An asset management framework to improve longer term returns on investments in the capital intensive industries

    Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsScientificpeer-review

    14 Citations (Scopus)

    Abstract

    The general global problems in the capital intensive industry seem to be over-capacity and low returns on investment. The means to increase returns on investment are to decrease the operating costs or to increase the turnover of capital. From the physical assets' point of view, these requirements mean a need for dynamic and continual life cycle management, optimal capacity development, higher overall equipment effectiveness, higher reliability and flexibility of physical assets, and lower maintenance costs of production equipment. In order to develop methods, such as dynamic life cycle management, optimal capacity development, OEE development etc., to manage the above mentioned problems a general asset management framework is needed. Theframework should be based on the business objectives of the firm and on analysing and modelling various businesses and business environments from the standpoint of the physical assets taking into account technological characteristics, economic structure and uncertainty in the industrial sector in question. In this paper, a methodology to build an asset management framework and a description how it results in asset strategy has been depicted and demonstrated.

    Original languageEnglish
    Title of host publicationProceedings of the 1st World Congress on Engineering Asset Management, WCEAM 2006
    PublisherSpringer
    Pages418-432
    ISBN (Print)1-84628-583-6, 978-184628583-7
    Publication statusPublished - 2006
    MoE publication typeA4 Article in a conference publication
    Event1st World Congress on Engineering Asset Management, WCEAM 2006 - Gold Coast, Australia
    Duration: 11 Jul 200614 Jul 2006

    Conference

    Conference1st World Congress on Engineering Asset Management, WCEAM 2006
    CountryAustralia
    CityGold Coast
    Period11/07/0614/07/06

    Fingerprint

    Asset management
    Life cycle
    Industry
    Operating costs
    Economics
    Costs

    Keywords

    • Asset management
    • Capacity management
    • Operation and maintenance
    • Strategic analyses

    Cite this

    Komonen, K., Kortelainen, H., & Räikkönen, M. (2006). An asset management framework to improve longer term returns on investments in the capital intensive industries. In Proceedings of the 1st World Congress on Engineering Asset Management, WCEAM 2006 (pp. 418-432). Springer.
    Komonen, Kari ; Kortelainen, Helena ; Räikkönen, Minna. / An asset management framework to improve longer term returns on investments in the capital intensive industries. Proceedings of the 1st World Congress on Engineering Asset Management, WCEAM 2006. Springer, 2006. pp. 418-432
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    Komonen, K, Kortelainen, H & Räikkönen, M 2006, An asset management framework to improve longer term returns on investments in the capital intensive industries. in Proceedings of the 1st World Congress on Engineering Asset Management, WCEAM 2006. Springer, pp. 418-432, 1st World Congress on Engineering Asset Management, WCEAM 2006, Gold Coast, Australia, 11/07/06.

    An asset management framework to improve longer term returns on investments in the capital intensive industries. / Komonen, Kari; Kortelainen, Helena; Räikkönen, Minna.

    Proceedings of the 1st World Congress on Engineering Asset Management, WCEAM 2006. Springer, 2006. p. 418-432.

    Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsScientificpeer-review

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    AB - The general global problems in the capital intensive industry seem to be over-capacity and low returns on investment. The means to increase returns on investment are to decrease the operating costs or to increase the turnover of capital. From the physical assets' point of view, these requirements mean a need for dynamic and continual life cycle management, optimal capacity development, higher overall equipment effectiveness, higher reliability and flexibility of physical assets, and lower maintenance costs of production equipment. In order to develop methods, such as dynamic life cycle management, optimal capacity development, OEE development etc., to manage the above mentioned problems a general asset management framework is needed. Theframework should be based on the business objectives of the firm and on analysing and modelling various businesses and business environments from the standpoint of the physical assets taking into account technological characteristics, economic structure and uncertainty in the industrial sector in question. In this paper, a methodology to build an asset management framework and a description how it results in asset strategy has been depicted and demonstrated.

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    Komonen K, Kortelainen H, Räikkönen M. An asset management framework to improve longer term returns on investments in the capital intensive industries. In Proceedings of the 1st World Congress on Engineering Asset Management, WCEAM 2006. Springer. 2006. p. 418-432