Asset health management

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Asset health management or (AHM) is the field of study which looks at how to manage the "health" of an asset or assets. This often includes methods to establish asset health and effort to decide the appropriate actions to be taken to manage the assets' health. This also includes the discussion of health at end of life to ensure the asset's full life is used efficiently.

Asset economic resource, from which future economic benefits are expected

In financial accounting, an asset is any resource owned by the business. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset. Simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business.

Contents

Asset health management includes many different methods which can sometime overlap in their intended scope and methods. Asset health management has become a difficult field to discuss due to the use of the same acronym to describe multiple different approaches and the use of the same approach with different names.

Asset health management can be considered a subset of Asset management

Asset management refers to systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets and to intangible assets. Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner.

Asset health management taxonomy

Asset health management consists of multiple strategies and parts but a rough description is given as follows.[ citation needed ]

Methods used to establish the current health of the asset
Methods used to predict how the health of the asset will change in the future
see Category:Maintenance
including maintenance, repair, and operations (better referred to as maintenance, repair, and overhaul). These methods are used to keep an asset health, restore health to an asset or through major work restore usable life to an asset.

Management of multiple assets

There is often also a consideration of additional work done to manage the health of multiple assets within the same framework. Sometimes referred to as Fleet health management and falling within the study of Fleet management. Although it is common to need to manage the health of multiple assets they are not always vehicles and frequently of mixed type. [1]

Fleet management is the management of:

When resources are constrained it is a fascinating management problem to consider how best to manage the health of assets. It is rare that assets can be managed in an unconstrained way as resources are always limited by a need to make efficient use of them.

Asset health management relevant standards

A collection of some standards which are often use to manage the health of assets. This is not intended to be an exhaustive list and will organically improve.

Asset health management examples

A short list is provided to illustrate the many methods that are some sort of asset health management method or philosophy.

A built-in self-test (BIST) or built-in test (BIT) is a mechanism that permits a machine to test itself. Engineers design BISTs to meet requirements such as:

Built-in test equipment (BITE) primarily refers to passive fault management and diagnosis equipment built into airborne systems to support maintenance processes. Built-in test equipment includes multimeters, oscilloscopes, discharge probes, and frequency generators that are provided as part of the system to enable testing and perform diagnostics.

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Configuration management process for maintaining consistency of a product attributes with its design

Configuration management (CM) is a systems engineering process for establishing and maintaining consistency of a product's performance, functional, and physical attributes with its requirements, design, and operational information throughout its life. The CM process is widely used by military engineering organizations to manage changes throughout the system lifecycle of complex systems, such as weapon systems, military vehicles, and information systems. Outside the military, the CM process is also used with IT service management as defined by ITIL, and with other domain models in the civil engineering and other industrial engineering segments such as roads, bridges, canals, dams, and buildings.

Maintenance (technical) operational and functional checks, servicing, repair or replacing of a product or technical system or parts thereof in order to keep their necessary technical condition

The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure, and supporting utilities in industrial, business, governmental, and residential installations. Over time, this has come to include multiple wordings that describe various cost-effective practices to keep equipment operational; these activities take place either before or after a failure.

Software development is the process of conceiving, specifying, designing, programming, documenting, testing, and bug fixing involved in creating and maintaining applications, frameworks, or other software components. Software development is a process of writing and maintaining the source code, but in a broader sense, it includes all that is involved between the conception of the desired software through to the final manifestation of the software, sometimes in a planned and structured process. Therefore, software development may include research, new development, prototyping, modification, reuse, re-engineering, maintenance, or any other activities that result in software products.

Systems development life cycle Systems engineering term

In systems engineering, information systems and software engineering, the systems development life cycle (SDLC), also referred to as the application development life-cycle, is a process for planning, creating, testing, and deploying an information system. The systems development lifecycle concept applies to a range of hardware and software configurations, as a system can be composed of hardware only, software only, or a combination of both. There are usually six stages in this cycle: analysis, design, development and testing, implementation, documentation, and evaluation.

Product lifecycle a period of time of a product being from inception, through engineering design and manufacture, to service and disposal

In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise.

Incident Command System

The Incident Command System (ICS) is a standardized approach to the command, control, and coordination of emergency response providing a common hierarchy within which responders from multiple agencies can be effective.

Reliability engineering is a sub-discipline of systems engineering that emphasizes dependability in the lifecycle management of a product. Reliability, describes the ability of a system or component to function under stated conditions for a specified period of time. Reliability is closely related to availability, which is typically described as the ability of a component or system to function at a specified moment or interval of time.

Computerized maintenance management system

Computerized maintenance management system (CMMS), also known as computerized maintenance management information system (CMMIS), is a software package that maintains a computer database of information about an organization's maintenance operations. This information is intended to help maintenance workers do their jobs more effectively and to help management make informed decisions. CMMS data may also be used to verify regulatory compliance. To properly control the maintenance of a facility, information is required to analyze what is occurring. Manually this requires a tremendous amount of effort and time. A CMMS also allows for record keeping, to track completed and assigned tasks in a timely and cost-effective manner. In recognition of this, companies have started using CMMS extensively to better control and organize maintenance management. The different steps of implementing a CMMS plan have been described in the diagram.

Integrated logistic support (ILS) is an integrated and iterative process for developing materiel and a support strategy that optimizes functional support, leverages existing resources, and guides the system engineering process to quantify and lower life cycle cost and decrease the logistics footprint, making the system easier to support. Although originally developed for military purposes, it is also widely used in commercial product support or customer service organisations.

Application security encompasses measures taken to improve the security of an application often by finding, fixing and preventing security vulnerabilities.

Organizational architecture

Organizational architecture has two very different meanings. In one sense it literally refers to the organization's built environment and in another sense it refers to architecture metaphorically, as a structure which fleshes out the organizations. The various features of a business's organizational architecture has to be internally consistent in strategy, architecture and competitive environment.

International standards in the ISO/IEC 19770 family of standards for IT asset management (ITAM) address both the processes and technology for managing software assets and related IT assets. Broadly speaking, the standard family belongs to the set of Software Asset Management standards and is integrated with other Management System Standards.

Pavement management is the process of planning the maintenance and repair of a network of roadways or other paved facilities in order to optimize pavement conditions over the entire network.

Technical Integrity Engineering is a term applied to the engineering disciplines associated with the design, assurance and verification functions that ensure a product, process, or system meets its appropriate and intended requirements under stated operating conditions. Application of these disciplines should not adversely impact a program, but should in fact minimize cost, schedule, technical and legal risks and improve the overall life cycle cost.

Infrastructure asset management

Infrastructure asset management is the integrated, multidisciplinary set of strategies in sustaining public infrastructure assets such as water treatment facilities, sewer lines, roads, utility grids, bridges, and railways. Generally, the process focuses on the later stages of a facility's life cycle, specifically maintenance, rehabilitation, and replacement. Asset management specifically uses software tools to organize and implement these strategies with the fundamental goal to preserve and extend the service life of long-term infrastructure assets which are vital underlying components in maintaining the quality of life in society and efficiency in the economy.

IT risk management

IT risk management is the application of risk management methods to information technology in order to manage IT risk, i.e.:

Integrated vehicle health management (IVHM) or integrated system health management (ISHM) is the unified capability of systems to assess the current or future state of the member system health and integrate that picture of system health within a framework of available resources and operational demand.

Cloud management is the management of cloud computing products and services.

ITIL, formerly an acronym for Information Technology Infrastructure Library, is a set of detailed practices for IT service management (ITSM) that focuses on aligning IT services with the needs of business.

References

  1. "Health Management Guide". Thursday, 11 April 2019