The Link Between Asset Risk Management and Maintenance Performance: A Study of Industrial Manufacturing Companies
Abstract
Purpose: The purpose of this paper is to examine risk management practices and their impact on performance. Specifically, the study aimed to examine risk management practices as part of physical asset management and their impact on maintenance management and its performance.
Methodology/Approach: The empirical data were obtained from 76 manufacturing companies. Partial Least Squares Path Modeling (PLS-PM) was applied to evaluate the measurement and structural model.
Findings: The results emphasized the importance of integrating risk management practices into asset management processes in order to improve performance outcomes.
Research Limitation/Implication: This study contributes to a better understanding of how companies could achieve higher performance results by implementing risk management practices. The results of this study can help managers identify key asset risk management practices. Despite the important implications that can be derived from this study, further research that would extend the model to include additional performance measures and/or asset management dimensions would be of great importance.
Originality/Value of paper: By analyzing the interrelationships between asset risk management practices and their direct and indirect effects on maintenance performance, the study provides important insights for the development of strategies to promote the novel and important discipline of asset management.References
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Alhazmi, N., 2018. A theoretical framework for physical asset management practices. Facilities [e-journal], 36(3/4), pp.135-150. doi: 10.1108/F-02-2016-0025.
Al-Najjar, B., 2007. The lack of maintenance and not maintenance which costs: A model to describe and quantify the impact of vibration-based maintenance on company’s business. International Journal of Production Economics [e-journal], 107(1), pp.260-273. doi: 10.1016/j.ijpe.2006.09.005.
Arena, M. and Arnaboldi, M., 2014. Risk and performance management: are they easy partners? Management Research Review [e-journal], 37(2), pp.152-166. doi: 10.1108/MRR-08-2012-0180.
Arunraj, N.S. and Maiti, J., 2007. Risk-based maintenance—Techniques and applications. Journal of hazardous materials [e-journal], 142(3), pp.653-661. doi: 10.1016/j.jhazmat.2006.06.069.
Bevilacqua, M. and Braglia, M., 2000. The analytic hierarchy process applied to maintenance strategy selection. Reliability Engineering & System Safety [e-journal], 70(1), pp.71-83. doi: 10.1016/S0951-8320(00)00047-8.
Callahan, C. and Soileau, J., 2017. Does enterprise risk management enhance operating performance? Advances in accounting [e-journal], 37, pp.122-139. doi: 10.1016/j.adiac.2017.01.001.
Chiarini, A., 2017. Risk-based thinking according to ISO 9001:2015 standard and the risk sources European manufacturing SMEs intend to manage. The TQM Journal [e-journal], 29(2), pp.310-323. doi: 10.1108/TQM-04-2016-0038.
Chin, W.W. and Newsted, P.R., 1999. Structural equation modeling analysis with small samples using partial least squares. Statistical strategies for small sample research, 1(1), pp.307-341.
Chlebus, E., Helman, J., Olejarczyk, M. and Rosienkiewicz, M., 2015. A new approach on implementing TPM in a mine–A case study. Archives of Civil and Mechanical Engineering [e-journal], 15(4), pp.873-884. doi: 10.1016/j.acme.2015.07.002.
De la Fuente, A., González-Prida, V., Crespo, A., Gómez, J.F. and Guillén, A., 2018. Advanced Techniques for Assets Maintenance Management. IFAC-PapersOnLine [e-journal], 51(11), pp.205-210. doi: 10.1016/j.ifacol.2018.08.260.
EFNMS-EAMC (European Federation of National Maintenance Societies-European Asset Management Committee), 2012. How organizations manage their physical assets in practice. Brussel: EFNMS Asset Management Survey.
European Standards, 2007. EN 15341:2007: Maintenance - Maintenance Key Performance Indicators. Brussel: Management Centre.
European Standards, 2014. EN 16646:2014: Maintenance within Physical Assets Management. BSI Standards Limited.
