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Circular economy arises at a time when the needs for the reduction, reuse, recovery and recycling of materials and energy need to consolidate. Today’s economy is unsustainable in the short run. The standard ISO 55001 defines a set of requirements that, when implemented and maintained, guarantee the good performance of an organization’s asset manage...
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... in January 2014, under the cover of the International Organization for Standardization (ISO), the ISO 55000 family of standards for asset management was published, [7][8][9]. Figure 3 presents the evolution of Asset management. ...
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Life cycle optimization has been a concern over decades; it has been clear that an asset well-kept will have a longer life with a higher return for the organization; this life cycle depends of several factors. The standard ISO 55001 defines a set of requirements that, when implemented and maintained, guarantee the good performance of an organizatio...
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... O conjunto de normas da família NP EN 55000 surge para responder à necessidade de gerir de forma eficaz o ciclo de vida dos ativos das organizações, assegurando o nível de competitividade sem comprometer a excelência dos produtos/serviços oferecidos. A norma NP EN 55001 propõe uma metodologia para gerir os ativos em conformidade com os objetivos estratégicos da Organização, apoiando as decisões de aquisição, substituição e/ou alienação dos mesmos (Figura 1), em alinhamento com práticas que visam a sustentabilidade ambiental, social e económica dos equipamentos e da própria Organização (Pais et al., 2018e Pais et al., 2019. ...
A utilização de um método de avaliação e de validação é de extrema importância para credibilizar e fortalecera aceitaçãode conclusões sobre um determinado tema. Este artigo tem como objetivo descrever a adaptação da técnica Delphi no processo de validação do conteúdo de um questionário sobre a Transformação Digital na Gestão de Ativos. Noestudo, participaram 25 especialistas da indústria portuguesa com experiência em Gestão de Ativos e Transformação Digital. O questionário abrangeuos seguintes temas: Gestão de Ativos, Transformação Digital, norma NP EN55001, sistemas de informação e o ciclo de vida dos ativos. Adicionalmente, foramabordados os modelos de maturidade relacionadoscom aGestão de Ativos e aTransformação Digital. Para a avaliação do nível de maturidade na Gestão de Ativos, foi utilizado o modelo do IAM (Institute of Asset Management), enquantopara a avaliação do nível de maturidade digital foi utilizado o modelo VDMA/IMPULS.A técnica Delphi aplicada foi modificada para se adequar ao formato de um questionário, sendo realizada numa única ronda pelos especialistas. Os resultados mostraram uma taxa de resposta de 72%. Os especialistas chegaram a umconsenso sobre as 15 perguntas apresentadas, com 10 questões validadas por unanimidade e bem classificadas, juntamente com algumas sugestões de melhoria, enquanto5 questões não obtiveram tanto consenso. Para a classificação e avaliação, foi utilizada a escala de Likert de 1 a 5, onde “1—Nada relevante” e “5—Extremamente relevante”. Esta técnica Delphi modificada permitiuperceber tendências e vetores futuros na Gestão de Ativos e na Transformação Digital. O método Delphi contribuiu para o aprimoramento da formulação do questionário, sendo esta uma etapa intermediária num processo de validação iterativo. A opinião dos especialistas possibilitou a obtenção de feedbacks construtivos para a validação das questões e da estrutura do questionário a ser utilizado.
... In the context of achieving sustainable development, the circular economy has become a popular research [70]. The advent of the circular economy has occurred when the reduction, reuse, recovery, and recycling of materials and energy has become a priority [71], and the transition from the linear economy to the circular economy needs to be consolidated. The circular economy is inspired by biological cycles in which nothing is wasted. ...
... In today's world, the circular economy is crucial to achieving sustainable development [70]. The move from the linear economy that began with the industrial revolution to the circular economy needs to be a priority, and the circular economy has played a significant part in achieving those aims [71], [76]. Previous authors [53], [54], [62]- [65], [77] have argued that the circular economy is essential to achieve sustainable development, despite certain misconceptions about the idea. ...
... Asset management is the art and science of making the right decisions and optimizing value delivery. A common objective is to minimize the cost of living on assets, but there may be other critical factors, such as risk or business continuity, to be objectively considered in this decision making [71]. ...
In the past years, Asset Management (AM) was normally described as maintenance
management; their focus was on programs, procedures, and other tasks to optimize the organization’s assets uptime. Nowadays, when considering asset management, an active life cycle management of the major assets must be taken in consideration and components considered from the cradle to the grave.
