A simplified numerical decision-making methodology for physical asset management decisions

Abstract

The management of physical assets has become a popular field recently, and is acknowledged in many disciplines worldwide. Physical Asset Management (PAM) is a complex subject that requires the participation of many disciplines. Maintenance management, together with accurate and effective decision-making, is vital for achieving successful PAM. The primary objective of this research project was to identify the possibility of simplifying maintenance-related decision-making. With the focus on numerical decision-making techniques, the secondary objective was to investigate the practicality and useability of combining appropriate techniques to create an easily useable and understandable methodology to support maintenance-related decisions. The results confirm the practicality and useability of a simplified numerical decision-making methodology. By concentrating on the core operational questions related to maintenance, and by combining the most appropriate techniques, a simplified numerical decision-making methodology can ease the decision-making process on an operational level. This can accomplish successful PAM in a proactive, preventive and simplified manner.