Requirements-based development of an improved engineering change management method

Engineering changes (ECs) are essential in complex product development, and their management is a crucial discipline for engineering industries. Numerous methods have been developed to support EC management (ECM), of which the change prediction method (CPM) is one of the most established. This article contributes a requirements-based benchmarking approach to assess and improve existing methods. The CPM is selected to be improved. First, based on a comprehensive literature survey and insights from industrial case studies, a set of 25 requirements for change management methods are developed. Second, these requirements are used as benchmarking criteria to assess the CPM in comparison to seven other promising methods. Third, the best-in-class solutions for each requirement are investigated to draw improvement suggestions for the CPM. Finally, an enhanced ECM method which implements these improvements is presented. © 2013 © 2013 The Author(s). Published by Taylor & Francis.

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.

FBS Linkage ontology and technique to support engineering change management

© 2014, Springer-Verlag London. Engineering changes are essential for any product development, and their management has become a crucial discipline. Research in engineering change management has brought about some methods and tools to support dealing with changes. This work extends the change prediction method through incorporation of a function–behaviour–structure (FBS) scheme. These additional levels of detail provide the rationales for change propagation and allow a more proactive management of changes. First, we develop the ontology of this method based on a comprehensive comparison of three seminal functional reasoning schemes. Then, we demonstrate the FBS Linkage technique by applying it to a diesel engine. Finally, we evaluate the method.

Autonomous guided vehicles applied to industrial engineering and management studies

This article presents a framework to an Industrial Engineering and Management Science course from School of Management and Industrial Studies using Autonomous Ground Vehicles (AGV) to supply materials to a production line as an experimental setup for the students to acquire knowledge in the production robotics area. The students must be capable to understand and put into good use several concepts that will be of utmost importance in their professional life such as critical decisions regarding the study, development and implementation of a production line. The main focus is a production line using AGVs, where the students are required to address several topics such as: sensors actuators, controllers and an high level management and optimization software. The presented framework brings to the robotics teaching community methodologies that allow students from different backgrounds, that normally don’t experiment with the robotics concepts in practice due to the big gap between theory and practice, to go straight to ”making” robotics. Our aim was to suppress the minimum start point level thus allowing any student to fully experience robotics with little background knowledge.

STUDY OF INFLUENCE OF SAFETY ENGINEERING AND MANAGEMENT PRACTICES IN SELECTED INDUSTRIES IN KERALA

In the twentieth century, as technology grew with it. This resulted in collective efforts and thinking in the direction of controlling work related hazards and accidents. Thus, safety management developed and became an important part of industrial management. While considerable research has been reported on the topic of safety management in industries from various parts of the world, there is scarcity of literature from India. It is logical to think that a clear understanding of the critical safety management practices and their relationships with accident rates and management system certifications would help in the development and implementation of safety management systems. In the first phase of research, a set of six critical safety management practices has been identified based on a thorough review of the prescriptive, practitioner, conceptual and empirical literature. An instrument for measuring the level of practice of these safety conduction a survey using questionnaire in chemical/process industry. The instrument has been empirically validated using Confirmatory Factor Analysis (CFA) approach. As the second step. Predictive validity of safety management practices and the relationship between safety management practices and self-reported accident rates and management system certifications have been investigated using ANOVA. Results of the ANOVA tests show that there is significant difference in the identified safety management practices and the determinants of safety performance have been investigated using Multiple Regression Analysis. The inter-relationships between safety management practices, determinants of safety performance and components of safety performance have been investigated with the help of structural equation modeling. Further investigations into engineering and construction industries reveal that safety climate factors are not stable across industries. However, some factors are found to be common in industries irrespective of the type of industry. This study identifies the critical safety management practices in major accident hazard chemical/process industry from the perspective of employees and the findings empirically support the necessity for obtaining safety specific management system certifications

Accounting information systems as institutional carriers: a case study of regulatory compliance in UK asset management houses

Previously, governments have responded to the impacts of economic failures and consequently have developed more regulations to protect employees, customers, shareholders and the economic wellbeing of the state. Our research addresses how Accounting Information Systems (AIS) may act as carriers for institutionalised practices associated with maintaining regulatory compliance within the context of UK Asset Management Houses. The AIS was found to be a strong conduit for institutionalized compliance related practices, utilising symbolic systems, relational systems, routines and artefacts to carry approaches relating to regulative, normative and cultural-cognitive strands of institutionalism. Thus, AIS are integral to the development and dissipation of best practice for the management of regulatory compliance. As institutional elements are clearly present we argue that AIS and regulatory compliance provide a rich context to further institutionalism. Since AIS may act as conduits for regulatory approaches, both systems adopters and clients may benefit from actively seeking to codify and abstract best practices into AIS. However, the application of generic institutionalized approaches, which may be applied across similar organizations, must be tempered with each firm’s business environment and associated regulatory exposure. A balance should be sought between approaches specific enough to be useful but generic enough to be universally applied.

