Physical asset management practices in industry: Comparisons between Greece and other EU countries

Abstract

Physical asset Management is “the optimal life cycle management of physical assets to sustainably achieve the stated business objectives”. A “physical asset” is defined as a physical item that has potential or actual value to an organization. During 2011-2012 the European Federation of National Maintenance Societies (EFNMS) European Asset Management Committee (EAMC) carried out a survey of industries seeking to map physical asset management practices. The survey contained questions concerning the business environment of respondents, management practices, key performance indicators usage, organizational policies and driving factors. This paper presents the survey deeper findings regarding the responses, influences of industrial sector and business environment on physical asset management practices, identification of typical existing asset management profiles and improvement suggestions. Focus is given on comparing asset management practices between Greece and other EU countries, offering insight into different technological, business environment and other factors influencing physical asset management practices.