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Dissertations / Theses on the topic 'Asset management'
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1
Mollentze, Frederik Jacobus. "Asset management auditing the roadmap to asset management excellence /." Diss., Pretoria : [s.n.], 2005. http://upetd.up.ac.za/thesis/available/etd-01242006-124600.
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2
Yang, Chao. "Highway asset management." Thesis, University of Nottingham, 2013. http://eprints.nottingham.ac.uk/14574/.
Full textAbstract:
The aim of this thesis is to provide a framework for a decision making system to operate a highway network, to evaluate the impacts of maintenance activities, and to allocate limited budgets and resources in the highway network. This integrated model is composed of a network level traffic flow model (NTFM), a pavement deterioration model, and an optimisation framework. NTFM is applicable for both motorway and urban road networks. It forecasts the traffic flow rates during the day, queue propagation at junctions, and travel delays throughout the network. It uses sub-models associated with different road and junction types which typically comprise the highway. To cope with the two-way traffic flow in the network, an iterative algorithm is utilised to generate the evolution of dependent traffic flows and queues. By introducing a reduced flow rate on links of the network, the effects of strategies employed to carry out roadworks can be mimicked. In addition, a traffic rerouting strategy is proposed to model the driver behaviour, i.e. adjusting original journey plans to reduce journey time when traffic congestion occurs in the road network. A pavement age gain model was chosen as the pavement deterioration model, which is used to evaluate the current pavement condition and predict the rate of pavement deterioration during the planning period. It deploys pavement age gain as the pavement improvement indicator which is simple and easy to apply. Moreover, the deterministic pavement age gain model can be transformed to a probabilistic one, using the normal distribution to describe the stochastic nature of pavement deterioration. A multi-objective and multi-constraint optimisation model was constructed to achieve the best pavement maintenance and rehabilitation (M&R) strategy at the network level. The improved non-dominated sorting genetic algorithm (NSGA-II) is applied to perform system optimisation. Furthermore, the traffic operations on worksites, i.e. lane closure options, start time of the maintenance, and traffic controls, are investigated so as to prevent, or at least to reduce, the congestion that resulted from maintenance and reconstruction works. The case studies indicated that NTFM is capable of identifying the relationship between traffic flows in the network and capturing traffic phenomenon such as queue dynamics. The maintenance cost is reduced significantly using the developed optimisation framework. Also, the cost to the road users is minimised by varying the worksite arrangements. Consequently, the integrated decision making system provides highways agencies with the capability to better manage traffic and pavements in a highway network.
3
Hoevenaars, Roy Peter Maria Mathieu. "Strategic asset allocation & asset liability management." [Maastricht] : Maastricht : Universiteit Maastricht ; University Library, Universiteit Maastricht [host], 2008. http://arno.unimaas.nl/show.cgi?fid=9679.
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Kälin, Sascha. "Liability-basiertes Asset Management." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/05605019001/$FILE/05605019001.pdf.
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5
Li, Yun. "Optimal asset-liability management." Thesis, King's College London (University of London), 2016. https://kclpure.kcl.ac.uk/portal/en/theses/optimal-assetliability-management(a5f7f79c-8c2c-499c-bc23-86e6ad4d609a).html.
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In this thesis, Mean-Variance Asset-Liability management is studied ina multi-period setting. An investor aims at nding an optimal investmentstrategy in order to maximise the mean-variance objective. The prices ofassets and liabilities are formulated as geometric Brownian motions and wefurther extend them to exponential Levy process. By the Bellman principle,the explicit optimal solution is obtained under backward induction.
6
Hofmann, Tobias. "Asset-Management mit Immobilienaktien." Sternenfels Verl. Wiss. und Praxis, 2005. http://deposit.ddb.de/cgi-bin/dokserv?id=2695067&prov=M&dok_var=1&dok_ext=htm.
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Hofmann, Tobias. "Asset Management mit Immobilienaktien /." Sternenfels : Verl. Wissenschaft & Praxis, 2006. http://deposit.ddb.de/cgi-bin/dokserv?id=2695067&prov=M&dok_var=1&dok_ext=htm.
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8
Shah, Janvi Pankaj. "Resilient geotechnical asset management." Thesis, University of Birmingham, 2016. http://etheses.bham.ac.uk//id/eprint/6644/.
Full textAbstract:
There is overwhelming evidence that the development of new, technically sound, engineered and fit-for-purpose critical physical infrastructure is vital for economic growth and stability. With many countries targeting significant levels of capital investment in energy, transport, communications, flood management and water and waste water infrastructure, there is a vital need for asset management frameworks that can provide both robust and resilient asset support. Currently, asset management tools focus predominantly on data management, deterioration modelling, condition assessment, risk, as well as economic factors (such as whole-life costing and developing investment plans). Some also consider the vulnerabilities of a network to climate change and extreme weather events such as flooding. However, rather than taking a long term view, asset management strategies are often short term, typically five years or less. What is needed is a long-term approach, which will ensure assets are safe, secure and resilient to what the future may hold in 20, or even 50 years’ time. The thesis describes the development of a ‘Resilience Assessment Framework’ which provides a platform to appraise resilience of geotechnical assets in the planning stage of asset management by considering how geotechnical assets (specifically for transport infrastructure) designed and built today will perform in the light of socio-economic, environmental, political, technological changes and shock events in the future. This framework intends to assist in strategic level decision-making by enabling long term planning and management of geotechnical assets and help future proof transport infrastructure. The proposed framework is validated using two real case studies to demonstrate its use and applicability in the field of geotechnical asset management.
9
Nitti, Alessandro. "The Italian Asset Management market from an Asset Servicer’s perspective." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-195837.
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The asset management industry constitutes a vital part of the economy thanks to its financing role. The sector has profoundly changed since its establishment and, nowadays, changes in organization, investors’ behaviour and regulatory framework are deeply reshaping the industry. In this context, also the Italian market, which has traditionally been characterised by some distinguishing features, is being influenced by a series of modifications at both European and national level. The purpose of this paper is to analyse the Italian Asset Management industry’s structure and organisation, understand how it is evolving and grasp the factors that can affect its market to then draw implications influencing the business and operations of an asset servicer. This work divides the Italian Asset Management market into two parts, the Asset Managers segment, including collective management and discretionary mandates, and the Pension Schemes segment. These two composing parts are analysed from an Asset Servicer’s perspective, presenting data over the financial instruments they contain. The paper follows the Case Study approach employing mainly secondary quantitative data. In Italy, the distribution of Asset Management products as well as trading activities remain based on banking networks. In recent years, among collective management products, foreign-law mutual funds are the ones that grew the most. This, along with the fact that the asset servicers’ market is dominate by few specialized players operating on a global scale, puts the spotlight on asset servicers’ cross-border level of integration. Even tough discretionary mandates are struggling to recover and have grown at a slower pace, due to “MiFID II” upcoming rules, financial intermediaries will be encouraged to place these products on the market. Lastly, the Italian pension system is underdeveloped if compared to other European countries and few players own the majority of the complementary pension schemes market. The paper highlights how technology innovations, policies of the ruling governments, interest rates levels and national and communitarian regulation are the factors driving the asset management industry.
10
Eglin, Oliver. "Asset and Liability Management Methodenvergleich /." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03604410001/$FILE/03604410001.pdf.
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Maneth, Matthias F. F. "Solvenzsicherung und Asset-, Liability-Management /." Karlsruhe : VVW, 1996. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=007080358&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Engström, Stefan. "Success factors in asset management." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2001. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-590.
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This thesis consists of four essays on the topic of asset management. The first essay, Performance and Characteristics of Swedish Mutual Funds studies the relation between fund performance and fund attributes in the Swedish market. The results show, among other things, that good performance is to be found among small equity funds, low-fee funds, funds whose trading activity is high, and in some cases, funds with good past performance. The second essay, Does Active Trading Create Value? An Evaluation of Fund Managers' Decisions decomposes fund performance and examines how it is influenced by fund managers' strategic and tactical decisions. The results support the value of active portfolio management in Sweden. The essay also finds a positive relation between performance and fund managers' voluntary trading decisions. In contrast, there is some evidence of inferior trading decisions when fund managers are forced to trade. The third essay, Investment Strategies, Fund Performance, and Portfolio Characteristics analyzes the relation between fund performance and fund managers' investment strategies. The results show that neither momentum characteristics nor the valuation of stocks in the fund portfolio can explain differences in fund performance. The findings also show a positive relation between performance and the degree of diversification of the fund portfolio. The last essay, Costly Information, Diversification, and International Mutual Fund Performance examines how fund managers' costly search for information affects the performance of mutual funds that invest in Asia and Europe. The essay shows that fund managers who select from a smaller set of Asian stocks perform better than those who select from a larger set. Moreover, the performance of large international mutual fund companies is similar to that of their small competitors. This suggests that there are no economies of scale in the costly search for information.Diss. Stockholm : Handelshögskolan, 2001
13
Boudemagh, Nedjoua. "Optimisation in network asset management." Thesis, University of Salford, 2007. http://usir.salford.ac.uk/26588/.
