Abstract
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.
Original language | English |
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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 |
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Abbreviated title | WCEAM CM 2007 |
Country | United Kingdom |
City | Harrogate |
Period | 11/06/07 → 14/06/07 |
Keywords
- asset management
- infrastructure management
- project appraisal
- uncertainty