Optimal performance fee and flow of funds in asset management contracts

This paper investigates the importance of ow of funds as an implicit incentive in the asset management industry. We build a two-period bi- nomial moral hazard model to explain the trade-o¤s between ow, per- formance and fees where e¤ort depends on the combination of implicit ( ow of funds) and explicit (performance fee) incentives. Two cases are considered. With full commitment, the investor s relevant trade-o¤ is to give up expected return in the second period vis-à-vis to induce e¤ort in the rst period. The more concerned the investor is with today s pay- o¤, the more willing he will be to give up expected return in the second period by penalizing negative excess return in the rst period. Without full commitment, the investor learns some symmetric and imperfect infor- mation about the ability of the manager to obtain positive excess return. In this case, observed returns reveal ability as well as e¤ort choices. We show that powerful implicit incentives may explain the ow-performance relationship with a numerical solution. Besides, risk aversion explains the complementarity between performance fee and ow of funds.

Optimal provision of implicit and explicit incentives in asset management contracts

This paper investigates the importance of the fiow of funds as an implicit incetive provided by investors to portfolio managers in a two-period relationship. We show that the fiow of funds is a powerful incentive in an asset management contract. We build a binomial moral hazard model to explain the main trade-ofIs in the relationship between fiow, fees and performance. The main assumption is that efIort depend" on the combination of implicit and explicit incentives while the probability distrioutioll function of returns depends on efIort. In the case of full commitment, the investor's relevant trade-ofI is to give up expected return in the second period vis-à-vis to induce efIort in the first período The more concerned the investor is with today's payoff. the more willing he will be to give up expected return in the following periods. That is. in the second period, the investor penalizes observed low returns by withdrawing resources from non-performing portfolio managers. Besides, he pays performance fee when the observed excess return is positive. When commitment is not a plausible hypothesis, we consider that the investor also learns some symmetríc and imperfect information about the ability of the manager to generate positive excess returno In this case, observed returns reveal ability as well as efIort choices exerted by the portfolio manager. We show that implicit incentives can explain the fiow-performance relationship and, conversely, endogenous expected return determines incentives provision and define their optimal leveIs. We provide a numerical solution in Matlab that characterize these results.

On the Efficiency of the Benchmarks Used in the Asset Management

In this work we studied the efficiency of the benchmarks used in the asset management industry. In chapter 2 we analyzed the efficiency of the benchmark used for the government bond markets. We found that for the Emerging Market Bonds an equally weighted index for the country weights is probably the more suited because guarantees maximum diversification of country risk but for the Eurozone government bond market we found a GDP weighted index is better because the most important matter is to avoid a higher weight for highly indebted countries. In chapter 3 we analyzed the efficiency of a Derivatives Index to invest in the European corporate bond market instead of a Cash Index. We can state that the two indexes are similar in terms of returns, but that the Derivatives Index is less risky because it has a lower volatility, has values of skewness and kurtosis closer to those of a normal distribution and is a more liquid instrument, as the autocorrelation is not significant. In chapter 4 it is analyzed the impact of fallen angels on the corporate bond portfolios. Our analysis investigated the impact of the month-end rebalancing of the ML Emu Non Financial Corporate Index for the exit of downgraded bond (the event). We can conclude a flexible approach to the month-end rebalancing is better in order to avoid a loss of valued due to the benchmark construction rules. In chapter 5 we did a comparison between the equally weighted and capitalization weighted method for the European equity market. The benefit which results from reweighting the portfolio into equal weights can be attributed to the fact that EW portfolios implicitly follow a contrarian investment strategy, because they mechanically rebalance away from stocks that increase in price.

Progetto di integrazione di strumenti per l'asset management in funzione di privacy e sicurezza

Progetto per l'integrazione degli strumenti attualmente utilizzati per l'amministrazione degli asset in funzione anche della normativa in vigore.

