Asset management decisions: Based on system thinking and data analysis

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

    2 Citations (Scopus)

    Abstract

    Asset related data is collected in several information systems (e.g. enterprise resource management (ERP) and computerized maintenance management systems (CMMS) systems) at industrial plants. Information systems including asset related data are typically used for operational level decisions (e.g. creating maintenance work orders) but maintenance history data is also valuable when making asset management level decisions (e.g. investment decisions). Even there is a huge amount of stored data, tacit knowledge is needed for risk conscious asset decisions both for supplementing the data contained in IT-systems and for creating the understanding of the production system itself and its interrelationships. The paper describes how data collected from ERP and CMMS system can be utilized when improving operational efficiency and researching investment opportunities and evaluating investment options.
    Original languageEnglish
    Title of host publicationEngineering Asset Management
    Subtitle of host publicationSystems, Professional Practices and Certification
    PublisherSpringer
    Pages1083-1093
    ISBN (Electronic)978-3-319-09507-3
    ISBN (Print)978-3-319-09506-6
    DOIs
    Publication statusPublished - 30 Nov 2014
    MoE publication typeA4 Article in a conference publication
    Event8th World Congress on Engineering Asset Management, WCEAM 2013 and the 3rd International Conference on Utility Management and Safety, ICUMAS - Hong Kong, China
    Duration: 30 Oct 20131 Nov 2013
    Conference number: 8

    Publication series

    SeriesLecture Notes in Mechanical Engineering
    Volume19
    ISSN2195-4356

    Conference

    Conference8th World Congress on Engineering Asset Management, WCEAM 2013 and the 3rd International Conference on Utility Management and Safety, ICUMAS
    Abbreviated titleWCEAM 2013
    CountryChina
    CityHong Kong
    Period30/10/131/11/13

    Fingerprint

    Assets
    Systems thinking
    Management decisions
    Asset management
    Maintenance management
    Management system
    Tacit knowledge
    Information systems
    Operational efficiency
    Investment decision
    Resource management
    Investment opportunities
    Enterprise information systems
    Interrelationship

    Keywords

    • asset management
    • maintenance
    • data analysis
    • event data
    • expert elicitation
    • CMMS
    • ERP

    Cite this

    Kortelainen, H., Kunttu, S., Valkokari, P., & Ahonen, T. (2014). Asset management decisions: Based on system thinking and data analysis. In Engineering Asset Management: Systems, Professional Practices and Certification (pp. 1083-1093). Springer. Lecture Notes in Mechanical Engineering, Vol.. 19 https://doi.org/10.1007/978-3-319-09507-3_92
    Kortelainen, Helena ; Kunttu, Susanna ; Valkokari, Pasi ; Ahonen, Toni. / Asset management decisions : Based on system thinking and data analysis. Engineering Asset Management: Systems, Professional Practices and Certification. Springer, 2014. pp. 1083-1093 (Lecture Notes in Mechanical Engineering, Vol. 19).
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    title = "Asset management decisions: Based on system thinking and data analysis",
    abstract = "Asset related data is collected in several information systems (e.g. enterprise resource management (ERP) and computerized maintenance management systems (CMMS) systems) at industrial plants. Information systems including asset related data are typically used for operational level decisions (e.g. creating maintenance work orders) but maintenance history data is also valuable when making asset management level decisions (e.g. investment decisions). Even there is a huge amount of stored data, tacit knowledge is needed for risk conscious asset decisions both for supplementing the data contained in IT-systems and for creating the understanding of the production system itself and its interrelationships. The paper describes how data collected from ERP and CMMS system can be utilized when improving operational efficiency and researching investment opportunities and evaluating investment options.",
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    author = "Helena Kortelainen and Susanna Kunttu and Pasi Valkokari and Toni Ahonen",
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    Kortelainen, H, Kunttu, S, Valkokari, P & Ahonen, T 2014, Asset management decisions: Based on system thinking and data analysis. in Engineering Asset Management: Systems, Professional Practices and Certification. Springer, Lecture Notes in Mechanical Engineering, vol. 19, pp. 1083-1093, 8th World Congress on Engineering Asset Management, WCEAM 2013 and the 3rd International Conference on Utility Management and Safety, ICUMAS, Hong Kong, China, 30/10/13. https://doi.org/10.1007/978-3-319-09507-3_92

    Asset management decisions : Based on system thinking and data analysis. / Kortelainen, Helena; Kunttu, Susanna; Valkokari, Pasi; Ahonen, Toni.

    Engineering Asset Management: Systems, Professional Practices and Certification. Springer, 2014. p. 1083-1093 (Lecture Notes in Mechanical Engineering, Vol. 19).

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

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    Kortelainen H, Kunttu S, Valkokari P, Ahonen T. Asset management decisions: Based on system thinking and data analysis. In Engineering Asset Management: Systems, Professional Practices and Certification. Springer. 2014. p. 1083-1093. (Lecture Notes in Mechanical Engineering, Vol. 19). https://doi.org/10.1007/978-3-319-09507-3_92