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SUMMARY:Performance-driven TCO evaluation for decision-making support in p
 hysical asset management - Irene Roda (Politecnico di Milano)
DTSTART:20140717T140000Z
DTEND:20140717T150000Z
UID:TALK53149@talks.cam.ac.uk
CONTACT:Rengarajan
DESCRIPTION:Effective through-life management of physical assets is essent
 ial for any asset-intensive organization to reach and maintain sustainable
  levels of growth and value creation. One of the challenges that has to be
  faced to achieve such objective is to improve the quantification process 
 of costs\, in order for organizations to be able to evaluate the Total Cos
 t of Ownership (TCO) of their asset and to use it as a support for informe
 d decision making. \nTCO is gaining increasing relevance both in industry 
 and in the scientific research. Global competition is now forcing asset-in
 tensive organizations to estimate and optimize the overall system life cyc
 le cost with reference to performance\, safety\, reliability and maintaina
 bility (R&M)\, hence there is an increasing awareness in industry of the i
 mportance of evaluating costs throughout the life of an asset. It is evide
 nt that a TCO model needs to link engineering issues\, such as the evaluat
 ion of the state and performances of an asset along its life cycle to econ
 omic concepts in order to become a reliable support for decision making in
  asset management. Nevertheless\, up to day\, there are still a number of 
 difficulties that limit a TCO model widespread adoption by industry and th
 ere is no single model that has been accepted as a standard. \nIn the semi
 nar the aim is to present the PhD research work by Irene Roda that is bein
 g carried out within the research activity at the Department of Management
 \, Economics and Industrial Engineering at Politecnico di Milano with rega
 rds to the performance-driven evaluation of the Total Cost of Ownership of
  industrial assets. \nThe objective of the research activities is to ident
 ify and overcome the currently existing limitations for the development of
  a TCO model that can be widely used for decision making in asset manageme
 nt. In particular\, the main research question is: how to integrate physic
 al asset’s state & performances analysis into economic evaluations withi
 n a TCO model that can be used by asset managers as a decision-making supp
 ort. Under development research activities and implemented application cas
 es in industry will be presented.\n
LOCATION:Seminar room 3\, Institute for Manufacturing\, Cambridge
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