On the other side, some other points must be taken into consideration when performing asset management. In the past, only a few assets were considered to be managed; this old approach brings a few weaknesses. A new approach must consider all the assets as part of the organization. Even if their role after analyses is not pivotal, it is important to know them, and plans must be made for those assets, even if they are not complex or detailed.
When considering AM, there is a need to apply a Life Cycle Assessment (LCA). While doing so, many factors must be taken into consideration, focusing on reducing expenses and increasing sustainability in several aspects. Equipment with less environmental impact must always be considered and developed, while improving sustainability broadly.
The principal function of asset management is to realize value from assets, but where to start? To obtain their major value, the ISO 55001 presents a set of plans. One of them is the Strategic Asset Management Plan (SAMP), which details the asset management objectives and explains their relationship with the organizational objectives and the framework required to achieve the asset management objectives. The SAMP needs to have a set of processes to realize the expected value. Asset management deals with different areas. It must have a clear way to communicate inside and outside the organization because every sector plays a vital role in the whole. On the other hand, the SAMP must provide tools to
manage physical assets' life cycle. Those tools need to be quantitative to be easily measured.
On the other side, the SAMP must be aligned with the organization's objectives. This alignment is communicated to ensure that external and internal stakeholders, at all levels of the organization, understand why asset life cycle activities and asset management activities are implemented. While building a SAMP, it is fundamental that it can be measured with the use of tools such as Balanced Scorecard (BSC) with adequate Key Performance Indicators (KPIs) that can bring a quantitative approach that can easily measure the quality of the SAMP. While using BSC there are four perspectives: Financial, Customer, Internal Process, and Learning and Growth, which perfectly fit the SAMP requirements.
... The set of ISO 5500X standards arises to respond to this need to manage the life cycle of the organization's physical assets as best as possible, ensuring the level of competitiveness, without compromising the level of excellence of the products/ services offered. The ISO 55001 standard proposes a methodology for managing assets in accordance with the Organization's strategic objectives, supporting decisions on their acquisition, replacement and/or disposal, aligned with practices aimed at the environmental, social, and economic sustainability of equipment and the company itself Organization [6,7]. In hospital units there are several equipment/ assets, from the least important to the most important that save lives, namely life support equipment. ...
The life cycle of physical assets analysis is a tool of great importance for asset management and of great use to managers, namely hospital facilities and equipment managers. Furthermore, this is an essential issue in the current macroeconomic economy, being its assertiveness preponderant for the success of any investment. This paper aims to emphasize the importance of investment analysis in the decision-making strategy of any organization, intertwined with the life cycle of the physical asset analysis, framed in a structuring approach of certification by the ISO 55001 standard. For an efficient physical assets management, in general, and within the health sector, in particular, optimizing their maintenance and determining the optimal moment for their withdrawal from operation, or their renewal, are fundamental aspects for its profitability and quality of service to users. This paper brings an integrated approach, in the previous aspect, aiming to reconcile the perspective of the stakeholders, within the scope of the life cycle of assets analysis, with of the physical assets manager, in a long-term vision adjusted to the organization strategic plan. Additionally, the issue of waste elimination will also be addressed through the implementation of an Organization and Management Philosophy inspired by the practices and results of the Toyota model (TPS, Toyota Production System), which can be applied across any Organization, including the health area. In essence, the objective of applying this philosophy in hospital management is the same as what has already been achieved in industry and other sectors: the search for continuous improvement through the elimination of unnecessary activities and waste, which only increase costs, leave the Organization less competitive and impair quality.
... As the need of reduction, reuse, recovery, and recycling of materials and energy has become a priority. Circular economy obtained a major role in order to achieve those priorities (Halkos & Petrou, 2019;Pais et al., 2019), reinforcing the need of transition from the linear economy that started in the industrial revolution to the circular economy needs to be priority. The biological processes in which nothing is wasted serve as an inspiration for the circular economy. ...
... Pais et al. (Pais et al., 2019) presented a model to Diagnosis the Organization's State in order to apply ISO 55001 the same model as a tool to help implementing and continuous improvement on ISO 55001; the model has 25 surveys and a total of 154 questions, being the results presented on a radar map ( Figure 5). In 2007 Crespo presented a Maintenance Management Model ( Figure 6) (Márquez, 2007); based on that model, Parra et al. (Parra et al., 2021) present an audit tool for Asset Management, Operational Reliability & Maintenance Survey (AMORMS). ...
... Radar Map (Adapted from:(Pais et al., 2019)). ...
