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Empirically Based Asset Management Decision Support for Reliable and Cost Effective Asset Operation

Author

Listed:
  • Michael Schenk

    () (Fraunhofer Institute for Factory Operation and Automation IFF Magdeburg)

  • Frank Ryll

    () (Fraunhofer Institute for Factory Operation and Automation IFF_ Magdeburg)

Abstract

This article describes a method that supports asset management decision making so that complex technical assets are operated reliably and cost effectively. It focuses on improving the foundations of planning applied to formulate condition-based maintenance strategies. To this end, it presents a novel empirically based method for determining wear allowances in technical assets. The parameter of wear allowance is referenced to quantify current condition and anticipated changes of condition as a function of asset utilization.

Suggested Citation

  • Michael Schenk & Frank Ryll, 2010. "Empirically Based Asset Management Decision Support for Reliable and Cost Effective Asset Operation," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 6(02), pages 69-76.
  • Handle: RePEc:mic:tmpjrn:v:6:y:2010:i:02:p:69-76
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    File URL: http://tmp.gtk.uni-miskolc.hu/volumes/2010/02/TMP_2010_02_10.pdf
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    More about this item

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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