Browsing by Author "Basson, Wilandri"

Now showing 1 - 1 of 1
  • Thumbnail Image
    Item
    Risk management solutions flow to implement quantitative methods as part of ISO 55000 for physical asset management
    (Stellenbosch : Stellenbosch University, 2016-03) Basson, Wilandri; Vlok, P. J.; Jooste, J. L.; Stellenbosch University. Faculty of Engineering. Dept. of Industrial Engineering.
    ENGLISH ABSTRACT: Physical asset management has undergone a phenomenal growth period in recent years and is being acknowledged as a value adding activity that is critical to the success of any organization. The recently launched ISO 55000 series has sparked an entirely new course for PAM by introducing specific guidelines for implementing asset management. The purpose of this thesis is to investigate the quantitative requirements in ISO 55000 and how quantitative methods can be applied as part of a PAM program. It further intents to develop a basic Risk Management Solutions Flow framework primarily incorporating quantitative methods. An exhaustive literature study constitutes the first part of the research. The literature study addresses the background of asset management and the transformation from traditional maintenance to asset management. Risk management is identified as the most important area of concern in asset management and ISO 55000. The focus of the research is therefore placed on the management of risk through quantitative methods. ISO 31000 provides a foundation for risk management and is touched on briefly. Sub-criteria are distinguished to form part of the risk management process including asset life cycle management, optimized decision making, asset criticality, financial management and failure analysis. The first two are incorporated throughout the entire development of the risk management solutions flow and asset criticality, financial management and failure analysis are integrated as independent sections. The literature study also includes a detailed overview of the entire ISO 55000 series and research regarding the various quantitative methods related to identifying critical assets, determining the financial impact and the extent of failure analysis. The process of conceptualizing the risk management solutions flow commences based on the research executed during the literature study. The end result is a graphical representation of the detailed risk management solutions flow ready for implementation at an organization. In lieu of the developed risk management solutions flow, the framework is applied at an iron ore mine. Data is collected from the maintenance department during July and August 2015. The case study is the final part of the thesis and follows the sequence of the risk management solutions flow. The case study demonstrates the value of the risk management solutions flow to physical asset management and risk management associated with physical assets. Furthermore, the risk management solutions flow is critical in the introduction of ISO 55000 and adherence to the guidelines stipulated in the series. It also enables the organization to incorporate quantitative methods and become more aware of risks associated with the critical assets. Foremost, the risk management solutions flow paves the way for becoming ISO 55000 accredited by adhering to specific guidelines in the documents. Validation of the risk management solutions flow is achieved by applying it to a real world situation with actual data from an iron ore mine. This thesis comes to a closure by determining that the risk management solutions flow can be used as a framework for implementing quantitative methods regarding risk management and ISO 55000. Future research may expand on the results of this study in order to develop an improved risk management solutions flow framework. The risk management solutions flow can be applied to different organizational types and even on employees as assets. Finally, the reach of the risk management solutions flow can be widened to enable full ISO 55000 accreditation.