Phase Priority in Physical Assets Management: A Case Study of Pressure Vessel in Petroleum Industry

Sri M.I. Nasution, Isti Surjandari

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

1 Citation (Scopus)

Abstract

Physical asset management (PAM) is a complex field in which several activities and disciplines interact to plan and control fixed assets such as machinery, vehicles, equipment, plants, buildings, and infrastructure. One of the Industries to which PAM is applicable is the petroleum industry. Although literature study interest in PAM has increased globally, the risk considerations for each phase of the PAM lifecycle are still lacking. Uncertainty and risks in the business environment can affect the performance of PAM. The risks involved in PAM at each phase of the lifecycle vary according to severity and probability. Organizations need to identify the risks that exist to know the critical factors leading to PAM failure. PAM failure is a failure to achieve the desired level of condition of physical assets. However, it is impractical to manage risk at each phase of the PAM lifecycle at the same time due to resource constraints. Therefore, the organization can use the risk priority method with multi-criteria decision-making (MCDM). This research proposes the fuzzy AHP method to find priorities among PAM phases in terms of risk.

Original languageEnglish
Title of host publicationProceedings of the 4th Asia Pacific Conference on Research in Industrial and Systems Engineering
Subtitle of host publicationBuilding Business Resilience to Face the Challenge in Pandemic Era, APCORISE 2021
PublisherAssociation for Computing Machinery
Pages493-498
Number of pages6
ISBN (Electronic)9781450390385
DOIs
Publication statusPublished - 25 May 2021
Event4th Asia Pacific Conference on Research in Industrial and Systems Engineering: Building Business Resilience to Face the Challenge in Pandemic Era, APCORISE 2021 - Depok, Indonesia
Duration: 25 May 2021 → …

Publication series

NameACM International Conference Proceeding Series

Conference

Conference4th Asia Pacific Conference on Research in Industrial and Systems Engineering: Building Business Resilience to Face the Challenge in Pandemic Era, APCORISE 2021
Country/TerritoryIndonesia
CityDepok
Period25/05/21 → …

Keywords

  • Fuzzy AHP
  • Phase Priority
  • Physical Asset Management

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