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This thesis considers the role of mathematical programming in asset management. Large, extensive distribution networks are the focus of the work. In particular, we look at how to determine the optimal policy for project release. Projects relating to the replacement of existing assets and network re-design may be prioritized, given capital rationing and/or performance improvement requirements in a regulated economic environment. We consider the role of two approaches to modelling under uncertainty in determining an optimal policy for project release in network asset management. These are Monte Carlo simulation and fuzzy linear programming. We focus on the maintenance and replacement issues of a large distribution network (network structured system) and consider the application of these modelling approaches to electricity distribution networks. The electricity companies who own the UK electricity distribution networks are under pressure to provide a high quality supply to customers at a minimum cost. For this particular replacement problem, a zero-one integer linear programming model is proposed for selecting an optimal project portfolio, based on the objectives and constraints of the network owner. The modelling approach described in this doctoral study would extend to the financial investment appraisal of capital projects to a broad range of manufacturing and energy-related industries such as power generation, refining in terms of environment issues and water supply. This thesis presents mathematical programming models, using case studies to illustrate some of the appropriate techniques for developing such models. These case study models consider uncertainty and use Monte Carlo simulation to generate more representative results. The models demonstrate the usefulness of Monte Carlo simulation from which we can make recommendations about this and alternative approaches.
14
Engström, Stefan. "Success factors in asset management /." Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2001. http://www.hhs.se/efi/summary/589.htm.
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Sapuric, Svetlana. "Three essays in asset management." Thesis, City University London, 2010. http://openaccess.city.ac.uk/12094/.
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The objective of this paper is to examine whether short-term variation in the ranking of size and style index returns in the UK equity market is better predictable and exploitable by means of quantitative or momentum style rotation strategies. Using UK index data, we assess the profitability of a number of long-only and long/short multi-style rotation strategies based on these two alternative methods. The findings suggest that trading rules based on simple short-term momentum strategies are able to generate higher Sharpe ratios and greater end-of-period wealth at a reasonable level of transaction costs than our quantitatively based trading rules. This result is particularly pronounced among the long-only strategies.
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Garavito, Fabian. "Essays on delegated asset management." Thesis, London School of Economics and Political Science (University of London), 2010. http://etheses.lse.ac.uk/2209/.
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My thesis explores issues concerned with delegated asset management and their implications for asset prices. The first chapter of my thesis documents how the organizational form of a mutual fund affects its investment strategies. I show that decentralized funds allocate a greater portion of their capital to soft (opaque) information companies than centralized funds. Consistent with the inability of centralized organizations to handle soft information, I find that decentralized funds are better at investing in soft information companies than hierarchical funds. Furthermore, I find that high levels of ownership by decentralized funds predict high future returns for soft information companies. The second chapter shows that while fund families may use mutual fund incubation (the creation and management of a fund before it is offered to the public) in an opportunistic fashion, they also seem to use it to foster innovation. I document that fund families tend to launch their incubated funds when their past performance is high, consistent with a behaviour that aims to exploit the convex relationship between past performance and current flows. However, I also show that, after their Initial Public Offerings (IPO's), incubated funds tend to hold more illiquid stocks, hold more concentrated portfolios, invest in less-popular securities and are better at purchasing stocks than non-incubated funds. This difference in investment strategies is due to the incubation period as it allows managers to explore different corners of the market without having to take into account performanc-induced capital flows. I also present evidence that, despite their outstanding pre-IPO track records, incubated funds attract a smaller share of new-fund capital flows than non-incubated funds. The third chapter (joint work with Dr. Mungo Wilson) shows that mutual fund families cater to investors' demand by offering funds with investment styles that are in vogue. I also show that this catering exacerbates the ''dumb money" effect. In other words, fund IPOs have a positive effect on the persistence of investment style capital flows.
17
Le, Bryant Linh Hai. "Modelling railway bridge asset management." Thesis, University of Nottingham, 2014. http://eprints.nottingham.ac.uk/14271/.
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The UK has a long history in the railway industry with a large number of railway assets. Railway bridges form one of the major asset groups with more than 35,000 bridges. The majority of the bridge population are old being constructed over 100 years ago. Many of the bridges were not designed to meet the current network demand. With an expected increasing rate of deterioration due to the increasing traffic loads and intensities, the management authorities are faced with the difficult task of keeping the bridge in an acceptable condition with the constraint budget and minimum service disruptions. Modelling tools with higher complexity are required to model the degradation of assets and the effects of different maintenance strategies, in order to support the management decision making process. This research aims to address the deficiencies of the current bridge condition systems and bridge models reported in the literature and to demonstrate a complete modelling approach to bridge asset management. The degradation process of a bridge element is studied using the historical maintenance data where previous maintenance actions were triggered by a certain type of defects. Two bridge models are then developed accounting for the degradation distributions, service and inspection frequency, repair delay time and different repair strategies. The models provide a mean of predicting the asset future condition as well as investigating the effects of different maintenance strategies will have on a particular asset. The first model is a continuous-time Markov bridge model and is considered more complex than other models in the literature, the model demonstrates the advantages of the Markov modelling technique as well as highlighting its limitations. The second bridge model presented a novel Petri-Net modelling approach to bridge asset modelling. This stochastic modelling technique allows much more detail modelling of bridge components, considering: non-constant deterioration rates; protective coating modelling; limits of the number of repairs can be carried out; and the flexibility of the model allows easily extension to the model or the number of components modelled. By applying the two models on the same asset, a comparison can be made and the results further confirm the validations and improvements of the presented Petri-Net approach. Finally, optimisation technique (Genetic Algorithm) is applied to the bridge models to find the optimum maintenance strategies in which the objectives are to minimise the whole life cycle cost whist maximising the asset average condition. A hybrid optimisation that takes advantage of both bridge models, resulting in a significant time saving, is also presented.
18
Gabriel, Liane Costa. "Pension funds : asset liability management." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16385.
Full textAbstract:
Mestrado em FinançasO nível de financiamento e o risco de insolvência dos fundos de pensão são temas cada vez mais relevantes devido às dificuldades sentidas nos últimos anos resultantes das mudanças demográficas, como o envelhecimento da população e o aumento da longevidade, e da crise financeira de 2008, a Grande Recessão. Uma forma de otimizar os ativos e os passivos e ao mesmo tempo gerir os riscos de um fundo é usando modelos de gestão de ativos-passivos. A escolha do modelo de otimização deve ter em conta as características específicas e o objetivo risco-retorno do fundo. Esta tese é principalmente um estudo teórico, onde primeiro será feita uma revisão da literatura sobre planos e fundos de pensão e a importância dos modelos de gestão de ativos-passivos. Depois será feita uma análise da evolução deste instrumento de gestão de risco e uma descrição dos modelos escolhidos. Por fim, será feita uma análise de um fundo de pensão específico.
The financing level of pension funds and the risk of default is an issue with increasing relevance, due to the difficulties they are facing over the last years mainly resulting from changes in the demographic conditions, like the aging of the population and increasing longevity, and the 2008 financial crisis, the Great Recession. A way of optimizing the assets and liabilities and at the same time handling the risks of a fund is using Asset Liability Management models, with the best model for a fund depending on its specific characteristics and risk-return profile. This thesis will be mainly a theoretical study, where first a literature review will be done on pension plans and pension funds as well as on the importance of ALM. Then will be presented an analysis of the evolution of this risk management instrument and a description of the selected models. In the end, will be performed an application to a pension fund.
info:eu-repo/semantics/publishedVersion
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Söderby, Isak. "Asset management för IT-hårdvarutillgångar." Thesis, Luleå tekniska universitet, Institutionen för system- och rymdteknik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-75574.
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Roşu, Alina. "Three Essays in Asset Management." Thesis, Université Paris-Saclay (ComUE), 2016. http://www.theses.fr/2016SACLH014/document.
