Abstract
M.Ing. (Engineering Management)
The objective of the research is to formulate a simplified physical asset modelling framework
that is universal to any industry or any asset type, for use in the chosen Computerised Physical
Asset Management System (CPAMS) such that it provides the benefit of improved management
of physical assets over its lifecycle.
The research highlights that there are numerous CPAMS, whether branded as ERPS, CMMS,
EAMS or CFMS as example, however the track record of providing organisational benefit given
the significant initial and ongoing investment, is limited. The literature review highlights that the
configuration of the CPAMS is one of the contributors to limited benefit, where configuration
refers to the structuring and organisation of the CPAMS to do that which the user require. One
aspect of the CPAMS configuration is the physical asset modelling framework within which the
physical assets are recorded in the CPAMS along with its myriad of data, information and various
settings. In addition to that which is entered by the user, the processing of various performances
and reporting against the asset modelling framework is equally critical.
The development of the physical asset modelling framework involved two independent
approaches, firstly deriving a framework from literature review of reliability and logistics
engineering theory, and secondly, a framework derived from the research of existing industry
asset and asset hierarchy naming conventions, standards or frameworks. The theory-derived
framework was validated by the existing industry frameworks with the difference that majority
of the existing industry frameworks has an additional organisation level in the hierarchy.
A single physical asset modelling framework was derived from the nine existing industry
frameworks and since this also validated the theory-derived framework, the industry-derived
framework was concluded as the universal simplified physical asset modelling framework.
A CPAMS is a necessity for the optimised management of physical assets over its lifecycle to
achieve levels of sustained performance required by the organisation’s long-term business
strategy and real-time operations. A CPAMS has the potential to realise this optimised
management, however, and this is to be emphasised, this potential is only realisable when the
CPAMS is configured and maintained by skilled asset management professionals having detailed
understanding of what is required for lifecycle asset management, and therefore how the
CPAMS must enable this management. This research has developed one such critical
requirement which is a universal simplified physical asset modelling framework.