ACHIEVING AN INTEGRATED ASSET MANAGEMENT SYSTEM - A MANAGEMENT FRAMEWORK FROM A UTILITY COMPANY'S PERSPECTIVE

摘要

Asset Management is now a strategic requirement for asset intensive organizations. The shift from managing assets to strategic asset management is primarily to ensure that the expectations of stakeholders or interested parties are safeguarded and managed in a more structured manner. Common expectations of the stakeholders are safe and reliable operations, adoption of new technologies, on time completion of capital projects, healthy return on investment, and business sustainability. Moreover, due to the imbalance in demand and supply of energy products, more specifically the post-June 2014 decline of oil prices, rising security threats in some global markets, especially in the Middle East and North Africa (MENA), have pushed organizations to develop more robust, agile, integrated systems, and move from conventional to strategic asset management.