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It is critical to improve the asset management system implementation as well as economics and industrial decision making to ensure that a business may move smoothly internally. Maintenance management should be aligned to the activities of maintenance in accordance with key business strategies, which must be designed under the comprehensive approach of an asset management process. After transforming the priorities of the business into priorities of maintenance, maintenance managers will use their medium-team strategies to tackle potential weaknesses in the maintenance of the equipment in accordance with these objectives. Cases on Optimizing the Asset Management Process explains and summarizes the processes and the reference frame necessary for the implementation of the Maintenance Management Model (MMM). This book acts as an overview of the current state of the art in asset management, providing innovative tools and practices from the fourth industrial revolution. Presenting topics like criticality analysis, physical asset maintenance, and unified modelling language, this text is essential for industrial and manufacturing engineers, plant supervisors, academicians, researchers, advanced-level students, technology developers, and managers who make decisions in this field.
In spite of theoretical benefits, Markowitz mean-variance (MV) optimized portfolios often fail to meet practical investment goals of marketability, usability, and performance, prompting many investors to seek simpler alternatives. Financial experts Richard and Robert Michaud demonstrate that the limitations of MV optimization are not the result of conceptual flaws in Markowitz theory but unrealistic representation of investment information. What is missing is a realistic treatment of estimation error in the optimization and rebalancing process. The text provides a non-technical review of classical Markowitz optimization and traditional objections. The authors demonstrate that in practice the single most important limitation of MV optimization is oversensitivity to estimation error. Portfolio optimization requires a modern statistical perspective. Efficient Asset Management, Second Edition uses Monte Carlo resampling to address information uncertainty and define Resampled Efficiency (RE) technology. RE optimized portfolios represent a new definition of portfolio optimality that is more investment intuitive, robust, and provably investment effective. RE rebalancing provides the first rigorous portfolio trading, monitoring, and asset importance rules, avoiding widespread ad hoc methods in current practice. The Second Edition resolves several open issues and misunderstandings that have emerged since the original edition. The new edition includes new proofs of effectiveness, substantial revisions of statistical estimation, extensive discussion of long-short optimization, and new tools for dealing with estimation error in applications and enhancing computational efficiency. RE optimization is shown to be a Bayesian-based generalization and enhancement of Markowitz's solution. RE technology corrects many current practices that may adversely impact the investment value of trillions of dollars under current asset management. RE optimization technology may also be useful in other financial optimizations and more generally in multivariate estimation contexts of information uncertainty with Bayesian linear constraints. Michaud and Michaud's new book includes numerous additional proposals to enhance investment value including Stein and Bayesian methods for improved input estimation, the use of portfolio priors, and an economic perspective for asset-liability optimization. Applications include investment policy, asset allocation, and equity portfolio optimization. A simple global asset allocation problem illustrates portfolio optimization techniques. A final chapter includes practical advice for avoiding simple portfolio design errors. With its important implications for investment practice, Efficient Asset Management 's highly intuitive yet rigorous approach to defining optimal portfolios will appeal to investment management executives, consultants, brokers, and anyone seeking to stay abreast of current investment technology. Through practical examples and illustrations, Michaud and Michaud update the practice of optimization for modern investment management.
Considering maintenance from a proactive, rather than reactive, perspective, Maintenance Excellence details the strategies, tools, and solutions for maximizing the productivity of physical assets—focusing on profitability potential. The editors address contemporary concerns, key terms, data requirements, critical methodologies, and essential mathematical needs. They present maintenance in a business context, review planning, measurement, feedback, and techniques related to cost, efficiency, and results, and summarize applications of tools and software from statistics and neural networks to cost-optimized models.
Aims to encourage transportation agencies to address strategic questions as they confront the task of managing the surface transportation system. Drawn form both national and international knowledge and experience, it provides guidance to State Department of Transportation (DOT) decision makers, as well as county and municipal transportation agencies, to assist them in realizing the most from financial resources now and into the future, preserving highway assets, and providing the service expected by customers. Divided into two parts, Part one focuses on leadership and goal and objective setintg, while Part two is more technically oriented. Appendices include work sheets and case studies.
