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Asset Management
Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastructure, buildings or equipment) and to intangible assets (such as intellectual property, goodwill or financial assets). Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks, and performance attributes). Theory of asset management primarily deals with the periodic matter of improving, maintaining or in other circumstances assuring the economic and capital value of an asset over time. The term is commonly used in engineering, the business world, and public infrastructure sectors to ensure a coordinated approach to the optimization of costs, risks, service/performance, and sustainability. The term has traditionally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset Allocation
Asset allocation is the implementation of an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investor's risk tolerance, goals and investment time frame. The focus is on the characteristics of the overall portfolio. Such a strategy contrasts with an approach that focuses on individual assets. Description Many financial experts argue that asset allocation is an important factor in determining returns for an investment portfolio. Asset allocation is based on the principle that different assets perform differently in different market and economic conditions. A fundamental justification for asset allocation is the notion that different asset classes offer returns that are not perfectly correlated, hence diversification reduces the overall risk in terms of the variability of returns for a given level of expected return. Asset diversification has been described as "the only f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment Fund
An investment fund is a way of investment, investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to: * hire professional investment managers, who may offer better returns and more adequate risk management; * benefit from economies of scale, i.e., lower transaction costs; * increase the asset diversification (finance), diversification to reduce some unsystematic risk. It remains unclear whether professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Terminology varies with country but investment funds are often referred to as investment pools, collective investment vehicles, collective investment schemes, managed funds, or simply funds. The regulatory term is undertaking for collective investment in transferable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Analysis (engineering)
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security, privacy, etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and general guidelines on managing risks faced by organizations. Definitions of risk Oxford English Dictionary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Engineering
Industrial engineering (IE) is concerned with the design, improvement and installation of integrated systems of people, materials, information, equipment and energy. It draws upon specialized knowledge and skill in the mathematical, physical, and social sciences together with the principles and methods of engineering analysis and design, to specify, predict, and evaluate the results to be obtained from such systems. Industrial engineering is a branch of engineering that focuses on optimizing complex processes, systems, and organizations by improving efficiency, productivity, and quality. It combines principles from engineering, mathematics, and business to design, analyze, and manage systems that involve people, materials, information, equipment, and energy. Industrial engineers aim to reduce waste, streamline operations, and enhance overall performance across various industries, including manufacturing, healthcare, logistics, and service sectors. Industrial engineers are employe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Process Safety Management
Process safety management (PSM) is a practice to manage business operations critical to process safety. It can be implemented using the established OSHA scheme or others made available by the EPA, AIChE's Center for Chemical Process Safety, or the Energy Institute. PSM schemes are organized in 'elements'. Different schemes are based on different lists of elements. This is a typical list of elements that may be reconciled with most established PSM schemes: * Commit to process safety ** Process safety culture ** Compliance with standards ** Process safety competency ** Workforce involvement ** Stakeholder outreach * Understand hazards and risks ** Process knowledge and documentation management ** Hazard identification and risk analysis * Manage risk ** Operating procedures ** Safe work practices (e.g. a permit-to-work system) ** Asset integrity management ** Contractor management ** Training and performance assurance ** Management of change ** Operational readiness ** Conduc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reliability Engineering
Reliability engineering is a sub-discipline of systems engineering that emphasizes the ability of equipment to function without failure. Reliability is defined as the probability that a product, system, or service will perform its intended function adequately for a specified period of time, OR will operate in a defined environment without failure. Reliability is closely related to availability, which is typically described as the ability of a component or system to function at a specified moment or interval of time. The ''reliability function'' is theoretically defined as the probability of success. In practice, it is calculated using different techniques, and its value ranges between 0 and 1, where 0 indicates no probability of success while 1 indicates definite success. This probability is estimated from detailed (physics of failure) analysis, previous data sets, or through reliability testing and reliability modeling. Availability, testability, maintainability, and maintenance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Systems Engineering
