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.

N-gram posterior probability confidence measures for statistical machine translation: An empirical study

We report an empirical study of n-gram posterior probability confidence measures for statistical machine translation (SMT). We first describe an efficient and practical algorithm for rapidly computing n-gram posterior probabilities from large translation word lattices. These probabilities are shown to be a good predictor of whether or not the n-gram is found in human reference translations, motivating their use as a confidence measure for SMT. Comprehensive n-gram precision and word coverage measurements are presented for a variety of different language pairs, domains and conditions. We analyze the effect on reference precision of using single or multiple references, and compare the precision of posteriors computed from k-best lists to those computed over the full evidence space of the lattice. We also demonstrate improved confidence by combining multiple lattices in a multi-source translation framework. © 2012 The Author(s).

A Bayesian framework to predict deformations during supported excavations based on a semi-empirical method

The ground movements induced by the construction of supported excavation systems are generally predicted by empirical/semi-empirical methods in the design stage. However, these methods cannot account for the site-specific conditions and for information that becomes available as an excavation proceeds. A Bayesian updating methodology is proposed to update the predictions of ground movements in the later stages of excavation based on recorded deformation measurements. As an application, the proposed framework is used to predict the three-dimensional deformation shapes at four incremental excavation stages of an actual supported excavation project. © 2011 Taylor & Francis Group, London.

Reliability analysis of deep excavation based on a semi-empirical approach

The design and construction of deep excavations in urban environment is often governed by serviceability limit state related to the risk of damage to adjacent buildings. In current practice, the assessment of excavation-induced building damage has focused on a deterministic approach. This paper presents a component/system reliability analysis framework to assess the probability that specified threshold design criteria for multiple serviceability limit states are exceeded. A recently developed Bayesian probabilistic framework is used to update the predictions of ground movements in the later stages of excavation based on the recorded deformation measurements. An example is presented to show how the serviceability performance for excavation problems can be assessed based on the component/system reliability analysis. © 2011 ASCE.

A Bayesian framework to predict deformations during supported excavations based on a semi-empirical method

The ground movements induced by the construction of supported excavation systems are generally predicted in the design stage by empirical/semi-empirical methods. However, these methods cannot account for the site-specific conditions and for information that become available as an excavation proceeds. A Bayesian updating methodology is proposed to update the predictions of ground movements in the later stages of excavation based on recorded deformation measurements. As an application, the proposed framework is used to predict the three-dimensional deformation shapes at four incremental excavation stages of an actual supported excavation project. Copyright © ASCE 2011.

Gastropods on submersed macrophytes in Yangtze lakes: Community characteristics and empirical modelling

Epiphytic gastropods in Yangtze lakes have suffered from large-scale declines of submersed macrophytes during past decades. To better understand what controls gastropod community, monthly investigations were carried out in four Yangtze lakes during December, 2001-March, 2003. Composed of 23 species belonging to Pulmonata and Prosobranchia, the community is characterized by the constitution of small individuals. The average density and biomass were 417 +/- 160 ind/m(2) and 18.05 +/- 7.43 g/m(2), with maxima a-round August. Submersed macrophyte biomass is shown to be the key factor affecting species number, density, and biomass of gastropods. Accordingly, a series of annual and seasonal models yielding high predictive powers were generated. Preference analyses demonstrated that pulmonates and prosobranchs with different respiratory organs prefer different macrophyte functional groups.

Empirical modelling of submersed macrophytes in Yangtze lakes

Submersed macrophytes in Yangtze lakes have experienced large-scale declines due to the increasing human activities during past decades. To seek the key factor that affects their growth, monthly investigations of submersed macrophytes were conducted in 20 regions of four Yangtze lakes during December, 2001-March, 2003. Analyses based on annual values show that the ratio of Secchi depth to mean depth is the key factor (50% of macrophyte biomass variability among these lakes is statistically explained). Further analyses also demonstrate that the months from March to June are not only the actively growing season for most macrophytes, but the key time the factor acts. Five key-time models yielding higher predictive power (r(2) reaches 0.75,0.76,0.77,0.69 and 0.81) are generated. A comparison between key-time models and traditional synchronic ones indicates that key-time models have higher predictive power. Analyses of transparency thresholds during macrophyte growing season and the limitations of the models are presented. The models and other results may benefit the work concerning submersed macrophyte recovery in Yangtze lakes. (c) 2005 Elsevier B.V. All rights reserved.

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.