Full textAbstract:
Le premier chapitre montre que les rendements des fonds investis dans des actions illiquides (“fonds illiquides”) sont mieux que ceux des fonds investis dans des actions liquides. Cette différence provient des capacités de fonds illiquides de sélectionner les actions. Les actions détenues par les fonds illiquides ont une meilleure performance que des portefeuilles qui ont les mêmes caractéristiques. Les fonds liquides déclarent des indices de référence par rapport auxquels leurs rendements sont plus importants. Un portefeuille d’actions détenues par les fonds illiquides a une meilleure performance qu’un portefeuille d’actions détenues par les fonds liquides. Le second chapitre documente une prédictibilité des rendements. Dans ce chapitre, les périodes d’opportunités sont les périodes où les rendements des actions faisant l’objet d’une analyse régulière par les analystes (les actions suivies) s'écartent de ceux des actions qui ne sont pas suivie (les actions négligés). Les rendements ultérieurs des actions faciles à évaluer sont plus importants quand les opportunités étaient grandes, par rapport aux périodes où les opportunités étaient limitées. Ce comportement est cohérent avec un modelé où les investisseurs exigent une prime pour supporter le risque de sélection défavorable. Le troisième chapitre explore les moments où les fonds d’investissement changent leur style d’investissement (le style est défini comme exposition au risque, prenant en compte les facteurs de risque habituels). Les fonds ne prennent pas plus des risques quand il serait plus rentable de le faire. Après avoir eu des mauvais rendements, les fonds se rapprochent du style des fonds similaires, mais qui ont eu des bons rendements. Le style de jeunes fonds s’écarte du style de fonds anciens. Les nouveaux gérants des fonds s’écartent du style de fonds avec des anciens gérants. Quand un fond prend plus de risque d’une côté, il n’essaye pas d’aborder systématiquement les autres côtés du risqueThe first chapter shows that mutual funds that hold illiquid stocks (“illiquid funds”) outperform funds that hold liquid stocks (“liquid funds”). There is evidence this outperformance arises from stock selection skills of illiquid funds. The stocks held by illiquid funds outperform portfolios matched by characteristics. Liquid funds declare benchmarks that make their benchmarkadjusted returns appear larger. A portfolio of stocks held by illiquid funds subsequently outperforms a portfolio of stocks held by liquid funds. The second chapter documents a predictability pattern in returns. This chapter identifies high opportunities in stocks with difficult valuation as times when returns of neglected stocks diverge from returns of covered stocks. Subsequent returns of stocks with difficult valuation are higher when beginning of period opportunities are high, as compared to when beginning of period opportunities are low. This is consistent with an information risk theory, where investors demand a higher premium to hold stocks with higher probability of informed trading, because they fear adverse selection. The third chapter explores instances when mutual funds change their style (style is regarded as risk exposure alongside usual factors). Mutual funds do not take more risk when it is more profitable to do so. After performing badly, mutual funds move closer to the style of good performing peer funds. Young funds' styles diverge from the style of old peer funds. Recently hired managers diverge in style from veteran managers of peer funds. When the average fund takes more risk alongside a style dimension, it does not simultaneously consider other style dimensions
21
Ugarelli, Rita Maria <1973>. "Asset management of wastewater networks." Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2008. http://amsdottorato.unibo.it/878/1/Tesi_Ugarelli_Rita_Maria.pdf.
Full textAbstract:
Asset Management (AM) is a set of procedures operable at the strategic-tacticaloperational
level, for the management of the physical asset’s performance, associated
risks and costs within its whole life-cycle. AM combines the engineering, managerial and
informatics points of view. In addition to internal drivers, AM is driven by the demands of
customers (social pull) and regulators (environmental mandates and economic
considerations). AM can follow either a top-down or a bottom-up approach.
Considering rehabilitation planning at the bottom-up level, the main issue would be to
rehabilitate the right pipe at the right time with the right technique. Finding the right pipe
may be possible and practicable, but determining the timeliness of the rehabilitation and
the choice of the techniques adopted to rehabilitate is a bit abstruse. It is a truism that
rehabilitating an asset too early is unwise, just as doing it late may have entailed extra
expenses en route, in addition to the cost of the exercise of rehabilitation per se. One is
confronted with a typical ‘Hamlet-isque dilemma’ – ‘to repair or not to repair’; or put in
another way, ‘to replace or not to replace’. The decision in this case is governed by three
factors, not necessarily interrelated – quality of customer service, costs and budget in the
life cycle of the asset in question.
The goal of replacement planning is to find the juncture in the asset’s life cycle where the
cost of replacement is balanced by the rising maintenance costs and the declining level of
service. System maintenance aims at improving performance and maintaining the asset
in good working condition for as long as possible. Effective planning is used to target
maintenance activities to meet these goals and minimize costly exigencies.
The main objective of this dissertation is to develop a process-model for asset
replacement planning. The aim of the model is to determine the optimal pipe replacement
year by comparing, temporally, the annual operating and maintenance costs of the
existing asset and the annuity of the investment in a new equivalent pipe, at the best
market price. It is proposed that risk cost provide an appropriate framework to decide the
balance between investment for replacing or operational expenditures for maintaining an
asset.
The model describes a practical approach to estimate when an asset should be replaced.
A comprehensive list of criteria to be considered is outlined, the main criteria being a visà-
vis between maintenance and replacement expenditures. The costs to maintain the
assets should be described by a cost function related to the asset type, the risks to the
safety of people and property owing to declining condition of asset, and the predicted
frequency of failures. The cost functions reflect the condition of the existing asset at the
time the decision to maintain or replace is taken: age, level of deterioration, risk of failure.
The process model is applied in the wastewater network of Oslo, the capital city of
Norway, and uses available real-world information to forecast life-cycle costs of
maintenance and rehabilitation strategies and support infrastructure management
decisions. The case study provides an insight into the various definitions of ‘asset lifetime’
– service life, economic life and physical life. The results recommend that one common
value for lifetime should not be applied to the all the pipelines in the stock for investment
planning in the long-term period; rather it would be wiser to define different values for
different cohorts of pipelines to reduce the uncertainties associated with generalisations
for simplification.
It is envisaged that more criteria the municipality is able to include, to estimate
maintenance costs for the existing assets, the more precise will the estimation of the
expected service life be. The ability to include social costs enables to compute the asset
life, not only based on its physical characterisation, but also on the sensitivity of network
areas to social impact of failures.
The type of economic analysis is very sensitive to model parameters that are difficult to
determine accurately. The main value of this approach is the effort to demonstrate that it
is possible to include, in decision-making, factors as the cost of the risk associated with a
decline in level of performance, the level of this deterioration and the asset’s depreciation
rate, without looking at age as the sole criterion for making decisions regarding
replacements.
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Ugarelli, Rita Maria <1973>. "Asset management of wastewater networks." Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2008. http://amsdottorato.unibo.it/878/.
Full textAbstract:
Asset Management (AM) is a set of procedures operable at the strategic-tacticaloperational
level, for the management of the physical asset’s performance, associated
risks and costs within its whole life-cycle. AM combines the engineering, managerial and
informatics points of view. In addition to internal drivers, AM is driven by the demands of
customers (social pull) and regulators (environmental mandates and economic
considerations). AM can follow either a top-down or a bottom-up approach.
Considering rehabilitation planning at the bottom-up level, the main issue would be to
rehabilitate the right pipe at the right time with the right technique. Finding the right pipe
may be possible and practicable, but determining the timeliness of the rehabilitation and
the choice of the techniques adopted to rehabilitate is a bit abstruse. It is a truism that
rehabilitating an asset too early is unwise, just as doing it late may have entailed extra
expenses en route, in addition to the cost of the exercise of rehabilitation per se. One is
confronted with a typical ‘Hamlet-isque dilemma’ – ‘to repair or not to repair’; or put in
another way, ‘to replace or not to replace’. The decision in this case is governed by three
factors, not necessarily interrelated – quality of customer service, costs and budget in the
life cycle of the asset in question.
The goal of replacement planning is to find the juncture in the asset’s life cycle where the
cost of replacement is balanced by the rising maintenance costs and the declining level of
service. System maintenance aims at improving performance and maintaining the asset
in good working condition for as long as possible. Effective planning is used to target
maintenance activities to meet these goals and minimize costly exigencies.
The main objective of this dissertation is to develop a process-model for asset
replacement planning. The aim of the model is to determine the optimal pipe replacement
year by comparing, temporally, the annual operating and maintenance costs of the
existing asset and the annuity of the investment in a new equivalent pipe, at the best
market price. It is proposed that risk cost provide an appropriate framework to decide the
balance between investment for replacing or operational expenditures for maintaining an
asset.
The model describes a practical approach to estimate when an asset should be replaced.
A comprehensive list of criteria to be considered is outlined, the main criteria being a visà-
vis between maintenance and replacement expenditures. The costs to maintain the
assets should be described by a cost function related to the asset type, the risks to the
safety of people and property owing to declining condition of asset, and the predicted
frequency of failures. The cost functions reflect the condition of the existing asset at the
time the decision to maintain or replace is taken: age, level of deterioration, risk of failure.
The process model is applied in the wastewater network of Oslo, the capital city of
Norway, and uses available real-world information to forecast life-cycle costs of
maintenance and rehabilitation strategies and support infrastructure management
decisions. The case study provides an insight into the various definitions of ‘asset lifetime’
– service life, economic life and physical life. The results recommend that one common
value for lifetime should not be applied to the all the pipelines in the stock for investment
planning in the long-term period; rather it would be wiser to define different values for
different cohorts of pipelines to reduce the uncertainties associated with generalisations
for simplification.