The purpose of this paper is to propose a tool to measure the performance of a Strategic Asset Management Plan (SAMP) based on a Balanced Scorecard (BSC). The SAMP converts organizational objectives into asset management objectives, also specifies the role of the asset management system and brings support to achieve asset management objectives. The SAMP becomes the heart of the organization and integrates with long-term, medium-term, and short-term financial plans integrated with same term activity plans. In the SAMP, the balance among performance, costs and risks is also taken into consideration in order to achieve the organization’s objectives. On the other side, the SAMP is a guide to set the asset management objectives while describing the role of the Asset Management System (AMS) in meeting those objectives. While SAMP is the central figure of AMS, it is important to measure its performance and needs to be build and improved through an iterative process, what means that is not just a document, it is “the document”, and should be treated as a “living being” that needs to adapt to internal and external changes quickly. The BSC is an excellent tool where, through the appropriate Key Performance Indicators (KPIs), the progress can be measured, and is supported by four perspectives: Financial; Customer; Internal Process; and Learning and Growth.
... Asset management is the art and the science of making the right decisions, optimizing the value delivered. A common objective is to minimize the cost of living of assets; but, there may be other critical factors, such as risk or business continuity, objectively considered in this decision making [2]. ...
Asset management has its principal function to realize value from assets, in order to obtain a major value; the Strategic Asset Management Plan (SAMP) needs to clearly have a set of processes in order to realize the value expected-Asset management deals with different areas and must have a clear way to communicate inside and outside the organization because every sector is important in the whole. However, it is strategic to evaluate periodically the effectiveness of the SAMP, what can be done through a well-designed scoreboard supported in adequate Key Performance Indicators (KPI), that works synchronously with SAMP. This approach adds value when compared with other approaches that can be found in the state of the art references.
... Farinha et al. [41], while proposing the LCI, presents the Global Result in year n (GRn). The GRn Formula (16) includes the initial investment and the annual variable maintenance investments throughout the asset's life; this yields the overall result that a company can expect from an asset's life cycle from an investment perspective. The results are presented in Figures 13 and 14 As shown in Figure 10, the Integrated Life Cycle Assessment First Method better adapts to this asset, and provides clear results for replacement. ...
... Farinha et al. [41], while proposing the LCI, presents the Global Result in year n (GRn). The GRn Formula (16) includes the initial investment and the annual variable maintenance investments throughout the asset's life; this yields the overall result that a company can expect from an asset's life cycle from an investment perspective. The results are presented in Figures 13 and 14. ...
... The technological upgrade increases the life cycle of the asset and promotes red tions in waste, raw material use, and energy costs, in turn promoting the circular econom and sustainable development [15,16,[87][88][89][90][91][92]. The upgraded parts in the asset can also returned to assembly lines and refurbished to incorporate the latest technologies, and enter the market. ...
The purpose of this study was to apply new methods of econometric models to the Life Cycle Assessment (LCA) of physical assets, by integrating investments such as maintenance, technology, sustainability, and technological upgrades, and to propose a means to evaluate the Life Cycle Investment (LCI), with emphasis on sustainability. Sustainability is a recurrent theme of existing studies and will be a concern in coming decades. As a result, equipment with a smaller environmental footprint is being continually developed. This paper presents a method to evaluate asset depreciation with an emphasis on the maintenance investment, technology depreciation, sustainability depreciation, and technological upgrade investment. To demonstrate the value added of the proposed model, it was compared with existing models that do not take the previously mentioned aspects into consideration. The econometric model is consistent with asset life cycle plans as part of the Strategic Asset Management Plan of the Asset Management System. It is clearly demonstrated that the proposed approach is new and the results are conclusive, as demonstrated by the presented models and their results. This research aims to introduce new methods that integrate the factors of technology upgrades and sustainability for the evaluation of assets’ LCA and replacement time. Despite the increase in investment in technology upgrades and sustainability, the results of the Integrated Life Cycle Assessment First Method (ILCAM1), which represents an improved approach for the analyzed data, show that the asset life is extended, thus increasing sustainability and promoting the circular economy. By comparison, the Integrated Life Cycle Investment Assessment Method (ILCIAM) shows improved results due to the investment in technology upgrades and sustainability. Therefore, this study presents an integrated approach that may offer a valid tool for decision makers.
... LCC is a commonly used concept mentioned in several standards, like the ISO 15663-1, Petroleum and natural gas industries -Life cycle costing -Part 1: Methodology. The work of Pais et al. [19] is in line with [9], as they include a diagnostic model on the state of organizations to help the implementation of ISO 55001. ...