Flores-Colen, I. and de Brito, J., 2010. A systematic approach for maintenance budgeting of buildings façades based on predictive and preventive strategies. Construction and Building Materials [e-journal], 24(9), pp.1718-1729. doi: 10.1016/j.conbuildmat.2010.02.017.
GFMAM (The Global Forum on Maintenance and Asset Management), 2014. The asset management landscap. 2nd Edition. Global Forum.
Gill, A., 2017. Optimisation of the technical object maintenance system taking account of risk analysis results. Eksploatacja i Niezawodność– Maintenance and Reliability [e-journal], 19(3), pp.420-431. doi: 10.17531/ein.2017.3.13.
Gordon, L.A., Loeb, M.P. and Tseng, C.Y., 2009. Enterprise risk management and firm performance: A contingency perspective. Journal of accounting and public policy [e-journal], 28(4), pp.301-327. doi: 10.1016/j.jaccpubpol.2009.06.006.
Grubb, P. and Takang, A., 2003. Software maintenance: concepts and practice. New Jersey: World Scientific.
Hair, J.F., Black, B., Babin, B. and Anderson, R.E., 2010. Multivariate Data Analysis. 7th Edition. Upper Saddle River, NJ: Pearson Prentice Hall.
Hansson, J., Backlund, F. and Lycke, L., 2003. Managing commitment: increasing the odds for successful implementation of TQM, TPM or RCM. International Journal of Quality & Reliability Management [e-journal], 20(9), pp.993-1008. doi: 10.1108/02656710310500815.
Hedman, R., Subramaniyan, M. and Almström, P., 2016. Analysis of critical factors for automatic measurement of OEE. Procedia Cirp [e-journal], 57, pp.128-133. doi: 10.1016/j.procir.2016.11.023.
Hoyt, R.E. and Liebenberg, A.P., 2011. The value of enterprise risk management. Journal of risk and insurance [e-journal], 78(4), pp.795-822. doi: 10.1111/j.1539-6975.2011.01413.x.
IATF (International Automotive Task Force), 2016. 16949:2016 - Quality management system requirements for automotive production and relevant service parts organizations. The Automotive Industry Action Group.
Institute of Asset Management, 2015. Asset Management-An anatomy. London: Institute of Asset Management.
ISO (International Standards Organization), 2009. ISO 31000:2009. Risk management - Principles and guidelines. Geneva: ISO.
ISO (International Standards Organization), 2014. ISO 55000: 2014. Asset management: Overview, principles and terminology. Geneva: ISO.
ISO (International Standards Organization), 2018. ISO 31000:2018. Risk management – Guidelines. Geneva: ISO.
Khan, F.I. and Haddara, M.M., 2003. Risk-based maintenance (RBM): a quantitative approach for maintenance/inspection scheduling and planning. Journal of loss prevention in the process industries [e-journal], 16(6), pp.561-573. doi: 10.1016/j.jlp.2003.08.011.
Li, X., Chen, G., Chang, Y. and Xu, C., 2019. Risk-based operation safety analysis during maintenance activities of subsea pipelines. Process Safety and Environmental Protection [e-journal], 122, pp.247-262. doi: 10.1016/j.psep.2018.12.006.
Liyanage, J.P., 2007. Operations and maintenance performance in production and manufacturing assets. Journal of Manufacturing Technology Management [e-journal], 18(3), pp.304-314. doi: 10.1108/17410380710730639.
Maleti?, D., Maleti?, M. and Gomiš?ek, B., 2012. The relationship between continuous improvement and maintenance performance. Journal of Quality in Maintenance Engineering [e-journal], 18(1), pp.30-41. doi: 10.1108/13552511211226175.
Maleti?, D., Maleti?, M., Al-Najjar, B. and Gomiš?ek, B., 2014. The role of maintenance in improving company’s competitiveness and profitability: a case study in a textile company. Journal of Manufacturing Technology Management [e-journal], 25(4), pp.441-456. doi: 10.1108/JMTM-04-2013-0033.