This text represents state-of-the-art trends and developments in the emerging field of engineering asset management as presented at the Sixth World Congress on Engineering Asset Management (WCEAM) held in Cincinnati, OH, USA from October 3-5, 2011 The Proceedings of the WCEAM 2011 is an excellent reference for practitioners, researchers and students in the multidisciplinary field of asset management, covering topics such as: Asset condition monitoring and intelligent maintenance; Asset data warehousing, data mining and fusion; Asset performance and level-of-service models; Design and lifecycle integrity of physical assets; Deterioration and preservation models for assets; Education and training in asset management; Engineering standards in asset management; Fault diagnosis and prognostics; Financial analysis methods for physical assets; Human dimensions in integrated asset management; Information quality management; Information systems and knowledge management; Intelligent maintenance; Intelligent sensors and devices; Maintenance strategies in asset management; Optimization decisions in asset management; Prognostics & Health Management; Risk management in asset management; Strategic asset management; and Sustainability in asset management.
CMDB Systems: Making Change Work in the Age of Cloud and Agile shows you how an integrated database across all areas of an organization's information system can help make organizations more efficient reduce challenges during change management and reduce total cost of ownership (TCO). In addition, this valuable reference provides guidelines that will enable you to avoid the pitfalls that cause CMDB projects to fail and actually shorten the time required to achieve an implementation of a CMDB. Drawing upon extensive experience and using illustrative real world examples, Rick Sturm, Dennis Drogseth and Dan Twing discuss: - Unique insights from extensive industry exposure, research and consulting on the evolution of CMDB/CMS technology and ongoing dialog with the vendor community in terms of current and future CMDB/CMS design and plans - Proven and structured best practices for CMDB deployments - Clear and documented insights into the impacts of cloud computing and other advances on CMDB/CMS futures - Discover unique insights from industry experts who consult on the evolution of CMDB/CMS technology and will show you the steps needed to successfully plan, design and implement CMDB - Covers related use-cases from retail, manufacturing and financial verticals from real-world CMDB deployments - Provides structured best practices for CMDB deployments - Discusses how CMDB adoption can lower total cost of ownership, increase efficiency and optimize the IT enterprise
This book gathers selected peer-reviewed papers from the 14th World Congress on Engineering Asset Management (WCEAM), which was held in Singapore on 28–31 July 2019, as well as papers presented during the 1st WCEAMOnline event which focused on the ramifications of Covid-19 on infrastructure systems. This book covers a wide range of topics in engineering asset management, including: asset management services provisioning; servitization; decision-making; asset management systems; industrial Internet of things; and vulnerability and resilience of infrastructure systems. The breadth and depth of these state-of-the-art, comprehensive proceedings make them an excellent resource for asset management practitioners, researchers and academics, as well as undergraduate and postgraduate students.
There are confusions related to the area of asset management. At this moment, searching over the internet with the keyword “asset management”, most of the links show the issue about financial asset management such as asset investments, securities, stocks, and obligations. In a simple term, the word “asset management” refers to managing financial asset. However, the term asset does not only include financial asset. In ISO 55000 (2014), the term asset is defined as an item, thing or entity that has potential or actual value to an organization. The value of asset can be categories as financial or non-financial value, tangible or intangible value, and may vary between different organizations and their stakeholders. With this definition, the term asset is very broad and may consist any type of asset such as human resources, stock, building, inventory, trust, capital, goodwill, and land. In this book, the term asset mainly refers to engineering (physical) asset, physical asset as the result of an engineering process (e.g. buildings, machineries, bridges, roads, vehicles, oil rigs, plants, metro tunnels, piping system, rail lines).
Introduces the modern investment management techniques used by Goldman Sachs asset management to a broad range of institutional and sophisticated investors. * Along with Fischer Black, Bob Litterman created the Black-Litterman asset allocation model, one of the most widely respected and used asset allocation models deployed by institutional investors. * Litterman and his asset management group are often a driving force behind the asset allocation and investment decision-making of the world's largest 100 pension funds.