The paper proposes a model for the life cycle of physical assets that includes the maintenance policy, because it has direct implications on the equipment's Return On Investment (ROI) and Life Cycle Cost; the developed model can be applied to any type of physical asset. The model is called Life Cycle Investment (LCI) instead of the traditional Life Cycle Cost (LCC). The paper proposes a new methodology based on the modified economic life cycle and lifespan methods by including the maintenance policy using maintenance Key Performance Indicators (KPI), namely Availability, based on the Mean Time Between Failures (MTBF) and the Mean Time To Repair (MTTR). The benefits (profits) that result from the asset's Availability must be balanced with the initial investment and the variable maintenance investment along its life, which has relation with the maintenance policy and the ROI.
... To help on the implementation of ISO 55001, Pais et al. [27] present a method of diagnosing the state of the organization, that corresponds to a set of surveys in which the evaluation of the responses indicates the position of the company in relation to the application of the standard, the result is a radar map ( Figure 12) where can be seen the position of the organization regarding ISO 55001 implementation. Each question is related with the points presented on the radar chart as follows: ...
... Radar Map[27] ...
Life cycle optimization has been a concern over decades; it has been clear that an asset well-kept will have a longer life with a higher return for the organization; this life cycle depends of several factors. The standard ISO 55001 defines a set of requirements that, when implemented and maintained, guarantee the good performance of an organization's asset management, responding to stakeholders need and expectations and ensuring the value creation and maintenance as well as a global vision of assets on the Optimizing the Life Cycle of Physical Assets. The organizations where physical asset management is of major importance include all those that involves facilities, machinery, buildings, roads and bridges, utilities, transportation industries, oil and gas extraction and processing, mining and mining processing, chemicals, manufacturing, distribution, aviation and defence. However, since ISO 55001 is a new standard in the global market, due to its necessity to involve all the organization its implementation becomes difficult; but, it is clear that an organization that certifies by the ISO 55001 is ahead on life cycle optimization because it is part of its requirements; so, what model of life cycle optimization to use? Is there anyone that fits on the ISO 55001? Can an existing one be adapted to be used according to ISO 55001 requirements? The approaches of this paper bring a literary review of life cycle models used in asset management and their major concerns, this is the beginning to build a model to optimize the life cycle of physical assets including the ISO 55001 perspective.
... A common objective is to minimize the cost of living of assets; but there may be other critical factors such as risk or business continuity, objectively considered in this decision making [1]. There is a need to determinate, establish, ensure, and review the procedures and requirements in order to fulfil the ISO 55001 complies (Figure 1). ...
Having been published in 2014, ISO 55001 began as standard with PAS 55 in 2004; although, the need arose much earlier with several asset managements related documents. They arose within organizations or services to be part of procedures in isolated organizations with multidisciplinary or cross-organizational problems. ISO 55001 is based on four pillars: Value; Alignment; Leadership; and Assurance. Physical Assets exist to provide value to the organization and its shareholders, understanding value and how the assets contribute to value is therefore important. Asset management translates organizational objectives into technical and financial decisions, plans and activities. Asset management requires a vision of organizational objectives down to tactical plans and measures. Leadership and workplace culture are key to realizing value. Asset management requires effective management to take leading and commitment. Asset management ensures that assets will meet the required objectives, and this requires the organization to evaluate progress and performance with discipline and objectivity and, typically, includes the definition of performance measures and periodic reviews and audits. To make the right decisions it is needed good information, and the way the organization manages its data demonstrates its commitment to the entire system; additionally, everyone must be aware of the improvements that need to be made and easily know what information require to support the decisions. The present paper, based on the state of the art, after had identified some questions yet not answered, proposed some contributions to respond them. The present paper presents a global approach how to diagnose an organization to implement ISO 55001 and the methodology to implement it and the roadmap to its implementation. Additionally, it discusses its sequence of implementation and the level of fulfilment for each requirement in a new quantitative way.
... In the same vein, Volker, Telli & Ligtvoet [15] mention that an asset management system for the transportation sector requires system-level performance measures, models, and interoperable databases used by asset groups to make evidencebased decisions. In the area of passenger urban transport, Hugo et al. [16,17] The work of Pais et al. [19] is in line with [9], including a diagnostic model on the state of organizations to help the implementation of ISO 55001. Farinha [20] presents some econometric models to evaluate the LCC, including the withdrawal time for medical equipment. ...
