Decision making situations define data requirements in fleet asset management

Sini Kaisu Kinnunen, Salla Marttonen-Arola, Antti Ylä-Kujala, Timo Kärri, Toni Ahonen, Pasi Valkokari, David Baglee

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

    5 Citations (Scopus)

    Abstract

    Large amounts of data are increasingly gathered in order to support decision making processes in asset management. The challenge is how best to utilise the large amounts of fragmented and unorganised data sets to benefit decision making, also at fleet level. It is therefore important to be able to utilize and combine all the relevant data, both technical and economic, to create new business knowledge to support effective decision making especially within diverse situations. It is also important to acknowledge that different types of data are required in different decision making context. A review of the literature has shown that decision making situations are usually categorized according to the decision making levels, namely strategic, tactical and operational. In addition, they can be classified according to the amount of time used in decision making. For example, two situations can be compared: (1) optimization decision where a large amount of time and consideration is used to determine an optimum solution, and (2) decisions that need to be made instantly. Fleet management of industrial assets suffers from a lack of asset management strategies in order to ensure the correct data is collected, analysed and used to inform critical business decisions with regard to fleet management. In this paper we categorize the decision making process within certain situation and propose a new framework to identify fleet decision making situations.

    Original languageEnglish
    Title of host publicationProceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015)
    PublisherSpringer
    Pages357-364
    Number of pages8
    DOIs
    Publication statusPublished - 1 Jan 2016
    MoE publication typeA4 Article in a conference publication
    Event10th World Congress on Engineering Asset Management, WCEAM 2015 - Tampere Hall, Tampere, Finland
    Duration: 28 Sep 201530 Sep 2015

    Publication series

    SeriesLecture Notes in Mechanical Engineering
    VolumePartF4
    ISSN2195-4356

    Conference

    Conference10th World Congress on Engineering Asset Management, WCEAM 2015
    Abbreviated titleWCEAM 2015
    CountryFinland
    CityTampere
    Period28/09/1530/09/15

    Fingerprint

    Asset management
    Decision making
    Industry
    Economics

    Cite this

    Kinnunen, S. K., Marttonen-Arola, S., Ylä-Kujala, A., Kärri, T., Ahonen, T., Valkokari, P., & Baglee, D. (2016). Decision making situations define data requirements in fleet asset management. In Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015) (pp. 357-364). Springer. Lecture Notes in Mechanical Engineering, Vol.. PartF4 https://doi.org/10.1007/978-3-319-27064-7_33
    Kinnunen, Sini Kaisu ; Marttonen-Arola, Salla ; Ylä-Kujala, Antti ; Kärri, Timo ; Ahonen, Toni ; Valkokari, Pasi ; Baglee, David. / Decision making situations define data requirements in fleet asset management. Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015). Springer, 2016. pp. 357-364 (Lecture Notes in Mechanical Engineering, Vol. PartF4).
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    title = "Decision making situations define data requirements in fleet asset management",
    abstract = "Large amounts of data are increasingly gathered in order to support decision making processes in asset management. The challenge is how best to utilise the large amounts of fragmented and unorganised data sets to benefit decision making, also at fleet level. It is therefore important to be able to utilize and combine all the relevant data, both technical and economic, to create new business knowledge to support effective decision making especially within diverse situations. It is also important to acknowledge that different types of data are required in different decision making context. A review of the literature has shown that decision making situations are usually categorized according to the decision making levels, namely strategic, tactical and operational. In addition, they can be classified according to the amount of time used in decision making. For example, two situations can be compared: (1) optimization decision where a large amount of time and consideration is used to determine an optimum solution, and (2) decisions that need to be made instantly. Fleet management of industrial assets suffers from a lack of asset management strategies in order to ensure the correct data is collected, analysed and used to inform critical business decisions with regard to fleet management. In this paper we categorize the decision making process within certain situation and propose a new framework to identify fleet decision making situations.",
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    Kinnunen, SK, Marttonen-Arola, S, Ylä-Kujala, A, Kärri, T, Ahonen, T, Valkokari, P & Baglee, D 2016, Decision making situations define data requirements in fleet asset management. in Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015). Springer, Lecture Notes in Mechanical Engineering, vol. PartF4, pp. 357-364, 10th World Congress on Engineering Asset Management, WCEAM 2015, Tampere, Finland, 28/09/15. https://doi.org/10.1007/978-3-319-27064-7_33

    Decision making situations define data requirements in fleet asset management. / Kinnunen, Sini Kaisu; Marttonen-Arola, Salla; Ylä-Kujala, Antti; Kärri, Timo; Ahonen, Toni; Valkokari, Pasi; Baglee, David.

    Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015). Springer, 2016. p. 357-364 (Lecture Notes in Mechanical Engineering, Vol. PartF4).

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

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    Kinnunen SK, Marttonen-Arola S, Ylä-Kujala A, Kärri T, Ahonen T, Valkokari P et al. Decision making situations define data requirements in fleet asset management. In Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015). Springer. 2016. p. 357-364. (Lecture Notes in Mechanical Engineering, Vol. PartF4). https://doi.org/10.1007/978-3-319-27064-7_33