Maleti?, D., Maleti?, M., Al-Najjar, B. and Gomiš?ek, B., 2018. Development of a model linking physical asset management to sustainability performance: An empirical research. Sustainability [e-journal], 10(12), pp.4759. doi: 10.3390/su10124759.
Maleti?, D., Maleti?, M., Al-Najjar, B. and Gomiš?ek, B., 2019. Examination of the Mediating Effects of Physical Asset Management on the Relationship Between Sustainability and Operational Performance. In: A. Hamrol, M. Grabowska, D. Maleti? and R. Woll, 6th International Scientific-Technical Conference MANUFACTURING 2019. Ponan, Poland, 19-22 May 2019. Cham: Springer. pp.33-43. doi: 10.1007/978-3-030-17269-5_3.
Maleti?, D., Maleti?, M., Al-Najjar, B., Gotzamani, K., Gianni, M., Kalinowski, T.B. and Gomiš?ek, B., 2017. Contingency factors influencing implementation of physical asset management practices. Organizacija [e-journal], 50(1), pp.3-16. doi: 10.1515/orga-2017-0003.
Olson, D.L. and Wu, D.D., 2010. A review of enterprise risk management in supply chain. Kybernetes [e-journal], 39(5), pp.694-706. doi: 10.1108/03684921011043198.
Pa?aiová, H. and Gren?ík, J., 2014. Risk management as an integrated part of the Asset Management. In: Euro Maintenance, 22nd European Congress and Expo on Maintenance and Asset Management. Helsinki, Finland, 05-07 May 2014. Helsinki: EFNMS. pp.334-339.
Pa?aiová, H. and Ižaríková, G., 2019. Base Principles and Practices for Implementation of Total Productive Maintenance in Automotive Industry. Quality Innovation Prosperity [e-journal], 23(1), pp.45-59. doi: 10.12776/qip.v23i1.1203.
Pa?aiová, H., 2018. Machinery Safety Requirements as an Effective Tools for Operational Safety Management. In: V. Svalova, ed. 2018. Risk Assessment. Rijeka: InTech. Chapter 6.
Pa?aiova, H., Glatz, J. and Kacvinský, S., 2012. Positive and negative aspect in application of maintenance management philosophy. Journal of Applied Engineering Science [e-journal], 10(2), pp.99-105. doi: 10.5937/jaes10-2131.
Pa?aiová, H., Markulik, Š. and Nagyová, A., 2016. The importance of risk in management systems. Košice: BEKI Design.
Pa?aiová, H., Sinay, J. and Nagyová, A., 2017. Development of GRAM-A risk measurement tool using risk based thinking principles. Measurement [e-journal], 100, pp.288-296. doi: 10.1016/j.measurement.2017.01.004.
Parida, A. and Kumar, U., 2006. Maintenance performance measurement (MPM): issues and challenges. Journal of Quality in Maintenance Engineering [e-journal], 12(3), pp.239-251. doi: 10.1108/13552510610685084.
Parida, A., Kumar, U., Galar, D. and Stenström, C., 2015. Performance measurement and management for maintenance: a literature review. Journal of Quality in Maintenance Engineering [e-journal], 21(1), pp.2-33. doi: 10.1108/JQME-10-2013-0067.
Purdy, G., 2010. ISO 31000: 2009—setting a new standard for risk management. Risk Analysis: An International Journal [e-journal], 30(6), pp.881-886. doi: 10.1111/j.1539-6924.2010.01442.x.
Ritchie, B. and Brindley, C., 2007. Supply chain risk management and performance. International Journal of Operations & Production Management [e-journal], 27(3), pp.303-322. doi: 10.1108/01443570710725563.
Sakai, S., 2010. Risk-based maintenance. JR East Technical Review, 17, pp.1-4.
Sanchez, G., 2013. PLS path modeling with R. Berkeley: Trowchez Editions.