It is envisaged that more criteria the municipality is able to include, to estimate
maintenance costs for the existing assets, the more precise will the estimation of the
expected service life be. The ability to include social costs enables to compute the asset
life, not only based on its physical characterisation, but also on the sensitivity of network
areas to social impact of failures.
The type of economic analysis is very sensitive to model parameters that are difficult to
determine accurately. The main value of this approach is the effort to demonstrate that it
is possible to include, in decision-making, factors as the cost of the risk associated with a
decline in level of performance, the level of this deterioration and the asset’s depreciation
rate, without looking at age as the sole criterion for making decisions regarding
replacements.
23
Basso, Valentina Marco <1990>. "Equity Swap in Asset Management." Master's Degree Thesis, Università Ca' Foscari Venezia, 2016. http://hdl.handle.net/10579/7913.
Full textAbstract:
The aim of this thesis is to provide an overview of how swaps are used today by the asset management industry.
In the first two chapters is provided a background about derivatives, exchange traded and OTC markets. The third one provides a description of what these swaps are and how they are used in practical terms. Then the last chapter takes into consideration the risk methodologies related to the use of these instruments.
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Jooste, J. L. (Johannes Lodewikus). "A performance management model for physical asset management." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53286.
Full textAbstract:
Thesis (MScEng)--University of Stellenbosch, 2003.ENGLISH ABSTRACT: Two fundamental aspects in modem business success are performance management and physical asset management. The current problem in the asset management environment is the lack of structured performance management, which is required to effectively control and enhance the dynamics of the asset and its life cycle. The result is ineffective assets with high life cycle costs, which will consequently influence the bottom line and return on investment, negatively. An Asset _eerformance Management Model (APM2 , pronounced A-P-M square) was developed. A sound theoretical foundation together with the experience of a leading asset management consultant resulted in the realization of a model that (i) gives a balanced view of asset performance, (ii) link asset performance to strategic business objectives, (iii) facilitates decision-making and problem solving, and (iv) enhances asset control and continuous improvement. The APM2 was developed by rese~ching and integrating five building blocks, which encompass the model requirements. The APM2 consists of two distinct components, namely: • the APM Reference Structure (APMRS), and • a range of APM Dockets. The APMRS is a basic structure that integrates the various building blocks into a framework for providing guidance and control, giving perspective on the entire model and explaining the high-level content of the model. It consists of five levels, each with a distinct focus: • Levell: Enterprise • Level2: Factory • Level3: Process Unit • Level4: Aggregate • Level5: Component The APM Dockets are a subset of the APMRS, where each level has a docket. These dockets are executable, unit-specific procedures, guiding and leading stakeholders towards improved asset performance. Also each of the five levels consists of six similar and inter-related elements. These elements are the foundation for each docket: lement 1: Stakeholders Element 2: Objectives Element 3: Measures Element 4: External Monitor & Targets Element 5: Responsibilities & Decision-Making Element 6: Control & Continuous Improvement Element 7 represents the link to the next level in the APM Reference Structure. • • • • • • Conclusively the APM2,s simplicity and understandability is realized through the APM Reference Structure, while the range of APM Dockets contribute to the practicality objective. The model has a strong theoretical foundation, but at the same time is generic, to be used in a wide range of industries. A leading asset management consultant plans to integrate the APM2 into their asset management program based on the thesis documentation. This application will test and validate the APM2 in practice. It is further recommended that an asset management program, with the associated APM2 , be used in conjunction with the Theory of Constraints and Total Productive Maintenance, because of obvious relationships. Further research is also suggested in relation with some of the experimental asset life cycle phases as well as certain financial considerations.
AFRIKAANSE OPSOMMING: Twee fundamentele aspekte in hedendaagse besigheidsukses is prestasiebestuur and fisiese batebestuur. Die huidige probleem binne die batebestuursomgewing is die gebrek aan gestruktureerde prestasiebestuur, wat 'n vereiste is vir effektiewe beheer en verbeterings rondom die bate en sy lewensiklus. Die resultaat is oneffektiewe bates met hoë lewensikluskoste wat gevolglik wins en beleggingsopbrengs negatief beïnvloed. 'n Prestasiebestuur Model vir Bates (APM2, uitgespreek as A-P-M square) is ontwikkel. 'n Deeglike teoretiese fondasie tesame metdie ondervinding van vooraanstaande raadgewende batebestuurders, het die realisering van 'n model tot gevolg gehad, wat (i) bateprestasie gebalanseerd voorstel, (ii) bateprestasie met strategiese doelstellings verbind, (iii) besluitneming and probleemoplossing fasiliteer, en (iv) batekontrole en voortdurende verbetering bevorder. Die APM2 is ontwikkel deur middel van die identifisering en integrasie van vyf boustene wat die vereistes vir die modelomvat. Die APM2 bestaan onderskeidelik uit twee komponente, naamlik: • die APM Verwysingstruktuur (APMRS), en • 'n reeks APM Vouers. Die APMRS is 'n basiese struktuur wat die verskillende boustene binne 'n raamwerk integreer en sodoende leiding en beheer fasiliteer, die model as geheel in perspektief stel en die modelinhoud op hoë vlak verduidelik. Dit bestaan uit vyf vlakke, elk met 'n spesifieke fokus: • Vlak 1: Onderneming • Vlak2: Fabriek • Vlak 3: Proseseenheid • Vlak 4: Aggregaat • Vlak 5: Komponent Die APM Vouers is 'n subdeel van die APMRS, waar elke vlak 'n vouer het. Hierdie vouers is uitvoerbare, eenheid-spesifieke prosedures wat deelhebbers lei na beter bateprestasie. Ook bestaan elkeen van die vyf vlakke uit ses soortgelyke en inter-afhanklike elemente. Hierdie elemente is die fondasie vir elk van die vouers: • Element 1: Deelhebbers • Element 2: Doelwitte • Element 3: Metings • Element 4: Eksterne Monitering & Mikpunte • Element 5: Verantwoordelikhede & Besluitneming • Element 6: Kontrole & Voortdurende Verbetering • Element 7 stel die verbinding met die volgende vlak in die APM Verwysingstruktuur voor. Gevolglik word die eenvoud en verstaanbaarheid van die APM2 gerealiseer deur die APM Verwysingstruktuur, terwyl die reeks APM Vouers bydra tot die praktiese doelwit. Die model het 'n sterk teoretiese grondslag, maar terselfdertyd is dit generies, sodat dit in 'n wye spektrum van industrieë gebruik kan word. Gebaseer op die tesis dokumentasie beplan vooraanstaande raadgewende batebestuurders om die APM2 te integreer met hul batsbestuursprogram. Hierdie toepassing sal sodoende die APM2 in die praktyk toets en bekragtig. Dit word verder aanbeveel dat 'n batebestuursprogram, met die geassosieerde APM2, tesame met die Theory of Constraints en Total Productive Maintenance gebruik word, as gevolg van voor die hand liggende verwantskappe. Verdere navorsing word ook voorgestel in verband met die eksperimentele fases binne die batelewensiklus, asook rakende sekere finansiële oorwegings.
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Fuxa, Lukáš. "Implementace Asset managementu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241584.
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This master’s thesis contains proposal to implementation Asset management to ServiceNow in unnamed multinational company. The aim of this master’s thesis is analysis of company requirements and find suitable solution of Asset management implementation with current tools. At the end I will evaluate if is possible to use selected tool.
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Hanis, Muhammad Hasbi. "A public asset management framework for Indonesian local governments." Thesis, Queensland University of Technology, 2012. https://eprints.qut.edu.au/60946/1/Muhammad_Hanis_Thesis.pdf.
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The decentralisation reform in Indonesia has mandated the Central Government to transfer some functions and responsibilities to local governments including the transfer of human resources, assets and budgets. Local governments became giant asset holders almost overnight and most were ill prepared to handle these transformations. Assets were transferred without analysing local government need, ability or capability to manage the assets and no local government was provided with an asset management framework. Therefore, the aim of this research is to develop a Public Asset Management Framework for provincial governments in Indonesia, especially for infrastructure and real property assets. This framework will enable provincial governments to develop integrated asset management procedures throughout asset‘s lifecycle. Achieving the research aim means answering the following three research questions; 1) How do provincial governments in Indonesia currently manage their public assets? 2) What factors influence the provincial governments in managing these public assets? 3) How is a Public Asset Management Framework developed that is specific for the Indonesian provincial governments‘ situation? This research applied case studies approach after a literature review; document retrieval, interviews and observations were collated. Data was collected in June 2009 (preliminary data collection) and January to July 2010 in the major eastern Indonesian provinces. Once the public asset management framework was developed, a focus group was used to verify the framework.
Results are threefold and indicate that Indonesian provincial governments need to improve the effectiveness and efficiency of current practice of public asset management in order to improve public service quality. The second result shows that the 5 major concerns that influence the local government public asset management processes are asset identification and inventory systems, public asset holding, asset guidance and legal arrangements, asset management efficiency and effectiveness, and, human resources and their organisational arrangements.