Systems engineering is an interdisciplinary field of engineering and engineering management that focuses on how to design, integrate, and manage complex systems over their Enterprise life cycle, life cycles. At its core, systems engineering utilizes systems thinking principles to organize this body of knowledge. The individual outcome of such efforts, an engineered system, can be defined as a combination of components that work in synergy to collectively perform a useful Function (engineering), function. Issues such as requirements engineering, Reliability engineering, reliability, logistics, coordination of different teams, testing and evaluation, maintainability, and many other Discipline (academia), disciplines, aka List of system quality attributes, "ilities", necessary for successful system design, development, implementation, and ultimate decommission become more difficult when dealing with large or complex projects. Systems engineering deals with work processes, optimizat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maintenance Engineering
Maintenance Engineering is the discipline and profession of applying engineering concepts for the optimization of equipment, procedures, and departmental budgets to achieve better maintainability, reliability, and availability of equipment. Maintenance, and hence maintenance engineering, is increasing in importance due to rising amounts of equipment, systems, machineries and infrastructure. Since the Industrial Revolution, devices, equipment, machinery and structures have grown increasingly complex, requiring a host of personnel, vocations and related systems needed to maintain them. Prior to 2006, the United States spent approximately US$300 billion annually on plant maintenance and operations alone.Dhillon, Balbir S. (2006Maintainability, Maintenance, and Reliability for Engineers CRC Press, 2006, , ; Maintenance is to ensure a unit is fit for purpose, with maximum availability at minimum costs. A person practicing maintenance engineering is known as a maintenance engineer. Mai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terotechnology
Terotechnology (; from Greek τηρεῖν ''tērein'' "to care for" and technology) is the technology of installation, including the efficient use and management of equipment. It also involves the use of technology to carry out maintenance functions in a bid to reduce cost and increase productivity. It has been replaced with "asset management". Definition The term goes back to the 1970s. Terotechnology is a system for the care of equipment. It includes the management, engineering, and financial expertise working together to improve the installation and operations. In practice It involves the reliability and maintainability of physical equipment regarding installation, operation, maintenance, or replacement. Decisions are influenced by feedback throughout the life cycle of a project. In 1992 the British Standards Institution published ''British Standard 3843: Guide to terotechnology''. The standard was withdrawn in November 2011. See also * Asset management Asset management ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnkey
A turnkey, a turnkey project, or a turnkey operation (also spelled turn-key) is a type of project that is constructed so that it can be sold to any buyer as a completed product. This is contrasted with build to order, where the constructor builds an item to the buyer's exact specifications, or when an incomplete product is sold with the assumption that the buyer would complete it. A turnkey project or contract as described by Duncan Wallace (1984) is A turnkey contract is typically a construction contract under which a contractor is employed to plan, design and build a project or an infrastructure and do any other necessary development to make it functional or ‘ready to use’ at an agreed price and by a fixed date. In turnkey contracts, most of the time the employer provides the primary design. The contractor must follow the primary design provided by the employer. A turnkey computer system is a complete computer including hardware, operating system and application(s) design ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renewable Energy
Renewable energy (also called green energy) is energy made from renewable resource, renewable natural resources that are replenished on a human lifetime, human timescale. The most widely used renewable energy types are solar energy, wind power, and hydropower. Bioenergy and geothermal power are also significant in some countries. Some also consider Nuclear power proposed as renewable energy, nuclear power a renewable power source, although this is controversial, as nuclear energy requires mining uranium, a nonrenewable resource. Renewable energy installations can be large or small and are suited for both urban and rural areas. Renewable energy is often deployed together with further electrification. This has several benefits: electricity can heat pump, move heat and Electric vehicle, vehicles efficiently and is clean at the point of consumption. Variable renewable energy sources are those that have a fluctuating nature, such as wind power and solar power. In contrast, ''contro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shareholder Primacy
Shareholder primacy is a theory in corporate governance holding that shareholder interests should be assigned first priority relative to all other stakeholders. A shareholder primacy approach often gives shareholders power to intercede directly and frequently in corporate decision-making, through such means as unilateral shareholder power to amend corporate charters, shareholder referendums on business decisions and regular corporate board election contests. The shareholder primacy norm was first used by courts to resolve disputes among majority and minority shareholders, and, over time, this use of the shareholder primacy norm evolved into the modern doctrine of minority shareholder oppression. James Kee wrote in 1995 for the right-wing libertarian Mises Institute think tank, "If private property were truly respected, shareholder interest would be the primary, or even better, the sole purpose, of the corporation." However, the doctrine of shareholder primacy has been criticized ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
