Fundamental Concepts and Framework: Fid-Bau Portal

Fundamental Concepts and Framework

Crespo Márquez, Adolfo / Macchi, Marco / Parlikad, Ajith Kumar

Abstract This chapter introduces those terms and concepts that we consider fundamental for the reader to understand the rest of the book. It provides a background and introduces a generalized framework providing relevant dimensions of value-based and intelligent asset management. Firstly, understanding the value that an asset can provide and how value-based asset management can be implemented is fundamental. Secondly, it is essential to understand that the realization of the value that an asset provides to an organization can be also done at a different indenture level to the one where asset operation and maintenance is managed. Indeed, understanding the systemic dimension of the problem is therefore a fundamental aspect too. Equally important is the emphasis that asset management places on an asset life cycle approach, to deal properly with many strategic decisions regarding investment and reinvestment in new capacity, extension of the useful life, assets health analysis, identification of possible major maintenance needs, etc. Thirdly, in a world subject to a sweeping digital transformation, we must also make use of better methods, skills and abilities that help us improve our levels of intelligence in management and allow us to take advantage of the data and information at our disposal to reach levels of unprecedented asset management. The last part of this Chapter is dedicated to present the generalized framework, to ease the understanding of these asset management dimensions, and to deal with each one of them in a proper manner for the long-term vision.