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Optimising investment in asset management using the multivariate asset management assessment topography

dc.contributor.authorBam, Wouter Gideonen_ZA
dc.contributor.authorVlok, Pieter-Janen_ZA
dc.date.accessioned2015-10-29T14:46:50Z
dc.date.available2015-10-29T14:46:50Z
dc.date.issued2014-08
dc.identifier.citationBam, W. G. & Vlok, P. J. 2014. Optimising investment in asset management using the multivariate asset management assessment topography. South African Journal of Industrial Engineering, 25(2):29-38, doi:10.7166/25-2-705.en_ZA
dc.identifier.issn2224-7890 (online)
dc.identifier.issn1012-277X (print)
dc.identifier.otherdoi:10.7166/25-2-705
dc.identifier.urihttp://hdl.handle.net/10019.1/97607
dc.descriptionCITATION: Bam, W. G. & Vlok, P. J. 2014. Optimising investment in asset management using the multivariate asset management assessment topography. South African Journal of Industrial Engineering, 25(2):29-38, doi:10.7166/25-2-705.en_ZA
dc.descriptionThe original publication is available at http://sajie.journals.ac.zaen_ZA
dc.description.abstractThe multivariate asset management assessment topography (MAMAT) was developed to quantify, and represent graphically, development, adoption, and performance of a business’ asset management (AM) systems, as described by standards such as PAS 55. The MAMAT provides a way to visualise clearly the strengths and weaknesses of a business’ asset management system. Building on MAMAT, a model describing the relationship between the commitment of resources and the corresponding improvement in the MAMAT assessment outcome is proposed. The goal is to develop an optimisation model that will maximise financial benefits by improving the MAMAT assessment score achieved by a business, while minimising the investment required to attain this improvement. This is achieved by determining the optimal allocation of resources to the different subcategories of the MAMAT assessment framework. The multi-objective cross-entropy method (MOO CEM) is used to find the Pareto set of solutions for this problem. In order to showcase the intended industry application and use of the optimisation model, a hypothetical case study is executed and described in this paper. From this application, it was found that the MOO CEM finds useful solutions that can support the implementation of standards such as PAS 55 by prioritising and assigning resources to implementation activities.en_ZA
dc.description.abstractDie meerveranderlike batebestuur evalueringstopografie (MBE) is ontwikkel om ’n besigheid se prestasie te kwantifiseer en grafies voor te stel. Dit word gedoen aan die hand van ’n volwassenheid-, gebruiklikheids- en prestasie indeks van die batebestuur stelsel soos beskryf deur internasionale standaarde soos PAS 55. Die MBE bied ’n manier om duidelik die sterk- en swakpunte van ’n besigheid te visualiseer en te identifiseer met betrekking tot die batebestuur stelsel. Gebaseer op die MBE word ’n model voorgestel wat die verhouding tussen die gebruik van hulpbronne en die ooreenstemmende verbetering in die MBE assesseringsuitkomste beskryf. Die fokus van hierdie studie is om ’n optimeringsmodel te ontwikkel wat die finansiële voordele van die verbetering van die MBE assesseringstellings maksimeer, terwyl dit die finansiële belegging wat benodig word om dit teweeg te bring minimeer. Dit word gedoen deur die bepaling van die optimale toewysing van hulpbronne aan die verskillende onderafdelings van die MBE assesseringsraamwerk. Die veeldoelige kruis-entropie metode (VD KEM) word gebruik om die Pareto stel van oplossings vir hierdie probleem te vind. Ten einde die voorgenome nywerheidstoepassing ten toon te stel, is ’n hipotetiese gevallestudie uitgevoer en beskryf in hierdie artikel. Vanuit hierdie aanwending is bevind dat die MD KEM nuttige oplossings vind wat die implementering van standaarde soos PAS 55 ondersteun deur die prioritisering en toewysing van hulpbronne aan implementeringsaktiwiteite.af_ZA
dc.description.urihttp://sajie.journals.ac.za/pub/article/view/705
dc.format.extent10 pages : illustrationsen_ZA
dc.language.isoen_ZAen_ZA
dc.publisherSouthern African Institute for Industrial Engineeringen_ZA
dc.subjectMultivariate asset management assessment topography (MAMAT)en_ZA
dc.subjectAsset managementen_ZA
dc.titleOptimising investment in asset management using the multivariate asset management assessment topographyen_ZA
dc.typeArticleen_ZA
dc.description.versionPublisher's versionen_ZA
dc.rights.holderAuthors retain copyrighten_ZA


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