The framework was then applied to assets already transferred to local governments and so included a system of asset identification and a needs analysis to classify the importance of these assets to local governments, their functions and responsibilities in delivering public services. Assets that support local government functions and responsibilities will then be managed using suitable asset lifecycle processes. Those categorised as surplus assets should be disposed. Additionally functions and responsibilities that do not need an asset solution should be performed directly by local governments. These processes must be measured using performance measurement indicators. All these stages should be guided and regulated with sufficient laws and regulations. Constant improvements to the quality and quantity of human resources hold an important role in successful public asset management processes.
This research focuses on developing countries, and contributes toward the knowledge of a Public Asset Management Framework at local government level, particularly Indonesia.
The framework provides local governments a foundation to improve their effectiveness and efficiency in managing public assets, which could lead to improved public service quality. This framework will ensure that the best decisions are made throughout asset decision ownership and provide a better asset life cycle process, leading to selection of the most appropriate asset, improve its acquisition and delivery process, optimise asset performance, and provide an appropriate disposal program.
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Mäder, Gabriel. "Management of Software Assets : Challenges in Large Organizations." Thesis, Linnéuniversitetet, Institutionen för informatik (IK), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-104552.
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This thesis is a study about the difficulties managing software assets within larger organizations.Software Asset Management (SAM) is a fairly new practice which has started to be used byorganizations in order to track and manage software assets throughout their life cycle. Existingliterature states that organizations have challenges with the increasing complexity, which comesalong when buying software products from manufacturers. However, the lack of academicresearch, due to the rapid development of technology has been limited. The purpose of this paperis to explore the challenges that large organizations are confronted with when managing softwareassets. A mixed study approach was conducted with main focus on a qualitative approach,where five persons with mainly long experience in Software Asset Management, whereinterviewed. In addition, a survey was sent out to employees who work with IT, to capture ageneral aspect on the topic. The findings of the study include the identified challenges of SAM,which are divided in four main areas. Further, the paper highlights the importance and success ofSoftware Asset Management.
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Brown, David C., and Shaun William Davies. "Moral hazard in active asset management." ELSEVIER SCIENCE SA, 2017. http://hdl.handle.net/10150/625951.
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We consider a model of active asset management in which mutual fund managers exert unobservable effort to earn excess returns. Investors allocate capital to actively managed funds and passively managed products. In equilibrium, investors are indifferent between investing an additional dollar with an active manager or with a passively managed product. As passively managed products become more attractive to investors, active managers’ revenues from portfolio-management services fall, reducing their effort incentives. More-severe decreasing-returns-to-scale are also associated with reduced incentives and increased moral hazard. Performance-based fees and holdings-based data are all unlikely to mitigate moral hazard.
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Déry, David. "Software asset management processes and model." Mémoire, École de technologie supérieure, 2008. http://espace.etsmtl.ca/98/1/D%C3%89RY_David.pdf.
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L'Industrie doit maintenant porter attention a la gestion de ses biens de logiciel et a leurs
licences: en effet. au fil des ans, les organisations ont achete une quantite importante de
logiciels et elles doivent maintenant gerer les couts qui y sont associes tout en s'assurant
que les termes et condifions des licences soient respectes.
Jusqu'a maintenant, I'industrie avail offert des solutions partielles a la gestion des biens
de logiciel, et ce en utilisant des approches differentes, des terminologies differentes et
des oufils avec une couverture disparate de foncfions. L'industrie s'accorde sur le besoin
d'ameliorer la gestion des biens de logiciels mais ne s'entend pas sur la faqon de le faire.
Cette these propose une definition de ce qu'est la gestion des biens de logiciels, fournit
une analyse descriptive et une methode d'evaluation de 1"organisation face a ces
processus afin que I'organisation puisse se servir immediatement des processus. Afin de
s'assurer, dans le cadre de ce projet de recherche, d'un alignement avec les bcsoins de
l'industrie et afin d'avoir acces a un panel d'experts, I'auteur de cette these a participe
activement, en parallele a ses travaux de recherche, ii la redacfion de la norme ISO/IEC
19770-1 sur la gestion des biens de logiciels.
Les objectifs de cette recherche sont de:
1. Contribuer activement au developpement et au contenu d'une norme
internationale ISO sur la gestion des biens logiciels (ISO/IEC 19770-1).
2. Capturer, identifier et analyser les elements pertinents pour la gestion des biens
de logiciels, incluant tous les elements qui n'ont pas ete inclus dans la version
finale de la norme intemafionalc.
3. Fournir une analyse de la norme internafionale sur la gesfion des biens de
logiciels en incluant dans I'analyse les 27 processus definis dans ISO/IEC 19770-
4. Developper une methode exploratoire d'evaluation permettant aux organisations
d'identifier leurs ecarts face au standard ISO/IEC 19770-1.
L'approche choisie a etc d'aligner le travail de recherche avec la demarche en demarrage
d'un groupe ISO mis sur pied en 2002 pour pallier a un certain nombre de ces lacunes et
de contribuer activement au developpement d'une norme sur la gestion des biens de
logiciel. soit le developpement de la norme ISO/IEC 19770-1.
Les resultats decrits dans cette these sont les suivants :
1. La construction d'un ensemble de processus pour definir la portee et le contenu de la
gesfion de ses biens de logiciels. Ceci permet a l'industrie d'avoir un point commun
de reference en termes de contenu et de vocabulaire sur la gestion des biens de
logiciels.
2. Cette these a permis de constater que les manufacturiers de logiciels ne s'entendent
pas sur la portee ou meme le vocabulaire utilise pour decrire la gestion des biens de
logiciels. De meme, le role du gestionnaire des biens de logiciels ne fait pas
I'unanimite dans l'industrie. Cette these adresse ces deux points via la definition des
processus relies a la gestion des biens de logiciels.
3. La these analyse la norme ISO 19770-1 sur la gestion des biens de logiciel afin de
foumir une description approfondie de la norme face a 1'infrastructure informatique
et face aux autres processus deja existants tel qu'ISO/IEC 20000 sur la gesfion des
services. Cette analyse est necessaire a 1'interpretation des resultats d'une evaluation.
4. La these propose egalement une fagon pour les organisations de s'evaluer en utilisant
des niveaux de maturite des processus de la norme ISO/IEC 19770-1; pour cela une
autre norme est ufilisee, soit la norme ISO/IEC 15504, pour la construction des
niveaux d'evaluation.
5. Les organisations reconnaissent qu'une mauvaise gesfion des biens en logiciel
represente un risque pour I'organisation. Cependant, les organisations n'avaient pas
de reference commune pour evaluer ce risque. L'application de I'evaluation d'une
organisafion en ufilisant la norme ISO/IEC 19770-1 permet d'identifier la maturite
des points de controles et de mieux idenfifier son impact sur I'organisation
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McWilliam, Richard. "Electronic identification systems for asset management." Thesis, Durham University, 2003. http://etheses.dur.ac.uk/3697/.
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Electronic identification is an increasingly pervasive technology that permits rapid data recovery from low-power transponders whenever they are placed within the vicinity of an interrogator device. Fundamental benefits include proximity detection not requiring line-of-sight, multiple transponder access and data security. In this document, electronic identification methods for asset management are devised for the new target application of electrical appliance testing. In this application mains-powered apparatus are periodically subjected a prescribed series of electrical tests performed by a Portable Appliance Tester (PAT). The intention is to enhance the process of appliance identification and management, and to automate the test process as far as possible. Three principal methods of electronic identification were designed and analysed for this application: proximity Radio Frequency Identification (RFID), cable RFID and power- line signalling. Each method relies on an inductively coupled mechanism that utilities a signalling technique called direct-load modulation. This is particularly suited to low- cost passive transponder designs. Physical limitations to proximity RFID are identified including coil size, orientation and susceptibility to nearby conducting surfaces. A novel inductive signalling method called cable RFID is then described that permits automatic appliance identification. This method uses the appliance power cable and inlet filter to establish a communication channel between interrogator and transponder. Prior to commencing the test phase, an appliance is plugged into the PAT and identified automatically via cable RFID. An attempt is made to extend the scope of cable RFID by developing a novel mains power-line signalling method that uses direct-load modulation and passive transponders. Finally, two different implementations of RFID interrogator are described. The first takes the form of an embeddable module intended for incorporation into electronic identification products such as RFID enabled PAT units. Software Defined Radio (SDR) principles are applied to the second interrogator design in an effort to render the device reconfigurable.
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PEREIRA, LUCIANA MARIA PINHO. "ASSET MANAGEMENT: TELECOMUNICATIONS COMPANY CASE STUDY." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2016. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=28116@1.
