Mitigating change in the goals and context of capital assets: Design of the Lifetime Impact Identification Analysis

Manoeuvring physical assets into the future

“…A general introduction to this methodology was presented in Section 1.5 (page 17). In our previous publication (Ruitenburg and Braaksma, 2017b), we reported on the first three phases. Therefore, this paper will focus on the test of the solution design: the LIIA.…”

“…The LIIA has been developed based on three generative mechanism that underlie the method. These generative mechanisms were based on the literature, as initial solutions to three challenges identified in a case study on ALCM in practice (Ruitenburg and Braaksma, 2017b). The three challenges and the initial solutions to these are presented in Table 4.4.1, as well as the main references for each of the three generative mechanisms.…”

“…As ALCM is a multidisciplinary practice (Haffejee and Brent, 2008;Pudney, 2010;Ruitenburg and Braaksma, 2017b), impacts on the asset may range from very different backgrounds. These are captured by the acronym TECC: technical, economic, compliance and commercial.…”

“…This report discusses the value created from the use of the asset from a long-term perspective, focusing on the (strategic) objectives the owner has with the asset, its current performance and the lifetime impacts that may affect the value created with the asset. (Ruitenburg and Braaksma, 2017b) Step Description 1. Asset selection Selection of the asset(s) to consider in the LIIA, as well as the scope and depth of the analysis.…”

“…The need to adopt a 'life cycle approach' is also acknowledged by the recent ISO standard on Asset Management (ISO, 2014) However, existing methods for Asset (Life Cycle) Management do not explicitly consider changes in the operating environment of the assets, nor do they offer clear guidance or tools to effectively manage assets over their complete life cycles. Therefore, we have developed a method to identify the changes in the operating environment of the asset relevant to Asset Life Cycle Management (ALCM): the Lifetime Impact Identification Analysis (LIIA) (Ruitenburg and Braaksma, 2017b). The objective of this paper is to test this newly developed method in practice.…”