IDEAS home Printed from https://ideas.repec.org/a/eee/reensy/v190y2019ic18.html
   My bibliography  Save this article

Improving Asset Management under a regulatory view

Author

Listed:
  • Lima, Eliana Sangreman
  • Costa, Ana Paula Cabral Seixas

Abstract

Organizations from all sectors of the economy have been using ISO 55000:2014 Asset Management standard with the objective to better manage their assets. This is in order to obtain the various benefits of structuring and improving the AM process which includes the enhancement of the efficiency and effectiveness of the assets. Multi-asset organizations that are strongly regulated need instruments to support the decision on which structuring requirements are essential in order to contribute to compliance with the regulatory framework of the sector in which they operate in. To meet this purpose, this paper presents the Regulation-Oriented Model for Asset Management AM-RoM, which embodies a joint analysis of ISO 31000:2018 and ISO 55001:2014. The AM-RoM encompasses a multi-criteria decision method to rank the most critical requirements, based on experts' perceptions. Its relevance goes to the contribution for organizations in the process of inducing improvement and increasing the maturity level of the AM process, while being in compliance with the Regulatory Framework. The validation of the AM-RoM was performed in a Brazilian company of the Electric Energy Transmission Sector.

Suggested Citation

  • Lima, Eliana Sangreman & Costa, Ana Paula Cabral Seixas, 2019. "Improving Asset Management under a regulatory view," Reliability Engineering and System Safety, Elsevier, vol. 190(C), pages 1-1.
    • Handle: RePEc:eee:reensy:v:190:y:2019:i:c:18
    DOI: 10.1016/j.ress.2019.106523
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0951832019300067
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ress.2019.106523?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Aven, Terje & Renn, Ortwin, 2018. "Improving government policy on risk: Eight key principles," Reliability Engineering and System Safety, Elsevier, vol. 176(C), pages 230-241.
    2. Koop, Christel & Lodge, Martin, 2017. "What is regulation? An interdisciplinary concept analysis," LSE Research Online Documents on Economics 62135, London School of Economics and Political Science, LSE Library.
    3. Petchrompo, Sanyapong & Parlikad, Ajith Kumar, 2019. "A review of asset management literature on multi-asset systems," Reliability Engineering and System Safety, Elsevier, vol. 181(C), pages 181-201.
    4. Dashti, Reza & Yousefi, Shaghayegh, 2013. "Reliability based asset assessment in electrical distribution systems," Reliability Engineering and System Safety, Elsevier, vol. 112(C), pages 129-136.
    5. Catrinu, M.D. & Nordgård, D.E., 2011. "Integrating risk analysis and multi-criteria decision support under uncertainty in electricity distribution system asset management," Reliability Engineering and System Safety, Elsevier, vol. 96(6), pages 663-670.
    6. Damjan Maletič & Matjaž Maletič & Basim Al-Najjar & Boštjan Gomišček, 2018. "Development of a Model Linking Physical Asset Management to Sustainability Performance: An Empirical Research," Sustainability, MDPI, vol. 10(12), pages 1-20, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Love, Peter E.D. & Ika, Lavagnon A. & Matthews, Jane & Li, Xinjian & Fang, Weili, 2021. "A procurement policy-making pathway to future-proof large-scale transport infrastructure assets," Research in Transportation Economics, Elsevier, vol. 90(C).
    2. Wang, Kung-Jeng & Basuki, Satrio Samudro Aji & Kurniati, Nani, 2023. "A life-cycle asset management model by response surface method based optimization," International Journal of Production Economics, Elsevier, vol. 263(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Huang, Wei & Shao, Changzheng & Hu, Bo & Li, Weizhan & Sun, Yue & Xie, Kaigui & Zio, Enrico & Li, Wenyuan, 2023. "A restoration-clustering-decomposition learning framework for aging-related failure rate estimation of distribution transformers," Reliability Engineering and System Safety, Elsevier, vol. 232(C).
    2. Pombo, A. Vieira & Murta-Pina, João & Pires, V. Fernão, 2015. "Multiobjective planning of distribution networks incorporating switches and protective devices using a memetic optimization," Reliability Engineering and System Safety, Elsevier, vol. 136(C), pages 101-108.