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A gestão do ciclo de vida dos ativos de uma organização, que compreende o planejamento de sua aquisição, seu recebimento, suas movimentações e o seu descarte, vem crescendo de importância neste novo século, principalmente pelo aumento da competitividade entre as organizações, pela decorrente necessidade crescente de redução de custos e pela otimização na aplicação de recursos. Para apoiar esta gestão, a tecnologia da informação constitui um fator crítico para o sucesso. Ao longo dos anos, vem contribuindo de forma crescente para a geração de informações assertivas sobre todos os processos de negócio, incluindo a gestão da cadeia de suprimentos e demais processos logísticos. Neste contexto, este trabalho realiza um estudo de caso em uma empresa de telecomunicações, descrevendo uma proposta de solução para a gestão de seus ativos, com a implementação da tecnologia RFID (Identificação por radio frequência). A solução proposta pelo estudo promove adequações nos processos de negócio, transformações culturais e a integração de informações e sistemas. O estudo também identifica os fatores críticos e as etapas do processo de implantação da solução, soluciona problemas com a identificação física dos ativos e gera informações consistentes para atender exigências legais estabelecidas pelo órgão regulamentador do setor.The Assets life cycle management of an organization, including the purchase planning, receiving, movements and disposal, has been growing in importance in this new century, mainly by the increased competitiveness between organizations, by stemming growing need for cost reduction and the application of resources optimization. To support this life cycle management, information technology is a critical factor for success, in the same way that, over the years, has contributed increasingly to the generation of information about all business processes, including supply chain management and other logistic processes. In this context, this work paper conducts a case study in a telecommunications company, describing a suggested solution for its assets management, with the RFID technology implementation. The proposed solution promotes adjustments in business processes, cultural transformations and the integration of information and systems. The study also identifies the critical factors and the steps in the deployment process of the solution, solves problems with the physical identification of assets and generates consistent information to meet legal requirements set by the regulatory agency.
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Kurtbegu, Enareta. "Asset-Liability Management in Pension Financing." Thesis, Université Paris-Saclay (ComUE), 2015. http://www.theses.fr/2015SACLE005.
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Malgré les évolutions significatives des systèmes de retraite, notamment le passage de systèmes par répartition à des systèmes par capitalisation, plusieurs problèmes subsistent. La structure démographique est un des principaux facteurs de risque systémique, menaçant l’équilibre des caisses de retraite et favorisant l’instabilité et les moindres performances économiques. Dans cette thèse, nous mobilisons l’analyse empirique et théorique afin d’apporter une réponse en termes de stratégie d’investissement à ce problème. Nous synthétisons tout d’abord les éléments de littérature existants et mettons en avant l’importance du partage intergénérationnel du risque et les différences entre les investissements individuels et collectifs. En nous appuyant sur un modèle à générations imbriquées, nous étudions les effets de la structure démographique sur le prix des actifs. Nous identifions une corrélation positive entre l’inverse du ratio de dépendance et le prix de ces derniers (asset meltdown). Puis, en nous basant sur des contrats de retraites simulés, nous étudions les effets de l’augmentation de l’espérance de vie et de la diminution du taux de fécondité sur le partage intergénérationnel du risque. Bien que le régime collectif de retraite à cotisations définies (CDC) amortisse mieux les risques démographiques, des performances analogues peuvent être obtenues au moyen d’une capitalisation individuelle. De plus, la capitalisation individuelle supplante le régime collectif lorsque la réglementation est fortement contraignante. Nos résultats suggèrent la nécessité de la mise en place d’un processus de réforme continu basé sur les stratégies d’investissement. Ainsi, l’efficacité des méthodes de sélection des fonds telles que celle basée sur le taux de faux positifs semble être confirméeDespite the substantial evolution of pension systems shifting away from pay-as-you-go scemes at the end of the last century, some significant issues still subsist. Demographic structure is one of the main systemic risks threatening the asset-liability balance and causing insolvability and unsustainable performance. In this dissertation, we use both theoretical and empirical analysis to address this issue and to propose a possible solution based on investment strategy. We first conduct a detailed literature survey, aiming to highlight the importance of inter-generation risk sharing and to characterize the differences between collective and individual investment. Based on a theoretical overlapping generation model we study the effect of demographic structure on the asset prices. We identify a positive correlation between the inverse dependency ratio and the asset price, known as the asset meltdown. Then, focusing on diverse stylized pension contracts, we investigate the effect on inter-generation risk sharing of both an increase in life-expectancy and a decrease in fertility rate. Although the collective defined contribution (CDC) plan better amortizes the demographic risk compared to other contracts, its performance can be replicated by individual investment. Moreover, when regulation imposes strict policy safety constraints, individual investment outperforms the collective plan participation. Our results suggest the need for a continuous reforming process, especially on investment-based strategies. Hence, the efficiency of fund selection methods such as the one based on False Discovery Rate seems to be confirmed
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Arbeleche, Grela Santiago. "Econometric modelling for global asset management." Thesis, University of Cambridge, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.616219.
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Lewin, Richard Alwyne. "Essays in treasury and asset management." Thesis, University of Cambridge, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.614718.
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Carvalho, Tiago Lima de. "Asset-liability management in pension funds." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21054.
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Mestrado em Mathematical FinanceOs fundos de pensão têm uma participação representativa nos mercados financeiros, seja considerando o capital investido ou o perfil de escolha de ativos. Nos planos de pensão de benefício definido, o foco é assegurar cobrir os passivos com os ativos existentes. A gestão de ativos e passivos (em inglês ALM) é o conjunto de métodos e ferramentas projetadas com a finalidade de orientar como os fundos devem investir seus ativos a fim de que, em determinada data, seja possível pagar seus passivos. Este conceito é amplamente utilizado em empresas seguradoras e fundos de pensão. O portfolio de investimentos é construído de acordo com análises de mercado, definição dos riscos em que o fundo deseja se expor e os objetivos de retorno. O propósito deste projeto é, aplicando a teoria de investimentos orientados a passivos, recuperar o nível de financiamento de um fundo de pensões, a fim de cumprir com as metas do esquema e se expondo ao menor risco possível. Este projeto terá como informação base a estimativa dos passivos, da taxa de juros e da inflação. A partir deles, contruiremos o portfolio de investimentos, projetaremos o fluxo de caixa e monitoraremos o risco de não cumprimento dos objetivos. Para validar a consistência do modelo, iremos comparar contra uma estratégia mais arriscada. As conclusões, após contextualização (prática e teórica), demonstram que é possível recuperar o nível de financiamento, de acordo com prazos estabelecidos e com um nível moderado de risco.
Pension funds have a very representative role in the financial markets, considering investments made and the asset allocations profile. In defined benefit pension schemes, the major focus is to secure the participants future payments with the accumulated contributions. Or, in other words, to cover the liabilities with the assets. Asset Liability Management (ALM) is a collection of methodologies and tools structured to guide the assets investments in order to protect the liabilities. This concept has been used largely in insurance companies and pension funds. It analyzes market expectations, scheme risks and objectives, in order to create the best asset investment option. The purpose of this project is, using a Liability Driven Investment (LDI) technique, recover the Funding Ratio of a pension fund, achieve the scheme goals and minimize the risk. Project liabilities, interest rate and inflation are the bases of this work. Build the asset portfolio, project the fund cashflow and track the risk are the principal steps to achieve the goal. To check the results adherence, the output will be compared with a bold recovery strategy. To conclude, after setting the context (theoretical and practical perspectives), the work will show how to recover a Funding Ratio using a developed model and keeping the risk inside pension plan limits.
info:eu-repo/semantics/publishedVersion
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Hofmann, Tobias [Verfasser]. "Asset Management mit Immobilienaktien. / Tobias Hofmann." Berlin : Duncker & Humblot GmbH, 2020. http://d-nb.info/123849448X/34.
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Lipták, Aleš. "Software Asset Management v bankovním sektoru." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-72523.
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Currently, operation of companies is entirely dependent on information and communication technologies (ICT) which are used across all indfustries. There are bigger demands that are placed on the management of individual assets, while software is the most problematic from this perspective. It is necessary for companies to pay sufficient attention to this issue, because there is a high risk of financial penalties in case of its failure. The first objective of this thesis is to provide basic characteristics of Software Asset Management (SAM) belonging to Information Technology Infrastructure Library (ITIL), which is one of the few adressing this area in an entirely way. This objective is default condition for achieving the second objective, where will be analyzed specific case of software asset management in the banking sector. On the basis of the analysis will be accepted proposals for implemention of best practises of SAM. The third objective is enrichment of previous proposals by parts of request for proposal, which are focused on detailed specification of the required functionality of software tools according to SAM. The all tasks will be achieved through the study of relevant sources and through techniques that help with analysis and definition of the future state. The benefits of thesis are in to identification of gaps within software asset management, which obtained through employee survey. The second contribution is to propose changes in the form of specific steps that should help to bring more efficiency to the current state. The last contribution is to summarise new pieces of knowledge, which are extending this issue by information focused on large organisations.
