Supporting strategic asset management in complex and uncertain decision contexts: Dissertation

Strategic asset management can be defined as strategic-level coordinated activity of an organization to realize value from assets. Strategic asset management decisions are often uncertain and complex. Uncertainty refers to the state of deficiency of information related to an event, its consequences, or its likelihood. Complex systems have a history, are evolving and involve large numbers of interacting elements, where minor changes may have major consequences. The complexity and uncertainty of strategic asset management stems from factors such as long lifetimes of assets, imperfect information on which the decisions are based, multiple stakeholders with possibly conflicting needs and requirements, various system hierarchical levels, complex technologies, information systems and organizational structures, and varying asset types and life cycles. In addition, strategic asset management is influenced by many emerging trends and perspectives such as regulation and legislation, sustainability, circular economy and climate change, enabling technologies, ecosystem, business models, risk management, robustness and flexibility, and life cycle information management. To manage the uncertainty and complexity related to strategic asset management, there is a need for methods supporting strategic asset management in complex and uncertain decision contexts.

The main research question of this dissertation is “how to manage assets in complex and uncertain decision contexts with strategic decision support methods”. To answer this question, the research provides a holistic view of the emerging trends and perspectives affecting strategic asset management. Furthermore, existing methods are identified and classified, and novel methods are developed and tested for supporting strategic asset management under complex and uncertain decision contexts. The key concepts related to asset management, emerging trends and perspectives, and existing decision support methods are explored. Three novel methods are developed and tested using design science research as a research strategy. Qualitative data collection and analysis methods are utilized.

The main contributions of this dissertation are: 1) a novel classification of emerging trends and perspectives in strategic asset management 2) advancing the classification of methods supporting strategic asset management in complex and uncertain decision contexts, and 3) developing and testing novel methods for supporting asset management decisions in complex and uncertain decision contexts.