Abstract
Effective management of infrastructure assets requires intricate considerations with regards to safety, serviceability, reputation and cost. Additionally, infrastructure assets have different requirements from various stakeholders and have a longer service life. However, traditional asset management decisions focussed predominantly on cost and there is an inherent need to understand the value of an infrastructure asset to various stakeholders and to utilise this value to drive asset management decisions. In this chapter, a systematic approach to make value-based asset management decisions is proposed. The proposed process provides an efficient method to map the stakeholder’s requirements to the value provided by the asset. This map can then be used to assess the value and make effective decisions. The developed approach is demonstrated through a case study involving transportation tunnels. The essential consideration of value is expected to allow organisations in evaluating the balance between cost, risk and performance and thereby allowing better informed decisions.
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Acknowledgements
The research work was performed within the context of SustainOwner (“Sustainable Design and Management of Industrial Assets through Total Value and Cost of Ownership”), a project sponsored by the EU Framework Programme Horizon 2020, MSCA-RISE-2014: Marie Skłodowska-Curie Research and Innovation Staff Exchange (RISE) (grant agreement number 645733—Sustain-Owner—H2020-MSCA-RISE-2014). The research was funded by the EPSRC Innovation and Knowledge Centre for Smart Infrastructure and Construction at the University of Cambridge.
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Srinivasan, R., Parlikad, A.K. (2020). An Approach to Value-Based Infrastructure Asset Management. In: Crespo Márquez, A., Macchi, M., Parlikad, A. (eds) Value Based and Intelligent Asset Management. Springer, Cham. https://doi.org/10.1007/978-3-030-20704-5_6
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DOI: https://doi.org/10.1007/978-3-030-20704-5_6
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