Risk management solutions flow to implement quantitative methods as part of ISO 55000 for physical asset management
| dc.contributor.advisor | Vlok, P. J. | en_ZA |
| dc.contributor.advisor | Jooste, J. L. | en_ZA |
| dc.contributor.author | Basson, Wilandri | en_ZA |
| dc.contributor.other | Stellenbosch University. Faculty of Engineering. Dept. of Industrial Engineering. | en_ZA |
| dc.date.accessioned | 2016-03-09T14:40:36Z | |
| dc.date.available | 2016-03-09T14:40:36Z | |
| dc.date.issued | 2016-03 | |
| dc.description | Thesis (MEng)--Stellenbosch University, 2016. | en_ZA |
| dc.description.abstract | 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. | en_ZA |
| dc.description.abstract | AFRIKAANSE OPSOMMING: Fisiese bate bestuur het ’n fenomenale vooruitgang ondervind oor die afgelope paar jaar en word tans beskou as ’n aktiwiteit wat waarde toevoeg en krities is tot die sukses van ’n besigheid. ISO 55000 is onlangs vrygestel en het bate bestuur in ’n nuwe rigting gestuur. ISO 55000 stel nuwe riglyne voor vir die implementering van bate bestuur. Die doel van dié tesis is om navorsing te doen omtrent kwantitatiewe riglyne in ISO 55000 en dus kwantitatiewe metodes toe te pas as deel van ’n bate bestuur program. Die studie streef ook na die ontwikkeling van ’n vereenvoudigde Risiko Bestuur Oplossings Vloei raamwerk wat hoofsaaklik gefokus is op kwantitatiewe metodes. ’n Volledige literatuur studie vorm deel van die navorsing. Die literatuur studie brei uit op die agtergrond van bate bestuur assok die transformasie proses van tradisionele instandhoudings tegnieke na bate bestuur. Risiko bestuur word geidentifiseer as die mees belangrikste aspek van bate bestuur en ISO 55000. Die fokus van die navorsing word geplaas op die bestuur van risikos gekoppel aan fisiese bates met behulp van kwantitatiewe metodes. ISO 31000 verskaf ook ’n basis vir risiko bestuur en word kortliks bespreek. Spesifieke sub-kriteria word uitgewys as deel van die risiko bestuur proses insluitend bate lewens siklus bestuur, geoptimiseerde besluitneming, kritiese bate besluitneming, finansiële bestuur en falings analise. Die eers genoemdes word betrek deur die hele risiko bestuur oplossings vloei ontwikkeling en kritiese bate besluitneming, finansiële bestuur en falings analise, as los staande seksies. Die literatuurstudie behels ook ’n oorsig van die ISO 55000 series en die navorsing in verband met die kwantitatiewe metodes wat gepaard gaan met die identifisering van kritiese bates, finansiële bestuur en falings analise. Ontwikkeling van die risiko bestuur oplossings vloei is gebasseer op die navorsing uitgevoer in die literatuurstudie. Die eind resultaat is ’n grafiese voorstelling van die gedetaileerde risiko bestuur oplossings vloei, wat geimplementeer kan word by enige organisasie wat afhanklik is van fisiese bates vir die bestaan en groei van die organisasie. Gepaardgaande met die ontwerp van die risiko bestuur oplossings vloei, word die raamwerk toegepas by ’n ystererts myn. Data is ontvang vanaf die instandhoudings departement in Julie en Augustus 2015. Die gevallestudie is die finale deel van die tesis en word toegepas gelykstaande met die volgorde van die risiko bestuur oplossings vloei. Die gevallestudie demonstreer die waarde van die risiko bestuur oplossings vloei vir FBB en risiko bestuur in verband met fisiese bates. Verder is die risiko bestuur oplossings vloei krities tot die bekendstelling van ISO 55000 en om te voldoen aan die riglyne soos gestipuleer in die reeks. Die risiko bestuur oplossings vloei stel die besigheid in staat om kwantitatiewe metodes te inkorporeer asook die bewusmaking van die risikos geasosieer met die kritiese bates. Die eind doel is om ISO 55000 akkreditasie te ontvang deur te voldoen aan die riglyne in die dokumente. Die akkreditasie proses word voorendag gebring deur die risiko bestuur oplossings vloei. Validasie van die risiko bestuur oplossings vloei is bereik deur dit toe te pas op ’n bestaande situasie met werklike data vanaf ’n ystererts myn. Hierdie tesis kom tot ’n konklusie deur te bevestig dat die risiko bestuur oplossings vloei wel gebruik kan word as ’n raamwerk vir die implementering van kwantitatiewe metodes in terme van risiko bestuur en ISO 55000. Verdere navorsing kan uitbrei op die resultate van die studie deur die ontwikkeling van ’n verbeterde weergawe van die risiko bestuur oplossings vloei raamwerk. Die risiko bestuur oplossings vloei kan toegepas word op verskillend industrie tipes en selfs op personeel as bates. Die risiko bestuur oplossings vloei kan ook verder ontwikkel word sodat volle ISO 55000 akkreditasie bereik kan word. | af_ZA |
| dc.format.extent | 198 pages : illustrations | en_ZA |
| dc.identifier.uri | http://hdl.handle.net/10019.1/98616 | |
| dc.language.iso | en_ZA | en_ZA |
| dc.publisher | Stellenbosch : Stellenbosch University | en_ZA |
| dc.rights.holder | Stellenbosch University | en_ZA |
| dc.subject | Risk management | en_ZA |
| dc.subject | Quantitative methods | en_ZA |
| dc.subject | Physical asset management | en_ZA |
| dc.subject | Risk analysis | en_ZA |
| dc.subject | UCTD | en_ZA |
| dc.title | Risk management solutions flow to implement quantitative methods as part of ISO 55000 for physical asset management | en_ZA |
| dc.type | Thesis | en_ZA |