Index for asset value measure obtained from condition monitoring digitalized data interpretation. A railway asset management application

Abstract

The objective of any asset is to provide value to the organization, being the corner stone to get a highest possible economic benefit in a sustainable way. An effective asset value management demands method that allow measuring and comparing the expected value with the real value realized at any time during its life cycle for value informed decision-making. Digitalization is providing new data about events and states related to asset condition and risk, information that can be reinterpreted to generate value measure strategies. This paper presents a proposal of TVO (Total Value of Ownership) model where it is possible to quantify and measure the value, including its monitoring throughout the life cycle of the asset and/or system. Proposed TVO model is focused on Safety, one of the most relevant value factors for Industry and Infrastructure sectors. Asset events and states are intrinsically linked to the defined failure modes. Consequently, it is necessary to structure the system information around the failure modes that have been defined, in order to obtain a value measurement index. A railway use case is presented.