Asset management framework for assessing the economic, environmental and social impact and risks of water balance system

Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsProfessional

Abstract

Mining industry uses massive amounts of water for minerals processing and both management of vast water volumes and water scarcity constitute needs for the companies. Hence, improvements in the mines’ water balance management are central to making mining environmentally and societally safer and more efficient. Consequently, investments in water-related technologies and services must be carefully planned and evaluated to deliver immediate and long-term benefits, and to reduce the environmental risk. The objective of this paper is to establish an asset management framework to define the customer value of the water balance system and to support the economic, environmental and social impact and risk assessment of water-related investments in mining sector as a whole. In broad scale, the research utilizes the constructive research as the research methodology. Firstly, the aim is inincreasing understanding of phenomena of a multidimensional investment value and risk in the context of investment appraisal. Secondly, the customer value is demonstrated empirically by analysing the water balance solution’s potential to mitigate or eliminate risks and by valuating relevant value elements of the solution. The framework contributes to refining of the value of the water balance system, and to demonstrating and communicating the costs and risks as well as the benefits achieved by a potential customer. From a long-term perspective, applying a multidimensional approach to the assessment generates several benefits, including advancing the ability to communicate the value of water-related invest-ments to business ecosystem, local societies, people, investors and other stakeholders as well as to support the goal of sustainable growth. The paper contributes to the asset management research field by providing a multidimensional approach to assess water-related investments in mining industry. The proposed model provides practitioners with the opportunity to adopt a proactive approach to assess water balance system’s value.
Original languageEnglish
Title of host publication2019 World Congress: Resilience, Reliability and Asset Management
Subtitle of host publicationConference proceedings
PublisherFuture Resilient Systems (FRS)
Pages110-113
Number of pages4
Publication statusPublished - 2019
MoE publication typeD3 Professional conference proceedings
EventWorld Congress on Resilience, Reliability and Asset Management, WCRRA 2019 - Singapore, Singapore
Duration: 28 Jul 201931 Jul 2019
http://resilienceconference.ethz.ch/

Conference

ConferenceWorld Congress on Resilience, Reliability and Asset Management, WCRRA 2019
Abbreviated titleWCRRA 2019
CountrySingapore
CitySingapore
Period28/07/1931/07/19
Internet address

Fingerprint

Social risk
Economic impact
Environmental impact
Asset management
Water
Mining industry
Customer value
Water scarcity
Management research
Investors
Business ecosystem
Impact assessment
Sustainable growth
Risk assessment
Stakeholders
Environmental risk
Costs
Investment appraisal
Value systems
Minerals

Keywords

  • impact
  • value
  • risk
  • water balance solution

Cite this

Räikkönen, M., Uusitalo, T., Molarius, R., Kortelainen, H., Di Noi, C., & Horn, S. (2019). Asset management framework for assessing the economic, environmental and social impact and risks of water balance system. In 2019 World Congress: Resilience, Reliability and Asset Management: Conference proceedings (pp. 110-113). Future Resilient Systems (FRS).
Räikkönen, Minna ; Uusitalo, Teuvo ; Molarius, Riitta ; Kortelainen, Helena ; Di Noi, Claudia ; Horn, Susanna. / Asset management framework for assessing the economic, environmental and social impact and risks of water balance system. 2019 World Congress: Resilience, Reliability and Asset Management: Conference proceedings. Future Resilient Systems (FRS), 2019. pp. 110-113
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abstract = "Mining industry uses massive amounts of water for minerals processing and both management of vast water volumes and water scarcity constitute needs for the companies. Hence, improvements in the mines’ water balance management are central to making mining environmentally and societally safer and more efficient. Consequently, investments in water-related technologies and services must be carefully planned and evaluated to deliver immediate and long-term benefits, and to reduce the environmental risk. The objective of this paper is to establish an asset management framework to define the customer value of the water balance system and to support the economic, environmental and social impact and risk assessment of water-related investments in mining sector as a whole. In broad scale, the research utilizes the constructive research as the research methodology. Firstly, the aim is inincreasing understanding of phenomena of a multidimensional investment value and risk in the context of investment appraisal. Secondly, the customer value is demonstrated empirically by analysing the water balance solution’s potential to mitigate or eliminate risks and by valuating relevant value elements of the solution. The framework contributes to refining of the value of the water balance system, and to demonstrating and communicating the costs and risks as well as the benefits achieved by a potential customer. From a long-term perspective, applying a multidimensional approach to the assessment generates several benefits, including advancing the ability to communicate the value of water-related invest-ments to business ecosystem, local societies, people, investors and other stakeholders as well as to support the goal of sustainable growth. The paper contributes to the asset management research field by providing a multidimensional approach to assess water-related investments in mining industry. The proposed model provides practitioners with the opportunity to adopt a proactive approach to assess water balance system’s value.",
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Räikkönen, M, Uusitalo, T, Molarius, R, Kortelainen, H, Di Noi, C & Horn, S 2019, Asset management framework for assessing the economic, environmental and social impact and risks of water balance system. in 2019 World Congress: Resilience, Reliability and Asset Management: Conference proceedings. Future Resilient Systems (FRS), pp. 110-113, World Congress on Resilience, Reliability and Asset Management, WCRRA 2019, Singapore, Singapore, 28/07/19.

