A generic asset management framework for optimising maintenance investment decision

Abstract

This paper proposes a generic asset management framework that integrates enterprise decisions for optimising maintenance investment decisions. Optimisation involves finding the best results for an objective with given restraints and relationships. Three business decision dimensions are used–the annualised costs to the enterprise related to maintenance–namely loss of output cost, resources cost and risk cost. The objective is to reduce costs including those due to risks to the minimum. This paper addresses the relationship between these business decision dimensions within the proposed framework and implements the value per unit time approach for optimisation to occur in an integrated fashion.

Keywords:

• asset management framework
• maintenance investment
• maintenance optimisation