Strengthening communication skills in an innovative context of engineering project management learning

This document presents an innovative, formal educational initiative that is aimed at enhancing the development of engineering students’ specific competences when studying Project Management (PM) subject. The framework of the experience combines (1) theoretical concepts, (2) the development of a real-case project carried out by multidisciplinary groups of three different universities, (3) the use of software web 2.0 tools and (4) group and individual assignments of students that play different roles (project managers and team members). Under this scenario, the study focuses on monitoring the communication competence in the ever growing PM virtual environment. Factors such as corporal language, technical means, stage, and PM specific vocabulary among others have been considered in order to assess the students’ performance on this issue. As a main contribution, the paper introduces an ad-hoc rubric that, based on previous investigations, has been adapted and tested for the first time to this new and specific context. Additionally, the research conducted has provided some interesting findings that suggest further actions to improve and better define future rubrics, oriented to communication or even other competences. As specific PM subject concerns, it has been detected that students playing the role of Project Managers strengthen their competences more than those ones that play the role of Team Members. It has also been detected that students have more difficulty assimilating concepts related to risk and quality management. However those concepts related with scope, time or cost areas of knowledge have been better assimilated by the students.

Impact assessment of an integrated approach for thermal power generation plants asset management in the current energy market

El sector energético, en España en particular, y de forma similar en los principales países de Europa, cuenta con una significativa sobrecapacidad de generación, debido al rápido y significativo crecimiento de las energías renovables en los últimos diez años y la reducción de la demanda energética, como consecuencia de la crisis económica. Esta situación ha hecho que las centrales térmicas de generación de electricidad, y en concreto los ciclos combinados de gas, operen con un factor de utilización extremadamente bajo, del orden del 10%. Además de la reducción de ingresos, esto supone para las plantas trabajar continuamente fuera del punto de diseño, provocando una significativa pérdida de rendimiento y mayores costes de explotación. En este escenario, cualquier contribución que ayude a mejorar la eficiencia y la condición de los equipos, es positivamente considerada. La gestión de activos está ganando relevancia como un proceso multidisciplinar e integrado, tal y como refleja la reciente publicación de las normas ISO 55000:2014. Como proceso global e integrado, la gestión de activos requiere el manejo de diversos procesos y grandes volúmenes de información, incluso en tiempo real. Para ello es necesario utilizar tecnologías de la información y aplicaciones de software. Esta tesis desarrolla un concepto integrado de gestión de activos (Integrated Plant Management – IPM) aplicado a centrales de ciclo combinado y una metodología para estimar el beneficio aportado por el mismo. Debido a las incertidumbres asociadas a la estimación del beneficio, se ha optado por un análisis probabilístico coste-beneficio. Así mismo, el análisis cuantitativo se ha completado con una validación cualitativa del beneficio aportado por las tecnologías incorporadas al concepto de gestión integrada de activos, mediante una entrevista realizada a expertos del sector de generación de energía. Los resultados del análisis coste-beneficio son positivos, incluso en el desfavorable escenario con un factor de utilización de sólo el 10% y muy prometedores para factores de utilización por encima del 30%. ABSTRACT The energy sector particularly in Spain, and in a similar way in Europe, has a significant overcapacity due to the big growth of the renewable energies in the last ten years, and it is seriously affected by the demand decrease due to the economic crisis. That situation has forced the thermal plants and in particular, the combined cycles to operate with extremely low annual average capacity factors, very close to 10%. Apart from the incomes reduction, working in out-of-design conditions, means getting a worse performance and higher costs than expected. In this scenario, anything that can be done to improve the efficiency and the equipment condition is positively received. Asset Management, as a multidisciplinary and integrated process, is gaining prominence, reflected in the recent publication of the ISO 55000 series in 2014. Dealing Asset Management as a global, integrated process needs to manage several processes and significant volumes of information, also in real time, that requires information technologies and software applications to support it. This thesis proposes an integrated asset management concept (Integrated Plant Management-IPM) applied to combined cycle power plants and develops a methodology to assess the benefit that it can provide. Due to the difficulties in getting deterministic benefit estimation, a statistical approach has been adopted for the cot-benefit analysis. As well, the quantitative analysis has been completed with a qualitative validation of the technologies included in the IPM and their contribution to key power plant challenges by power generation sector experts. The cost- benefit analysis provides positive results even in the negative scenario of annual average capacity factor close to 10% and is promising for capacity factors over 30%.