Asset management framework for assessing the economic, environmental and social impact and risks of water balance system. / Räikkönen, Minna; Uusitalo, Teuvo; Molarius, Riitta; Kortelainen, Helena; Di Noi, Claudia; Horn, Susanna.

2019 World Congress: Resilience, Reliability and Asset Management: Conference proceedings. Future Resilient Systems (FRS), 2019. p. 110-113.

Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsProfessional

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T1 - Asset management framework for assessing the economic, environmental and social impact and risks of water balance system

AU - Räikkönen, Minna

AU - Uusitalo, Teuvo

AU - Molarius, Riitta

AU - Kortelainen, Helena

AU - Di Noi, Claudia

AU - Horn, Susanna

PY - 2019

Y1 - 2019

N2 - Mining industry uses massive amounts of water for minerals processing and both management of vast water volumes and water scarcity constitute needs for the companies. Hence, improvements in the mines’ water balance management are central to making mining environmentally and societally safer and more efficient. Consequently, investments in water-related technologies and services must be carefully planned and evaluated to deliver immediate and long-term benefits, and to reduce the environmental risk. The objective of this paper is to establish an asset management framework to define the customer value of the water balance system and to support the economic, environmental and social impact and risk assessment of water-related investments in mining sector as a whole. In broad scale, the research utilizes the constructive research as the research methodology. Firstly, the aim is inincreasing understanding of phenomena of a multidimensional investment value and risk in the context of investment appraisal. Secondly, the customer value is demonstrated empirically by analysing the water balance solution’s potential to mitigate or eliminate risks and by valuating relevant value elements of the solution. The framework contributes to refining of the value of the water balance system, and to demonstrating and communicating the costs and risks as well as the benefits achieved by a potential customer. From a long-term perspective, applying a multidimensional approach to the assessment generates several benefits, including advancing the ability to communicate the value of water-related invest-ments to business ecosystem, local societies, people, investors and other stakeholders as well as to support the goal of sustainable growth. The paper contributes to the asset management research field by providing a multidimensional approach to assess water-related investments in mining industry. The proposed model provides practitioners with the opportunity to adopt a proactive approach to assess water balance system’s value.

AB - Mining industry uses massive amounts of water for minerals processing and both management of vast water volumes and water scarcity constitute needs for the companies. Hence, improvements in the mines’ water balance management are central to making mining environmentally and societally safer and more efficient. Consequently, investments in water-related technologies and services must be carefully planned and evaluated to deliver immediate and long-term benefits, and to reduce the environmental risk. The objective of this paper is to establish an asset management framework to define the customer value of the water balance system and to support the economic, environmental and social impact and risk assessment of water-related investments in mining sector as a whole. In broad scale, the research utilizes the constructive research as the research methodology. Firstly, the aim is inincreasing understanding of phenomena of a multidimensional investment value and risk in the context of investment appraisal. Secondly, the customer value is demonstrated empirically by analysing the water balance solution’s potential to mitigate or eliminate risks and by valuating relevant value elements of the solution. The framework contributes to refining of the value of the water balance system, and to demonstrating and communicating the costs and risks as well as the benefits achieved by a potential customer. From a long-term perspective, applying a multidimensional approach to the assessment generates several benefits, including advancing the ability to communicate the value of water-related invest-ments to business ecosystem, local societies, people, investors and other stakeholders as well as to support the goal of sustainable growth. The paper contributes to the asset management research field by providing a multidimensional approach to assess water-related investments in mining industry. The proposed model provides practitioners with the opportunity to adopt a proactive approach to assess water balance system’s value.

KW - impact

KW - value

KW - risk

KW - water balance solution

M3 - Conference article in proceedings

SP - 110

EP - 113

BT - 2019 World Congress: Resilience, Reliability and Asset Management

PB - Future Resilient Systems (FRS)

ER -

Räikkönen M, Uusitalo T, Molarius R, Kortelainen H, Di Noi C, Horn S. Asset management framework for assessing the economic, environmental and social impact and risks of water balance system. In 2019 World Congress: Resilience, Reliability and Asset Management: Conference proceedings. Future Resilient Systems (FRS). 2019. p. 110-113