TY - JOUR TI - Towards value-based, closed-loop dynamical system approach to asset management DO - https://doi.org/doi:10.7282/T3JQ0ZX0 PY - 2012 AB - In this dissertation a methodology is proposed for value-based management of networks of assets where the underlying flow and system dynamics are greatly influenced by the way the decisions are made and executed. In this paradigm, users and owners of assets are characterized by their decisions and the impacts that their behaviors will have on the overall flow of the network. Short or intermediate term impacts in network flow occur as assets deteriorate and users start practicing alternative options. These impacts also occur as owners change the state of assets by investing on new assets or practicing different maintenance options. User demand elasticity to the quality of service received from an asset defines flow from or to that asset. Any reduction or disturbances in flow is an indication of inefficiencies in the management of assets. Longer-term impacts occur due to major investments or structural changes in the network, leading to major economical shifts and new flow patterns in the underlying society. These societal changes in turn create new flow dynamics in the asset network. KW - Industrial and Systems Engineering KW - Asset allocation KW - Portfolio management KW - Option-adjusted spread analysis LA - eng ER -