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.

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.

Auto-calibration of a camera system using Image Alignment

Calibration of a camera system is a necessary step in any stereo metric process. It correlates all cameras to a common coordinate system by measuring the intrinsic and extrinsic parameters of each camera. Currently, manual calibration of a camera system is the only way to achieve calibration in civil engineering operations that require stereo metric processes (photogrammetry, videogrammetry, vision based asset tracking, etc). This type of calibration however is time-consuming and labor-intensive. Furthermore, in civil engineering operations, camera systems are exposed to open, busy sites. In these conditions, the position of presumably stationary cameras can easily be changed due to external factors such as wind, vibrations or due to an unintentional push/touch from personnel on site. In such cases manual calibration must be repeated. In order to address this issue, several self-calibration algorithms have been proposed. These algorithms use Projective Geometry, Absolute Conic and Kruppa Equations and variations of these to produce processes that achieve calibration. However, most of these methods do not consider all constraints of a camera system such as camera intrinsic constraints, scene constraints, camera motion or varying camera intrinsic properties. This paper presents a novel method that takes all constraints into consideration to auto-calibrate cameras using an image alignment algorithm originally meant for vision based tracking. In this method, image frames are taken from cameras. These frames are used to calculate the fundamental matrix that gives epipolar constraints. Intrinsic and extrinsic properties of cameras are acquired from this calculation. Test results are presented in this paper with recommendations for further improvement.