Subject Description Form
Subject Code
ISE4011
Subject Title
Physical Asset Management
Credit Value
3
Level
4
Pre-requisite/Corequisite/Exclusion
Nil
Objectives
The subject is intended to provide students with the knowledge to
Intended Learning
Outcomes
Subject Synopsis/
Indicative Syllabus
Teaching/Learning
18.3.2014
1.
select the appropriate methodologies for managing physical assets;
2.
make optimal asset maintenance, inspection, and replacement decisions;
3.
measure performance of asset management.
Upon completion of the subject, students will be able to
a.
weigh the pros and cons of various methodologies for managing physical
assets, select the appropriate maintenance option for specific assets in its
operating context;
b.
construct models needed for optimizing asset maintenance and
replacement decisions;
c.
establish a system for managing maintenance performance.
1.
Physical asset management: methodologies and strategies
Reliability-centered maintenance (RCM). Total productive maintenance
(TPM). FMECA; HAZOPS. Maintenance service delivery options:
centralization versus decentralization, multi-skilling, outsourcing.
2.
Life cycle of physical assets
Acquisition, operation & maintenance, improvement, replacement,
disposal. Life cycle costing.
3.
Maintenance options
Run-to-failure, preventive maintenance – age-based, constant-interval
replacement, condition-based maintenance (CBM).
4.
Decision modeling
Optimizing maintenance and replacement decisions. Determining
resource requirements for maintenance operations.
5.
Performance measurement
Measuring performance of asset management. CMMS, EAM.
A mix of lectures, group discussions (tutorials) and mini-case studies will be
Methodology
used to achieve the objectives of this subject. Some of the topics will not be
taught in the classroom environment; students will have to learn these topics by
themselves through directed study with a view to developing their self-learning
ability.
Assessment Methods
in Alignment with
Intended Learning
Outcomes
Specific assessment
methods/tasks
%
Intended subject learning outcomes
weighting to be assessed
a
b
1. Continuous
Assessment
40%


2. Examination
60%


Total
100%
c

Continuous assessment may comprise of quizzes and
administered at periodic intervals to assess students’
knowledge introduced in the subject in analyzing and
decision problems. Students’ performance in these
individually.
Student Study
Effort Expected
in-class assignments
ability to apply the
solving maintenance
tasks is evaluated
Class contact:

Lecture
2 hours/week for 13 weeks
26 Hrs.

Tutorial
1 hour/week for 13 weeks
13 Hrs.
Other student study effort:

Self study, revision and preparation for quizzes / in-class
assignments
53 Hrs.

Preparation for examination
28 Hrs.
Total student study effort
Reading List and
References
18.3.2014
120 Hrs.
1.
ISO55000:2014 – Overview, Concepts and Terminology in Asset
Management
2.
ISO55001:2014 – Requirements for Good Asset Management Practices
3.
ISO55002:2014 – Interpretation & Implementation Guidance for an Asset
Management System
4.
Andrew K.S. Jardine and Albert H.C. Tsang 2013, Maintenance,
Replacement and Reliability: Theory and Applications, 2nd edition, CRC
Press
5.
Neil Bloom 2006, Reliability-Centered
implementation made simple, McGraw Hill
6.
Albert H.C. Tsang 2009, Maintenance performance management in
Maintenance
(RCM)
:
capital intensive organizations : key to optimizing management of
physical infrastructure assets, Lambert Academic Publishing GmbH
18.3.2014