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Lleo, Sebastien. "Contributions to risk-sensitive asset management." Thesis, Imperial College London, 2008. http://hdl.handle.net/10044/1/8505.
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Déry, David. "Software asset management processes and model /." Thèse, Montréal : École de technologie supérieure, 2008. http://proquest.umi.com/pqdweb?did=1467898581&sid=5&Fmt=2&clientId=46962&RQT=309&VName=PQD.
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Thèse (Ph.D.) -- École de technologie supérieure, Montréal, 2008."Thesis presented to l'École de technologie supérieure in partial fulfillment of the requirements for the degree of doctor of philosophy." CaQMUQET Bibliogr. : f.[213]-219. Également disponible en version électronique. CaQMUQET
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Morris, Scott Edward Washer Glenn A. "Remote health monitoring for asset management." Diss., Columbia, Mo. : University of Missouri--Columbia, 2009. http://hdl.handle.net/10355/6556.
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The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file. Title from PDF of title page (University of Missouri--Columbia, viewed on November 19, 2009). Thesis advisor: Dr. Glenn Washer. Includes bibliographical references.
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Mathew, Avin D. "Asset management data warehouse data modelling." Thesis, Queensland University of Technology, 2008. https://eprints.qut.edu.au/19310/1/Avin_Mathew_Thesis.pdf.
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Data are the lifeblood of an organisation, being employed by virtually all business functions within a firm. Data management, therefore, is a critical process in prolonging the life of a company and determining the success of each of an organisation’s business functions. The last decade and a half has seen data warehousing rising in priority within corporate data management as it provides an effective supporting platform for decision support tools. A cross-sectional survey conducted by this research showed that data warehousing is starting to be used within organisations for their engineering asset management, however the industry uptake is slow and has much room for development and improvement. This conclusion is also evidenced by the lack of systematic scholarly research within asset management data warehousing as compared to data warehousing for other business areas. This research is motivated by the lack of dedicated research into asset management data warehousing and attempts to provide original contributions to the area, focussing on data modelling. Integration is a fundamental characteristic of a data warehouse and facilitates the analysis of data from multiple sources. While several integration models exist for asset management, these only cover select areas of asset management. This research presents a novel conceptual data warehousing data model that integrates the numerous asset management data areas. The comprehensive ethnographic modelling methodology involved a diverse set of inputs (including data model patterns, standards, information system data models, and business process models) that described asset management data. Used as an integrated data source, the conceptual data model was verified by more than 20 experts in asset management and validated against four case studies. A large section of asset management data are stored in a relational format due to the maturity and pervasiveness of relational database management systems. Data warehousing offers the alternative approach of structuring data in a dimensional format, which suggests increased data retrieval speeds in addition to reducing analysis complexity for end users. To investigate the benefits of moving asset management data from a relational to multidimensional format, this research presents an innovative relational vs. multidimensional model evaluation procedure. To undertake an equitable comparison, the compared multidimensional are derived from an asset management relational model and as such, this research presents an original multidimensional modelling derivation methodology for asset management relational models. Multidimensional models were derived from the relational models in the asset management data exchange standard, MIMOSA OSA-EAI. The multidimensional and relational models were compared through a series of queries. It was discovered that multidimensional schemas reduced the data size and subsequently data insertion time, decreased the complexity of query conceptualisation, and improved the query execution performance across a range of query types. To facilitate the quicker uptake of these data warehouse multidimensional models within organisations, an alternate modelling methodology was investigated. This research presents an innovative approach of using a case-based reasoning methodology for data warehouse schema design. Using unique case representation and indexing techniques, the system also uses a business vocabulary repository to augment case searching and adaptation. The system was validated through a case-study where multidimensional schema design speed and accuracy was measured. It was found that the case-based reasoning system provided a marginal benefit, with a greater benefits gained when confronted with more difficult scenarios.
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Mathew, Avin D. "Asset management data warehouse data modelling." Queensland University of Technology, 2008. http://eprints.qut.edu.au/19310/.
Full textAbstract:
Data are the lifeblood of an organisation, being employed by virtually all business functions within a firm. Data management, therefore, is a critical process in prolonging the life of a company and determining the success of each of an organisation’s business functions. The last decade and a half has seen data warehousing rising in priority within corporate data management as it provides an effective supporting platform for decision support tools. A cross-sectional survey conducted by this research showed that data warehousing is starting to be used within organisations for their engineering asset management, however the industry uptake is slow and has much room for development and improvement. This conclusion is also evidenced by the lack of systematic scholarly research within asset management data warehousing as compared to data warehousing for other business areas. This research is motivated by the lack of dedicated research into asset management data warehousing and attempts to provide original contributions to the area, focussing on data modelling. Integration is a fundamental characteristic of a data warehouse and facilitates the analysis of data from multiple sources. While several integration models exist for asset management, these only cover select areas of asset management. This research presents a novel conceptual data warehousing data model that integrates the numerous asset management data areas. The comprehensive ethnographic modelling methodology involved a diverse set of inputs (including data model patterns, standards, information system data models, and business process models) that described asset management data. Used as an integrated data source, the conceptual data model was verified by more than 20 experts in asset management and validated against four case studies. A large section of asset management data are stored in a relational format due to the maturity and pervasiveness of relational database management systems. Data warehousing offers the alternative approach of structuring data in a dimensional format, which suggests increased data retrieval speeds in addition to reducing analysis complexity for end users. To investigate the benefits of moving asset management data from a relational to multidimensional format, this research presents an innovative relational vs. multidimensional model evaluation procedure. To undertake an equitable comparison, the compared multidimensional are derived from an asset management relational model and as such, this research presents an original multidimensional modelling derivation methodology for asset management relational models. Multidimensional models were derived from the relational models in the asset management data exchange standard, MIMOSA OSA-EAI. The multidimensional and relational models were compared through a series of queries. It was discovered that multidimensional schemas reduced the data size and subsequently data insertion time, decreased the complexity of query conceptualisation, and improved the query execution performance across a range of query types. To facilitate the quicker uptake of these data warehouse multidimensional models within organisations, an alternate modelling methodology was investigated. This research presents an innovative approach of using a case-based reasoning methodology for data warehouse schema design. Using unique case representation and indexing techniques, the system also uses a business vocabulary repository to augment case searching and adaptation. The system was validated through a case-study where multidimensional schema design speed and accuracy was measured. It was found that the case-based reasoning system provided a marginal benefit, with a greater benefits gained when confronted with more difficult scenarios.
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Too, Eric Gun Sim. "Capabilities for strategic infrastructure asset management." Thesis, Queensland University of Technology, 2009. https://eprints.qut.edu.au/33248/1/Eric_Too_Thesis.pdf.
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Infrastructure organisations are operating in an increasingly challenging business environment as a result of globalisation, privatisation and deregulation. Under such circumstances, asset managers need to manage their infrastructure assets effectively in order to contribute to the overall performance of their organisation. In an external business environment that is constantly changing, extant literature on strategic management advocates a resourced--�]based view (RBV) approach that focuses on factors internal to the organisation such as resources and capabilities to sustain organisation performance. The aim of this study is to explore the core capabilities needed in the management of infrastructure assets. Using a multiple case study research strategy focusing on transport infrastructure, this research firstly examines the goals of infrastructure asset management and their alignment with broader corporate goals of an infrastructure organisation. It then examines the strategic infrastructure asset management processes that are needed to achieve these goals. The core capabilities that can support the strategic infrastructure asset management processes are then identified. This research produced a number of findings. First, it provided empirical evidence that asset management goals are being pursued with the aim of supporting the broader business goals of infrastructure organisations. Second, through synthesising the key asset management processes deemed necessary to achieve the asset management goals, a strategic infrastructure asset management model is proposed. Third, it identified five core capabilities namely stakeholder connectivity, cross-functional, relational, technology absorptive and integrated information management capability as central to executing the strategic infrastructure asset management processes well. These findings culminate in the development of a capability model to improve the performance of infrastructure assets.
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Sommerfeld, Edward John. "A plant fleet asset management system." Thesis, Queensland University of Technology, 1999.
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Shoghli, Omidreza. "A Decison Support System for Multi-Objective Multi-Asset Roadway Asset Management." Diss., Virginia Tech, 2014. http://hdl.handle.net/10919/64775.
