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Running Header: Study and Analyse Asset Management Practice for a typical HVAC System and Develop an Improved Asset Management Framework
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Study and Analyse Asset Management Practice for a typical HVAC System and Develop an Improved Asset Management Framework
Study and Analyse Asset Management Practice for a typical HVAC System and Develop an Improved Asset Management Framework
Table of Contents
Introduction    3
Research Question    5
Aims & Objectives    5
Literature Review: Justification of Work    6
Literature Review: Methodology Identification    17
References    19
Introduction
Asset management can be noted to vary in its interpretation as well as definition. For example, in the context of a financial sector, the refers to management of the financial assets. In case of industries that are capital intensive, asset management concerns the identification of the ways in which the industrial organization undertakes management of the physical assets over the course of the life cycle for achieving the intended strategy (Younis and Knight 2014; Brown et al. 2014; Abuzayan et al. 2014). The final output that is generated by of the said assets shall offer the justification for its ownership. Development pertaining to newer as well as extended bodies in frameworks and knowledge that incorporate the encompass multi-disciplinary perspective in this regard are underway. Significant and ever-growing list of professional societies, industry groups as well as research organisations which seriously consider asset management continue to expand illustrating the emphasis laid on the domain of asset management (Younis and Knight 2014; Brown et al. 2014; Abuzayan et al. 2014). Asset management can be considered in being the essential business and also a technical process, as well as is considered to an increasing extent in being contributor for the objectives of an organization by way of undertaking management of asset performances with an intention to achieve competitive strategy. The overall development with respect to the domain of asset management appears in being based on notions of collective management activities amongst the activities of an organization which in a combined manner aid in the management of the assets (Younis and Knight 2014; Brown et al. 2014; Abuzayan et al. 2014).
At the outset, asset management can be defined as the life-cycle management concerning physical assets for the purposes of achieving the intended outputs pertaining to the enterprise (Younis and Knight 2014; Brown et al. 2014; Abuzayan et al. 2014). An asset management system can also be stated as a system which shall undertake planning as well as the controlling of the asset affiliated activities as well as their relationships towards the acts of making sure asset performance outputs shall meet the competitive strategy intended for the organization. In the form of control system, asset management entails range of planning as well as control related activities across varied levels of organization (Younis and Knight 2014; Brown et al. 2014; Abuzayan et al. 2014). The said definition offers integrated perspective of an asset management system in the context of overall management system at the organization. There are two key elements with respect to asset management when the same is defined as the lifecycle management concerning the physical assets as well as holistic form of system control pertaining to asset affiliated activities that are directed to achieve organizational strategy (Younis and Knight 2014; Brown et al. 2014; Abuzayan et al. 2014).
Lifecycle management shall entail asset management related activities that affiliated to the specific organization. In general, the organization shall be concerned initially with that of utilisation phase pertaining to the prevailing assets (Wallnerstrom et al. 2014; Cho et al. 2015; Campbell et al. 2016). Any of the decisions which pertain to the portfolio relating to assets shall be built on various information accumulated in managing the stage. Over this juncture, it shall be identified for instance that current design pertaining to one or else more number of assets shall not be capable in achieving the performance level that is required on account of current or else projected environment in the future (Wallnerstrom et al. 2014; Cho et al. 2015; Campbell et al. 2016). In the concurrent manner, organizations are required in identifying the needs of business, as well as undertake decisions for the purposes of launching any of the changes or else project for the purposes of enhancing the assets, the design, maintenance, operation or else the logistic support. In essence, the asset management system which plans as well as controls the asset affiliated activities, shall involve the asset management activities which are distributed typically amongst various departments in the organization as well as across varied levels of the organization (Wallnerstrom et al. 2014; Cho et al. 2015; Campbell et al. 2016). It has been suspected in that the conformance towards strategy of enterprise competitiveness could be attained by way of an integrated form of process to make decisions and the same shall include activities pertaining to asset management. The integration of this nature entails the overall alignment pertaining to all of the decisions that are undertaken by departments at an individual level as well as across various levels of the management (Wallnerstrom et al. 2014; Cho et al. 2015; Campbell et al. 2016).
In the context of the research background provided, and on the basis of the knowledge gap identified, that is, lack of studies focussed on the framework of asset management specific to HVAC systems and framework designed for the same, this study shall pursue a research addressing this knowledge gap.
Research Question
In the context of the knowledge gap identified, the research question that will be pursued shall be as follows:
· What are the general industry practices for asset management with respect to HVAC systems and what are the improvement to the asset management framework that can enhance these practices?
Aims & Objectives
At the outset, the aim of this study is to study and analyse asset management practice for a typical HVAC system and to develop an improved asset management framework.
The specific objectives of the study are as follows:
· Determine and assess the general industry practices for asset management with respect to HVAC systems
· Determine the various factors that are crucial in the asset management of HVAC systems in terms of organisational implications
· Develop and propose an enhanced framework for asset management that is focussed on HVAC systems.
Literature Review: Justification of Work
Most of the frameworks affiliated to asset management can be noted to be concentrated typically over the specific asset affiliated activities like that of maintenance (Kim et al. 2016; Pocock et al. 2014; Roda et al. 2016). There appears to be wide ranging and extensive set of prevailing frameworks focussed on management as well as engineering frameworks as well as that some of the standards as well as guidelines which has been considered in being applicable for studying the systems of asset management. The frameworks that are available and ones which are specifically applied with respect to asset management can be noted not to be comprehensive. The contributions from the same have to the most extent focused over the specific stages of life-cycle or else processes, as well as have not considered the holistic approaches which shall include interfaces in-between the processes or else stages (Kim et al. 2016; Pocock et al. 2014; Roda et al. 2016).
As has been indicated in the studies, most of the efforts are noted in being directed towards primary set of drivers pertaining to the phase of utilization (Kim et al. 2016; Pocock et al. 2014; Roda et al. 2016). As has been specified in various publications, overall industry level practices have to a large extent focused primarily with respect to the tools for maintenance management tools. The major disadvantage with respect to the application of the tools of the nature in an isolated basis shall be that these shall solely address limited amount of activities in the standpoint of technical lifecycle (Kim et al. 2016; Pocock et al. 2014; Roda et al. 2016). The stage of design can be noted in being highly relevant with respect to the needs concerning identification, alternate as well as selection related decisions. The potential benefits shall in consequence be lost on account of shorter-term focus over cost in the process of acquisition. The decisions pertaining to the selection of asset, its development as well as deployment shall often not be undertaken on the basis of adequate synthesis, assessments as well as the evaluation related process (Kim et al. 2016; Pocock et al. 2014; Roda et al. 2016). As has been highlighted, overall significance pertaining to life cycle can be seen from the approach of systems engineering. There is also a focus in terms of the need for shifting the overall focus from that of the technical elements pertaining to physical assets towards the highly business focussed approaches concerning asset management (Kim et al. 2016; Pocock et al. 2014; Roda et al. 2016). There is also proposal in that the co-ordination pertaining to the processes of life cycle shall be vital towards an effective framework of asset management. One of the models of consideration within the phase of asset acquisition concerns the framework of system lifecycle that lays emphasises over values concerning co-ordination in-between acquirer organization as well as the supplier organization. The overall notion concerning terotechnology are pertinent in the context of system engineering (Kim et al. 2016; Pocock et al. 2014; Roda et al. 2016).
The various approaches in this context appear in presenting range of different activities which follow the sequences concerning the stages in a life cycle as well as concentrating often over one of the assets (Khaliq et al. 2015; Assey et al. 2017; Mahmood et al. 2014). The other...