Abstract
Definitions of asset management tend to be broad in scope, covering a wide variety of areas including general management, operations and production arenas and, financial and human capital aspects. While the broader conceptualisation allows a multifaceted investigation of physical assets, the arenas constitute a multiplicity of spheres of activity. We define engineering asset management in this paper as the total management of physical, as opposed to financial, assets. However, engineering assets have a financial dimension that reflects their economic value and the management of this value is an important part of overall engineering asset management. We also define more specifically what we mean by an “engineering asset” and what the management of such an asset entails. Our approach takes as its starting point the conceptualisation of asset management that posits it as an interdisciplinary field of endeavour and we include notions from commerce and business as well as engineering. The framework is also broad, emphasising the life-cycle of the asset. The paper provides a basis for analysing the general problem of physical asset management, relating engineering capability to economic cost and value in a highly integrated way.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Amadi-Echendu J E (2006) New Paradigms for Physical Asset Management. Plenary Lecture 18 Euromaintenance, 3rd World Congress on Maintenance, Basel, Switzerland, June: 20–22.
Chopey N P and Fisher-Rosemount J M (1999) Put a Smart Face on Asset Management; Intelligent field devices can make plant maintenance more effective, less costly. Chemical Engineering, 106 (2) Feb.: 108.
Madu C N (2000) Competing through maintenance strategies. International Journal of Quality & Reliability Management, 17 (9) Dec.: 937–949.
Malano H M, Chien N V and Turrell H N (1999) Asset Management for Irrigation and Drainage Infrastructure – Principles and Case Study. Irrigation and Drainage Systems, 13(2) June: 109–29.
Mathew J (2005) Collaborative R&D and Training Opportunities in Engineering Asset Management. Working Paper, Centre for Integrated Engineering Asset Management, Queensland University of Technology, Brisbane, Queensland, Australia.
McElroy R S (1999) Update on national asset management initiatives: Facilitating investment decision-making. Proc., APWA Int. Public Works Congr., Innovations in Urban Infrastructure Seminar, http://irc.nrc-cnrc.gc.ca/pubs/fulltext/apwa/apwaassetmanagement.pdf, April 2007.
Mitchell J S (2006) Physical Asset Management Handbook, 4th Edition, Clarion Technical Publishers, ISBN 0-9717945-1-0.
Morton K (1999) Asset management in the electricity supply industry. Power Engineering Journal, 13(5) Oct.: 233–240.
OECD (2001) Asset Management for the Roads Sector, OECD Publishing.
OED (2007) Oxford English Dictionary Online, 2nd Edition, 1989, Oxford University Press.
Publicly Available Specification (PAS) 55-1 & 55-2. British Standards Institution 2004.
Reed R and Defillipi R J (1990) Causal Ambiguity, Barriers to Imitation, and Sustainable Competitive Advantage. The Academy of Management Review, 15(1) Jan.: 88–102.
Schuman C A and Brent A C (2005) Asset life cycle management: towards improving physical asset performance in the process industry. International Journal of Operations & Production Management, 25(6): 566–79.
Townsend T (1998) Asset management – the maintenance perspective, Maintenance & Asset Management, 13(1): 3–10.
Tsang A H C (2002) Strategic dimensions of maintenance management. Journal of Quality in Maintenance Engineering, 8(1) Mar.: 7–39.
Vanier D J D (2001) Why Industry Needs Asset Management Tools. Journal of Computing in Civil Engineering, Journal of Computing in Civil Engineering, 15(1) Jan.: 35–43.
Woodhouse, J. (2001) Asset Management, John Woodhouse Partnership Ltd.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2010 Springer
About this chapter
Cite this chapter
Amadi-Echendu, J. et al. (2010). What Is Engineering Asset Management?. In: Amadi-Echendu, J., Brown, K., Willett, R., Mathew, J. (eds) Definitions, Concepts and Scope of Engineering Asset Management. Engineering Asset Management Review, vol 1. Springer, London. https://doi.org/10.1007/978-1-84996-178-3_1
Download citation
DOI: https://doi.org/10.1007/978-1-84996-178-3_1
Publisher Name: Springer, London
Print ISBN: 978-1-84996-177-6
Online ISBN: 978-1-84996-178-3
eBook Packages: EngineeringEngineering (R0)