Abstract
| Original language | English |
|---|---|
| Title of host publication | Proceedings of the 2nd World Congress on Engineering Asset Management and the Fourth International Conference on Condition Monitoring, WCEAM CM 2007 |
| Place of Publication | Northampton, UK |
| Pages | 1053-1065 |
| ISBN (Electronic) | 1901892220, 9781901892222 |
| Publication status | Published - 2007 |
| MoE publication type | A4 Article in a conference publication |
| Event | 2nd World Congress on Engineering Asset Management and the Fourth International Conference on Condition Monitoring, WCEAM CM 2007 - Harrogate, United Kingdom Duration: 11 Jun 2007 → 14 Jun 2007 |
Conference
| Conference | 2nd World Congress on Engineering Asset Management and the Fourth International Conference on Condition Monitoring, WCEAM CM 2007 |
|---|---|
| Abbreviated title | WCEAM CM 2007 |
| Country | United Kingdom |
| City | Harrogate |
| Period | 11/06/07 → 14/06/07 |
Fingerprint
Keywords
- asset management
- infrastructure management
- project appraisal
- uncertainty
Cite this
}
Dynamic project portfolio selection in infrastructure sector. / Koppinen, Tiina; Rosqvist, Tony.
Proceedings of the 2nd World Congress on Engineering Asset Management and the Fourth International Conference on Condition Monitoring, WCEAM CM 2007. Northampton, UK, 2007. p. 1053-1065.Research output: Chapter in Book/Report/Conference proceeding › Conference article in proceedings › Scientific › peer-review
TY - GEN
T1 - Dynamic project portfolio selection in infrastructure sector
AU - Koppinen, Tiina
AU - Rosqvist, Tony
PY - 2007
Y1 - 2007
N2 - Infrastructure networks are vital to the national economy. Their Asset Management (AM) should result in long-term economic efficiency and optimal service levels. For AM to live up to the expectations of infrastructure sector, it has to meet four key challenges: 1) alignment of strategy and operations with stakeholder values and objectives; 2) balancing of reliability, service-level, safety, and financial considerations; 3) ensuring optimal packaging and timing of works, and adequate competition; and 4) promoting market development. Through educated decision-making, asset managers can actively develop their networks and use their limited budgets in a way that long-term goals and short-term budgets are met. In order to assist asset managers, a simplified Project Portfolio Selection Method (PPSM) was developed. The method applies analytical hierarchy process (AHP) and real option ideology. PPSM aims at assisting infrastructure managers in optimising the life cycle profiles of their assets through selection of an optimal maintenance, repair and rehabilitation project portfolio. The developed method fills the void between strategic and operative decision-making methods facilitating management of multiple investments at the local network management level. Through the systematic, easy-to-apply project selection method, the asset manager can easily determine the optimal project portfolio and demonstrate the grounds to others.
AB - Infrastructure networks are vital to the national economy. Their Asset Management (AM) should result in long-term economic efficiency and optimal service levels. For AM to live up to the expectations of infrastructure sector, it has to meet four key challenges: 1) alignment of strategy and operations with stakeholder values and objectives; 2) balancing of reliability, service-level, safety, and financial considerations; 3) ensuring optimal packaging and timing of works, and adequate competition; and 4) promoting market development. Through educated decision-making, asset managers can actively develop their networks and use their limited budgets in a way that long-term goals and short-term budgets are met. In order to assist asset managers, a simplified Project Portfolio Selection Method (PPSM) was developed. The method applies analytical hierarchy process (AHP) and real option ideology. PPSM aims at assisting infrastructure managers in optimising the life cycle profiles of their assets through selection of an optimal maintenance, repair and rehabilitation project portfolio. The developed method fills the void between strategic and operative decision-making methods facilitating management of multiple investments at the local network management level. Through the systematic, easy-to-apply project selection method, the asset manager can easily determine the optimal project portfolio and demonstrate the grounds to others.
KW - asset management
KW - infrastructure management
KW - project appraisal
KW - uncertainty
M3 - Conference article in proceedings
SP - 1053
EP - 1065
BT - Proceedings of the 2nd World Congress on Engineering Asset Management and the Fourth International Conference on Condition Monitoring, WCEAM CM 2007
CY - Northampton, UK
ER -