Optimizing the Life Cycle of Physical Assets – a Review

Abstract

Life cycle optimization has been a concern over decades; it has been clear that an asset well-kept will have a longer life with a higher return for the organization; this life cycle depends of several factors. The standard ISO 55001 defines a set of requirements that, when implemented and maintained, guarantee the good performance of an organization's asset management, responding to stakeholders need and expectations and ensuring the value creation and maintenance as well as a global vision of assets on the Optimizing the Life Cycle of Physical Assets. The organizations where physical asset management is of major importance include all those that involves facilities, machinery, buildings, roads and bridges, utilities, transportation industries, oil and gas extraction and processing, mining and mining processing, chemicals, manufacturing, distribution, aviation and defence. However, since ISO 55001 is a new standard in the global market, due to its necessity to involve all the organization its implementation becomes difficult; but, it is clear that an organization that certifies by the ISO 55001 is ahead on life cycle optimization because it is part of its requirements; so, what model of life cycle optimization to use? Is there anyone that fits on the ISO 55001? Can an existing one be adapted to be used according to ISO 55001 requirements? The approaches of this paper bring a literary review of life cycle models used in asset management and their major concerns, this is the beginning to build a model to optimize the life cycle of physical assets including the ISO 55001 perspective.

Optimizing the Life Cycle of Physical Assets through an Integrated Life Cycle Assessment Method

“…Previous research has examined the incorporation of technological upgrades, and technological and sustainability depreciation, to reduce the CO 2 emissions of assets used in different areas, such as transport, buildings, and industry. To date, studies have been conducted based on products [48][49][50] and assets in general [51]. However, none have presented methods that integrate technology and sustainability variables to calculate replacement time, and the implications for investment.…”

“…Pais et al [51] present studies with models and approaches, including their advantages and disadvantages in terms of asset management, with a focus on the life cycle (Table 2). • Based on water utility…”

Bibliometric Overview and Retrospective Analysis of Asset Management Research between 1965 and 2020

“…Organisations strived to manage assets to gain the greatest possible lifetime effectiveness, utilisation, and returns by collaborating with third parties, such as vendors and clients, to create a holistic, strategic process that integrated finance, management, engineering, operations and maintenance processes (Pais et al, 2020). The asset management process should be used in complete life cycles of assets -design, acquisition, operation, maintenance, and disposal and in risk-based management of assets and related human resources to achieve even greater value.…”

“…The trend increased steadily between 1983 and 1999, with an average of 33 documents produced annually. A significant change took place in 2000, with an average of 113 documents being published from 2000 to 2020, perhaps because organisations started to treat asset management as a strategic and integrated process to gain the greatest lifetime effectiveness, utilisation and returns (Pais et al, 2020). Relevant documents appeared most frequently in titles related to facilities management, engineering, transportation and maintenance management; they were primarily located in the United States.…”

Maintenance Prediction through Sensing Using Hidden Markov Models—A Case Study

“…This is aimed at the increasing of profits, namely, due to the non-existence of unexpected stoppages in production. For instance, according to Pais et al [1], Data Mining and Artificial Intelligence (AI) can contribute to safeguard the company's profits and the safety of people and property. This work aims to demonstrate how it is possible to optimize the data collected from the raw signal given by the sensor and, through the transformation of observable states made by the HMM, how the equipment diagnosis can be obtained.…”