Designing Performance Measures for Engineering Asset Management in Asset-Intensive Production Industry
The engineering asset performances such as reliability and maintainability directly impact the ultimate overall business performance. Therefore asset intensive manufacturing companies heavily rely on their engineering asset management systems to gain core competitive advantages. However, developing effective performance measures for valuable and complicated engineering asset management (EAM) has always been a challenge for asset intensive manufacturing organisations. Additionally having effective performance measures in place is required by a number of international standards on engineering asset management such as ISO55000 and PAS55. There is a very limited number of existing studies on the proposed topic, and the mainstream approach in generic performance measurement literature is not the most suitable in the context of organisations’ EAM. A crucial reason is that risk control is not included as independently essential perspective. However EAM heavily relies on the successful management of various risks such as asset safety, reliability and many other potential hazards.
This project aims at developing frameworks for designing performance measures for asset-intensive organisations’ engineering asset management systems by incorporating ISO55000 into balanced scorecard method.
Case study is the main approach, and there are three phases of case study: development (conducted by the framework designer), independent (conduct by third party facilitator) and validation. Additionally, each case study consists of a guided tour, an action research workshop and interviews with senior management role to validate the research.
Outputs and deliverables are review of partner organisations’ EAMS; plus tested frameworks, and these frameworks are feasible and useful for partner organisations to implement.
Asset intensive manufacturing companies heavily rely on their engineering asset management systems to gain core competitive advantages. The frameworks can assist partner organisations to design new measures or improve existing performance measures for their EAMS.