Given climate change, aging assets and increasing demands for performance and profitability, it has become critical for organizations with complex asset portfolios to prioritize asset management investments. This research provides a methodological framework to support decision-making. The framework takes into account the presence of complex systems and the need to reduce the uncertainty associated with these systems. A case study from an electricity company has validated the framework, showing it effectively optimizes the allocation of resources to the most critical systems and equipment. The AHP (Analytic Hierarchy Process) and BWM (Best-Worst Method), combined with the WSM (Weighted Sum Method), are compared in terms of efficiency to weight criteria and assess the impact of projects. Results show that AHP is the most effective method for weighting criteria to align investments with the strategic objectives of the organization, while taking the inherent uncertainties of complex systems into account.
References
[1]
Biard, G., Abdul-Nour, G., Komljenovic, D., & Pelletier, S. (2022). Multi-Criteria Prioritization of Asset Management Investments in the Power Industry. IFAC-PapersOnLine, 55, 1804-1809. https://doi.org/10.1016/j.ifacol.2022.09.660
[2]
British Standard Institute (2015). PAS55:2008-2: 2008-Guidelines for the Application of PAS 55-1. British Standard Institute.
[3]
Cahyo, W. N. (2017). A Modelling Approach for Maintenance Resources-Provisioning Policies in a Wind Farm Maintenance System. In International Education Evaluation (Ed.), 2017 IEEE International Conference on Industrial Engineering and Engineering Management(IEEM) (pp. 1261-1265). IEEE. https://doi.org/10.1109/ieem.2017.8290095
[4]
Catrinu, M. D., & Nordgård, D. E. (2011). Integrating Risk Analysis and Multi-Criteria Decision Support under Uncertainty in Electricity Distribution System Asset Management. Reliability Engineering & System Safety, 96, 663-670. https://doi.org/10.1016/j.ress.2010.12.028
[5]
Chong, A. K. W., Mohammed, A. H., Abdullah, M. N., & Rahman, M. S. A. (2019). Maintenance Prioritization—A Review on Factors and Methods. Journal of Facilities Management, 17, 18-39. https://doi.org/10.1108/jfm-11-2017-0058
[6]
Dezfuli, H., Stamatelatos, M., Maggio, G., Everett, C., & Youngblood, R. (2010). Risk-Informed Decision Making Handbook. NASA. https://ntrs.nasa.gov/api/citations/20100021361/downloads/20100021361.pdf
[7]
EPRI (2006). Guideline for the Treatment of Uncertainty in Risk-Informed Applications: Applications Guide. Electric Power Research Institute. https://www.epri.com/research/products/000000000001013491
[8]
EPRI (2008). Treatment of Parameter and Model Uncertainty for Probabilistic Risk Assessments. Electric Power Research Institute. https://www.epri.com/research/products/1016737
[9]
Franek, J., & Kresta, A. (2014). Judgment Scales and Consistency Measure in AHP. Procedia Economics and Finance, 12, 164-173. https://doi.org/10.1016/s2212-5671(14)00332-3
[10]
Gómez, J. F., Fernández, P. M., Guillén, A. J., & Márquez, A. C. (2019). Risk-Based Criticality for Network Utilities Asset Management. IEEE Transactions on Network and Service Management, 16, 755-768. https://doi.org/10.1109/tnsm.2019.2903985
[11]
Institute of Asset Management (2015). Asset Management—An Anatomy. Institute of Asset Management.
[12]
ISO/TC 251 WG3 (2018). Asset Management Achieving the UN Sustainable Development Goals.
[13]
Khaliq, S. A., Mahmood, M. N., & Das, N. (2015). Towards a Best Practice Asset Management Framework for Electrical Power Distribution Organisations. In International Education Evaluation (Ed.), 2015 IEEE PES Asia-Pacific Power and Energy Engineering Conference (APPEEC) (pp. 1-5). IEEE. https://doi.org/10.1109/appeec.2015.7381065
[14]
Komljenovic, D. (2008). An Analysis to Determine Industry’s Preferred Option for an Initial Generic Reliability Database for Candu. In Canadian Nuclear Society (Ed.), 29th Annual Conference of the Canadian Nuclear Society and 32nd CNS/CNA Student Conference 2008. Canadian Nuclear Society. https://doi.org/10.13140/2.1.2647.9360
[15]
Komljenovic, D., Abdul-Nour, G., & Boudreau, J. F. (2019a). Risk-Informed Decision-Making in Asset Management as a Complex Adaptive System of Systems. International Journal of Strategic Engineering Asset Management, 3, 198-238. https://doi.org/10.1504/ijseam.2019.108468
[16]
Komljenovic, D., Delourme, B., & Lavoie, M. (2019b). Ice Storm Canada, January 1998, Case Study Series of Extreme Weather, Dynamic Resilience to Extreme Weather, Learning from Best Practice Examples. World Energy Council.
[17]
Mahmood, I., Kausar, T., Sarjoughian, H. S., Malik, A. W., & Riaz, N. (2019). An Integrated Modeling, Simulation and Analysis Framework for Engineering Complex Systems. IEEE Access, 7, 67497-67514. https://doi.org/10.1109/access.2019.2917652
[18]
Mamun, K. A., & Islam, F. R. (2016). Reliability Evaluation of Power Network: A Case Study of Fiji Islands. In International Education Evaluation (Ed.), 2016 Australasian Universities Power Engineering Conference (AUPEC) (pp. 1-6). IEEE. https://doi.org/10.1109/aupec.2016.7749359
[19]
Petchrompo, S., & Parlikad, A. K. (2019). A Review of Asset Management Literature on Multi-Asset Systems. Reliability Engineering & System Safety, 181, 181-201. https://doi.org/10.1016/j.ress.2018.09.009
Rezaei, J. (n.d.). BWM Solvers. https://bestworstmethod.com/software/
[22]
Rivest, R. (2019). Techniques de Simulation pour la Recherche sur le Perfectionnement de la Méthode AHP. HEC Montréal. http://biblos.hec.ca/biblio/memoires/m2019a612764.pdf
[23]
Saaty, R. W. (1987). The Analytic Hierarchy Process—What It Is and How It Is Used. Mathematical Modelling, 9, 161-176. https://doi.org/10.1016/0270-0255(87)90473-8
[24]
Soares, B. N., da Rosa Abaide, A., & Bernardon, D. (2014). Methodology for Prioritizing Investments in Distribution Networks Electricity Focusing on Operational Efficiency and Regulatory Aspects. In International Education Evaluation (Ed.), 2014 49th International Universities Power Engineering Conference (UPEC) (pp. 1-6). IEEE. https://doi.org/10.1109/upec.2014.6934727
[25]
US Nuclear Regulatory Commission (2003). Formal Methods of Decision Analysis Applied to Prioritization of Research and Other Topics. US Nuclear Regulatory Commission.
[26]
Xu, Q., Jia, X., & He, L. (2010). The Control of Distributed Generation System Using Multi-Agent System. In International Education Evaluation (Ed.), 2010 International Conference on Electronics and Information Engineering (pp. V1-30-V1-33). IEEE. https://doi.org/10.1109/iceie.2010.5559832