    3. Liu, Xinyang & Zheng, Zhuoyuan & Büyüktahtakın, İ. Esra & Zhou, Zhi & Wang, Pingfeng, 2021. "Battery asset management with cycle life prognosis," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    4. Oleh Pasko, 2018. "Theories of Regulation in the Context of Modern Practice of Accounting Regulation," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 37-46, June.
    5. Li, Yanfu & Zio, Enrico, 2012. "Uncertainty analysis of the adequacy assessment model of a distributed generation system," Renewable Energy, Elsevier, vol. 41(C), pages 235-244.
    6. Damjan Maletič & Matjaž Maletič & Basim Al-Najjar & Boštjan Gomišček, 2020. "An Analysis of Physical Asset Management Core Practices and Their Influence on Operational Performance," Sustainability, MDPI, vol. 12(21), pages 1-20, October.
    7. N. Knofius & M. C. Heijden & A. Sleptchenko & W. H. M. Zijm, 2021. "Improving effectiveness of spare parts supply by additive manufacturing as dual sourcing option," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 43(1), pages 189-221, March.
    8. José Torres Farinha & Hugo D. N. Raposo & José Edmundo de-Almeida-e-Pais & Mateus Mendes, 2023. "Physical Asset Life Cycle Evaluation Models—A Comparative Analysis towards Sustainability," Sustainability, MDPI, vol. 15(22), pages 1-23, November.
    9. Jacint Jordana & Xavier Fernández‐i‐Marín & Andrea C. Bianculli, 2018. "Agency proliferation and the globalization of the regulatory state: Introducing a data set on the institutional features of regulatory agencies," Regulation & Governance, John Wiley & Sons, vol. 12(4), pages 524-540, December.
    10. Mohamed Gaha & Bilal Chabane & Dragan Komljenovic & Alain Côté & Claude Hébert & Olivier Blancke & Atieh Delavari & Georges Abdul-Nour, 2021. "Global Methodology for Electrical Utilities Maintenance Assessment Based on Risk-Informed Decision Making," Sustainability, MDPI, vol. 13(16), pages 1-23, August.
    11. Luo, Jianing & Li, Hangxin & Wang, Shengwei, 2022. "A quantitative reliability assessment and risk quantification method for microgrids considering supply and demand uncertainties," Applied Energy, Elsevier, vol. 328(C).
    12. Paul Lindhout & Genserik Reniers, 2021. "Involving Moral and Ethical Principles in Safety Management Systems," IJERPH, MDPI, vol. 18(16), pages 1-15, August.
    13. Lena Ulbricht & Karen Yeung, 2022. "Algorithmic regulation: A maturing concept for investigating regulation of and through algorithms," Regulation & Governance, John Wiley & Sons, vol. 16(1), pages 3-22, January.
    14. Dashti, Reza & Yousefi, Shaghayegh & Parsa Moghaddam, Mohsen, 2013. "Comprehensive efficiency evaluation model for electrical distribution system considering social and urban factors," Energy, Elsevier, vol. 60(C), pages 53-61.
    15. Aven, Terje, 2020. "Three influential risk foundation papers from the 80s and 90s: Are they still state-of-the-art?," Reliability Engineering and System Safety, Elsevier, vol. 193(C).
    16. Mohammad Taghi Tahooneh & Reza Dashti, 2022. "A new model for calculating rational failure rates based on network assets worth," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(5), pages 2221-2233, October.
    17. Mirzaei, Mohammad Javad & Dashti, Reza & Kazemi, Ahad & Amirioun, Mohammad Hassan, 2015. "An asset-management model for use in the evaluation and regulation of public-lighting systems," Utilities Policy, Elsevier, vol. 32(C), pages 19-28.
    18. Novak, D.C. & Sullivan, J.F. & Sentoff, K. & Dowds, J., 2020. "A framework to guide strategic disinvestment in roadway infrastructure considering social vulnerability," Transportation Research Part A: Policy and Practice, Elsevier, vol. 132(C), pages 436-451.
    19. Aven, Terje, 2018. "How the integration of System 1-System 2 thinking and recent risk perspectives can improve risk assessment and management," Reliability Engineering and System Safety, Elsevier, vol. 180(C), pages 237-244.
    20. Wakiru, James & Pintelon, Liliane & Muchiri, Peter N. & Chemweno, Peter K., 2021. "Integrated remanufacturing, maintenance and spares policies towards life extension of a multi-component system," Reliability Engineering and System Safety, Elsevier, vol. 215(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:reensy:v:190:y:2019:i:c:18. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/reliability-engineering-and-system-safety .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.