Managing Information Risks in asset management - Experiences from an in-depth case study in the utility industry

Information is one of the most important resources in our globalized economy. The value of information often exceeds the value of physical assets. Information quality has, in many ways, an impact on asset management organisations and asset managers struggle to understand and to quantify it, which is a prerequisite for effective information quality improvement. Over the past few years, we have developed an innovative management concept that addresses these new asset management challenges: a process for Total Information Risk Management (TIRM), which has been already tested in a number of asset management industries. The TIRM process enables to manage information quality more effectively in asset management organisations as it focuses specifically on the risks that are imposed by information quality. In this paper, we show how we have applied the TIRM process in an in-depth study at a medium-sized European utility provider, the Manx Electricity Authority (MEA), at the Isle of Man.

Classifying data quality problems in asset management

© Springer International Publishing Switzerland 2015. Making sound asset management decisions, such as whether to replace or maintain an ageing underground water pipe, are critical to ensure that organisations maximise the performance of their assets. These decisions are only as good as the data that supports them, and hence many asset management organisations are in desperate need to improve the quality of their data. This chapter reviews the key academic research on data quality (DQ) and Information Quality (IQ) (used interchangeably in this chapter) in asset management, combines this with the current DQ problems faced by asset management organisations in various business sectors, and presents a classification of the most important DQ problems that need to be tackled by asset management organisations. In this research, eleven semi structured interviews were carried out with asset management professionals in a range of business sectors in the UK. The problems described in the academic literature were cross checked against the problems found in industry. In order to support asset management professionals in solving these problems, we categorised them into seven different DQ dimensions, used in the academic literature, so that it is clear how these problems fit within the standard frameworks for assessing and improving data quality. Asset management professionals can therefore now use these frameworks to underpin their DQ improvement initiatives while focussing on the most critical DQ problems.

Towards measuring the impact of information availability on maintenance decisions

Decisions concerning maintenance have become increasingly important and requires a diverse set of information as systems become more complex. The availability of information has an impact on the effectiveness of these decisions, and thus on the performance of the asset. This paper highlights the importance of quantifying the value of information on maintenance decisions and asset performance. In particular, we emphasise the need to focus on measuring value as opposed to cost of maintenance, which is the current practice. In this direction, we propose a measure - Value of Ownership (VOO) - to assess the value of information and performance of maintenance decisions throughout an assets lifecycle. © 2009 IFAC.

Nanoindentation measurements of bone viscoelasticity as a function of hydration state

Bone is an anisotropic material, and its mechanical properties are determined by its microstructure as well as its composition. Mechanical properties of bone are a consequence of the proportions of, and the interactions between, mineral, collagen and water. Water plays an important role in maintaining the mechanical integrity of the composite, but the manner in which water interacts within the ultrastructure is unclear. Dentine being an isotropic two-dimensional structure presents a homogenous composite to examine the dehydration effects. Nanoindentation methods for determining the viscoelastic properties have recently been developed and are a subject of great interest. Here, one method based on elastic-viscoelastic correspondence for 'ramp and hold' creep testing (Oyen, J. Mater. Res., 2005) has been used to analyze viscoelastic behavior of polymeric and biological materials. The method of 'ramp and hold' allows the shear modulus at time zero to be determined from fitting of the displacement during the maximum load hold. Changes in the viscoelastic properties of bone and dentine were examined as the material was systematically dehydrated in a series of water:solvent mixes. Samples of equine dentine were sectioned and cryo-polished. Shear modulus was obtained by nanoindentation using spherical indenters with a maximum load hold of 120s. Samples were tested in different solvent concentrations sequentially, 70% ethanol to 50% ethanol, 70 % ethanol to 100% ethanol, 70% ethanol to 70% methanol to 100% methanol, and 70% ethanol to 100% acetone, after storage in each condition for 24h. By selectively removing and then replacing water from the composite, insights in to the ultrastructure of the tissue can be gained from the corresponding changes in the experimentally determined moduli, as well as an understanding of the complete reversibility of the dehydration process. © 2006 Materials Research Society.

A condition monitoring platform using COTS wireless sensor networks - Lessons and experience

Developments in Micro-Electro-Mechanical Systems (MEMS), wireless communication systems and ad-hoc networking have created new dimensions to improve asset management not only during the operational phase but throughout an asset's lifecycle based on using improved quality of information obtained with respect to two key aspects of an asset: its location and condition. In this paper, we present our experience as well as lessons learnt from building a prototype condition monitoring platform to demonstrate and to evaluate the use of COTS wireless sensor networks to develop a prototype condition monitoring platform with the aim of improving asset management by providing accurate and real-time information. © 2010 IEEE.

Selecting a multi-agent system development tool for industrial applications: A case study of self-serving aircraft assets

Industrialists have few example processes they can benchmark against in order to choose a multi-agent development kit. In this paper we present a review of commercial and academic agent tools with the aim of selecting one for developing an intelligent, self-serving asset architecture. In doing so, we map and enhance relevant assessment criteria found in literature. After a preliminary review of 20 multiagent platforms, we examine in further detail those of JADE, JACK and Cougaar. Our findings indicate that Cougaar is well suited for our requirements, showing excellent support for criteria such as scalability, persistence, mobility and lightweightness. © 2010 IEEE.

Forecasting high-frequency futures returns using online langevin dynamics

Forecasting the returns of assets at high frequency is the key challenge for high-frequency algorithmic trading strategies. In this paper, we propose a jump-diffusion model for asset price movements that models price and its trend and allows a momentum strategy to be developed. Conditional on jump times, we derive closed-form transition densities for this model. We show how this allows us to extract a trend from high-frequency finance data by using a Rao-Blackwellized variable rate particle filter to filter incoming price data. Our results show that even in the presence of transaction costs our algorithm can achieve a Sharpe ratio above 1 when applied across a portfolio of 75 futures contracts at high frequency. © 2011 IEEE.