Title: The SALVO project : Innovative approaches to decision-making in the management of aging assets
Abstract: Aging assets and how to manage them is perhaps the most important issue facing Infrastructure Asset Managers across the world, with hundreds of billions of dollars of infrastructure re-investment estimated in the next 5-15 years. Making decisions on what to do and when, often with limited information, and resolving the trade-offs between costs, risks and performance (in short and long term) present a major practical challenge. These problems also face the realities of constraints in funding, sources of knowledge and expertise, time to consider the options, clashes between expectations of different stakeholders and, in some cases, highly volatile assumptions about value, future demand, economics and supply chain security. The SALVO project (Strategic Assets: Lifecycle Value Optimisation) is an international multi industry R&D project, comprising a group of leading-edge asset owners and specialist service providers working together to establish best practice approaches to address such key areas of asset management decision-making. This paper explores the issues, reports on progress to date and the emerging tools, processes and case studies. What is already clear, however, is that the prizes for getting these decisions right are huge - so are the penalties for getting them wrong.
Publication Year: 2012
Publication Date: 2012-10-01
Language: en
Type: article
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Cited By Count: 1
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