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The limited available budget along with old aging infrastructure in nation magnifies the role of strategic decision making for maintenance of infrastructure. The challenging objective is to maintain the infrastructure asset systems in a state of good repair and to improve the efficiency and performance of the infrastructure systems while protecting and enhancing the natural environment. Decision makers are in need of a decision support system to consider these multiple objectives and criteria to effectively allocate funding and achieve the highest possible return on investment on their infrastructure. The research proposes and validates a framework for such decisions. The proposed model aims at finding optimal techniques for maintenance of multiple roadway asset items while taking into account time, cost, level of service and environmental impacts. Therefore, the goal is to answer what are the optimal combinations of maintenance techniques for roadway assets while more than one objective is being optimized. In other words, the main objective is to develop a decision support system for selecting and prioritizing necessary actions for MRandR (Maintenance, Repair and Rehabilitation) of multiple asset items in order for a roadway to function within an acceptable level of service, budget, and time while considering environmental impacts. To achieve these desirable outcomes, this model creates a two-stage framework for a sustainable infrastructure asset management. First a multi-objective problem based on the multi colony ant colony optimization is analyzed. The objectives of the problem are: (i) Minimizing maintenance costs, (ii) Minimizing maintenance time, (iii) Minimizing environmental impacts and (iv) Maximizing level of service improvement. In the second stage, the results of the multi objective optimization will be prioritized using a Multi Criteria Decision Making (MCDM) process. The proposed approach will simultaneously optimize four conflicting objectives along with using a multi criteria decision-making technique for ranking the resulted non-dominated solutions of multi objective optimization. The results of implementation of the proposed model on a section of I-64 highway are presented for a sub-set of asset items. Moreover, the proposed model is validated using a scalable test problem as well as comparison with existing examples. Results reveal the capability of the model in generation of optimal solutions for the selection of maintenance strategies. The model optimizes decision making process and benefits decision makers by providing them with solutions for infrastructure asset management while meeting national goals towards sustainability and performance-based approach. In addition, provides a tool to run sensitivity analysis to evaluate annual budget effects and environmental impacts of different resource allocation scenarios. Application of the proposed approach is implemented on roadway asset items but it is not limited to roadways and is applicable to other infrastructure assets.Ph. D.
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Sefke, Alex. "IT asset management, IT outsourcing and operational effectiveness : the development of a model for IT asset management." Thesis, University of Newcastle Upon Tyne, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.433222.
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Boadi, Richard S. "Integrated asset management framework: using risk-based decision-support systems to manage ancillary highway assets." Diss., Georgia Institute of Technology, 2015. http://hdl.handle.net/1853/53562.
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Risk assessment is an essential part of an effective transportation asset management program. The 2012 surface transportation bill, Moving Ahead for Progress in the 21st Century, requires state departments of transportation (DOTs) to establish risk- and performance-based asset management programs for the National Highway System. While the bill’s provisions include requirements only for pavement and bridge assets, they also recommend that DOTs consider other ancillary highway assets such as culverts and earth retaining structures, and hazards such as rockfalls and landslides. This research introduces an integrated risk framework with supporting algorithms to provide for the integration of ancillary assets and hazards into existing transportation asset management systems, and facilitate budget planning and resource allocation. The framework, Highway Assets Risk Management Decision-Support System (HARM-DSS), adopts a system-of systems perspective in defining and evaluating performance, and analyzing and addressing risk. The algorithms are developed using multi-criteria decision analysis (MCDA) and risk analysis methods; value functions are applied to scale performance attributes, and additive weighting to integrate multiple risk criteria. The methodology is applied at the corridor-level to analyze three different case studies using data with notable variability from New York, Minnesota and Oregon. The cases demonstrate the process for developing descriptive and visual information on multi-asset/hazard corridors, with sparse to medium data, in order to identify corridors that are vulnerable to failure, as well as exhibit high risk of failure within a transportation network. The results demonstrate that HARM-DSS can be applied across competing corridors or alternatives to produce descriptive and intuitive results that decision makers can use in budget planning and resource allocation. This research extends the risk-based thinking on transportation asset management, by moving it from a silo-ed to an integrated analytical platform that considers multiple non-homogenous assets and hazards simultaneously. It identifies data deficiencies and offers recommendations on the requisite data collection on asset inventory and condition to improve objectivity in the analytical process and confidence in the analysis results. In addition, it offers recommendations on the appropriate use of expert knowledge in supplementing existing data deficiencies in the interim. This work is potentially useful to decision makers involved in distributing resources to preserve the reliability and resiliency of transportation systems, as well as meet the existing performance- and risk-based Federal mandates for transportation asset management.
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Mtayisi, Nobuntu Rebecca. "The efficiency of budgeting for procurement of movable non-current assets in the absence of sound asset management." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/19651.
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Movable non-current assets are physical and mobile assets that a municipality uses to provide services to the community directly or indirectly. Therefore, effective movable non-current asset management is necessary to ensure that these assets provide value to both the municipality and the community. This study seeks to determine whether poor asset management negatively affects capital budgeting for procurement of movable non-current assets. Mbhashe Local Municipality, a Category B municipality in the Eastern Cape Province was selected for the study. A desktop research method was utilised for this study. The analysis of secondary data includes policy documents (such as National Treasury asset management guidelines and Mbhashe budgeting policy), books, journals, internet data, newspapers and research documents in order to determine asset management guidelines and budgeting theories by noteworthy scholars. Auditor General South Africa (AGSA) and State of Local Government Finance reports were also analysed to establish the current practice and impact of the role of the municipal management in its finances as well as budget spending patterns at Mbhashe Local Municipality. The results of the study revealed that Mbhashe Local Municipality’s non-compliance with asset management and budgeting policies and procedures throughout the period of the study negatively affected their capital budgeting decisions. The consequences of instability in leadership and lack of approved movable non-current asset management policy resulted in partial asset information, incorrect recording and accounting systems for assets and unauthorised disposal of strategic movable non-current assets. Although, an approved budget policy existed at Mbhashe Local Municipality, the budgetary information was unrealistic because of negligence such as: lack of public participation, consultation and alignment of the Integrated Development Plan (IDP) with the municipality’s objectives. This resulted in habitual under-spending of capital assets compared to the capital budget throughout the period of the study.
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Nanang, Rustanto. "Development of asset optimisation strategy for the public sector in Indonesia." Thesis, Queensland University of Technology, 2019. https://eprints.qut.edu.au/133367/1/Rustanto_Rustanto_Thesis.pdf.
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Asset optimisation strategy in the public sector is essential in the improvement of public service delivery. It assists by resolving problems in asset management, such as a large number of unregistered and underutilised land and buildings, high costs of operation and maintenance, as well as lack of control in the improvement of asset performance. This research aims to develop a robust strategy for asset optimisation by utilising the balanced scorecard as a strategy tool. It examines key elements and alternatives of asset optimisation of public land and building. As a comprehensive approach, this thesis distilled practical aspects of asset management from certain countries and applied mixed method to evaluate not just explore the elements but also determination of prioritisation using Analytic Hierarchy Process. The framework of asset optimisation is validated and tested in the Directorate General of State Asset and Management as a model of public asset manager in Indonesia.
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Gip, Orreborn Jakob. "Asset-Liability Management with in Life Insurance." Thesis, KTH, Matematisk statistik, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-215339.
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In recent years, new regulations and stronger competition have further increased the importance of stochastic asset-liability management (ALM) models for life insurance firms. However, the often complex nature of life insurance contracts makes modeling to a challenging task, and insurance firms often struggle with models quickly becoming too complicated and inefficient. There is therefore an interest in investigating if, in fact, certain traits of financial ratios could be exposed through a more efficient model. In this thesis, a discrete time stochastic model framework, for the simulation of simplified balance sheets of life insurance products, is proposed. The model is based on a two-factor stochastic capital market model, supports the most important product characteristics, and incorporates a reserve-dependent bonus declaration. Furthermore, a first approach to endogenously model customer transitions is proposed, where realized policy returns are used for assigning transition probabilities. The model's sensitivity to different input parameters, and ability to capture the most important behaviour patterns, are demonstrated by the use of scenario and sensitivity analyses. Furthermore, based on the findings from these analyses, suggestions for improvements and further research are also presented.Införandet av nya regelverk och ökad konkurrens har medfört att stokastiska ALM-modeller blivit allt viktigare för livförsäkringsbolag. Den ofta komplexa strukturen hos försäkringsprodukter försvårar dock modelleringen, vilket gör att många modeller anses vara för komplicerade samt ineffektiva, av försäkringsbolagen. Det finns därför ett intresse i att utreda om egenskaper hos viktiga finansiella nyckeltal kan studeras utifrån en mer effektiv och mindre komplicerad modell. I detta arbete föreslås ett ramverk för stokastisk modellering av en förenklad version av balansräkningen hos typiska livförsäkringsbolag. Modellen baseras på en stokastisk kapitalmarknadsmodell, med vilken såväl aktiepriser som räntenivåer simuleras. Vidare så stödjer modellen simulering av de mest väsentliga produktegenskaperna, samt modellerar kundåterbäring som en funktion av den kollektiva konsolideringsgraden. Modellens förmåga att fånga de viktigaste egenskaperna hos balansräkningens ingående komponenter undersöks med hjälp av scenario- och känslighetsanalyser. Ytterligare undersöks även huruvida modellen är känslig för förändringar i olika indata, där fokus främst tillägnas de parametrar som kräver mer avancerade skattningsmetoder.