Identifying Core Functions of Asset Management

Frolov, Vladimir, Ma, Lin, Sun, Yong, & Bandara, Wasana (2010) Identifying Core Functions of Asset Management. In Amadi-Echendu, Joe E., Brown, Kerry, Willett, Roger, & Mathew, Joseph (Eds.) Definitions, Concepts and Scope of Engineering Asset Management. Springer, Berlin, Heidelberg, pp. 19-30.

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Abstract

It is widely acknowledged that effective asset management requires an interdisciplinary approach, in which synergies should exist between traditional disciplines such as: accounting, engineering, finance, humanities, logistics, and information systems technologies. Asset management is also an important, yet complex business practice. Business process modelling is proposed as an approach to manage the complexity of asset management through the modelling of asset management processes. A sound foundation for the systematic application and analysis of business process modelling in asset management is, however, yet to be developed. Fundamentally, a business process consists of activities (termed functions), events/states, and control flow logic. As both events/states and control flow logic are somewhat dependent on the functions themselves, it is a logical step to first identify the functions within a process. This research addresses the current gap in knowledge by developing a method to identify functions common to various industry types (termed core functions). This lays the foundation to extract such functions, so as to identify both commonalities and variation points in asset management processes. This method describes the use of a manual text mining and a taxonomy approach. An example is presented.

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2 citations in Scopus
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ID Code: 67330
Item Type: Book Chapter
Keywords: Asset management, Functions, Processes, Complexity, Business Process Modelling
DOI: 10.1007/978-1-84996-178-3_2
ISBN: 9781849961776
ISSN: 2190-7846
Subjects: Australian and New Zealand Standard Research Classification > INFORMATION AND COMPUTING SCIENCES (080000)
Australian and New Zealand Standard Research Classification > INFORMATION AND COMPUTING SCIENCES (080000) > INFORMATION SYSTEMS (080600)
Divisions: Current > Schools > School of Chemistry, Physics & Mechanical Engineering
Current > Schools > School of Information Systems
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Deposited On: 13 Feb 2014 03:04
Last Modified: 09 May 2017 23:02

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