary, the paper addresses the interesting aspects of a newly developed international standard being applied in East Asia Railway operations, i.e. cultural, economic and social.