Schuman, C.A. and Brent, A.C., 2005. Asset life cycle management: towards improving physical asset performance in the process industry. International Journal of Operations & Production Management [e-journal] 25(6), pp.566-579. doi: 10.1108/01443570510599728.
Söderholm, P. and Norrbin, P., 2013. Risk-based dependability approach to maintenance performance measurement. Journal of Quality in Maintenance Engineering [e-journal], 19(3), pp.316-329. doi: 10.1108/JQME-05-2013-0023.
Srikrishna, S., Yadava, G.S. and Rao, P.N., 1996. Reliabilitycentred maintenance applied to power plant auxiliaries. Journal of Quality in Maintenance Engineering [e-journal], 2(1), pp.3-14. doi: 10.1108/13552519610113809.
Starr, A., Al-Najjar, B., Holmberg, K., Jantunen, E., Bellew, J. and Albarbar, A., 2010. Maintenance today and future trends. In: K. Holmberg, A. Adgar, A. Arnaiz, E. Jantunen, J. Mascolo, S. Mekid, eds. 2010. E-maintenance. London: Springer. Chaper 2. doi: 10.1007/978-1-84996-205-6_2.
Teng, S.H.G. and Ho, S.Y.M., 1996. Failure mode and effects analysis. International journal of quality & reliability management [e-journal], 13(5), pp.8-26. doi: 10.1108/02656719610118151.
Thorpe, D., 2010. The development of strategic asset management leaders through postgraduate education. In: J.E. Amadi-Echendu, K. Brown, R. Willett, J. Mathew, eds. 2010. Definitions, Concepts and Scope of Engineering Asset Management. London: Springer. pp.357-380. doi: 10.1007/978-1-84996-178-3_19.
Trindade, M., Almeida, N., Finger, M. and Ferreira, D., 2019. Design and development of a value-based decision making process for asset intensive organizations. In: J. Mathew, C. Lim, L. Ma, D. Sands, M. Cholette and P. Borghesani, eds. 2019. Asset intelligence through integration and interoperability and contemporary vibration engineering technologies. Cham: Springer. pp.605-623. doi: 10.1007/978-3-319-95711-1_60.
Tsang, A.H., 2002. Strategic dimensions of maintenance management. Journal of Quality in maintenance Engineering [e-journal], 8(1), pp.7-39. doi: 10.1108/13552510210420577.
Tubis, A. and Werbińska-Wojciechowska, S., 2017. Risk assessment issues in the process of freight transport performance. Journal of KONBiN [e-journal], 42(1), pp.235-253. doi: 10.1515/jok-2017-0027.
Wijeratne, W.M.P.U., Perera, B.A.K.S. and De Silva, L., 2014. Identification and assessment risks in maintenance operations. Built Environment Project and Asset Management [e-journal], 4(4), pp.384-405. doi: 10.1108/BEPAM-09-2013-0041.
Woodhouse, J., 2007. Joining the jigsaw puzzle—PAS 55 standards for the integrated management of assets. Maintenance and Asset Management, 12(1), pp.12-16.
Wu, D.D. and Olson, D., 2010. Enterprise risk management: a DEA VaR approach in vendor selection. International Journal of Production Research [e-journal], 48(16), pp.4919-4932. doi: 10.1080/00207540903051684.
Zhang, Y., Liu, S., Tan, J., Jiang, G. and Zhu, Q., 2018. Effects of risks on the performance of business process outsourcing projects: The moderating roles of knowledge management capabilities. International journal of project management [e-journal], 36(4), pp.627-639. doi: 10.1016/j.ijproman.2018.02.002.
Alhazmi, N., 2018. A theoretical framework for physical asset management practices. Facilities [e-journal], 36(3/4), pp.135-150. doi: 10.1108/F-02-2016-0025.
Al-Najjar, B., 2007. The lack of maintenance and not maintenance which costs: A model to describe and quantify the impact of vibration-based maintenance on company’s business. International Journal of Production Economics [e-journal], 107(1), pp.260-273. doi: 10.1016/j.ijpe.2006.09.005.
Arena, M. and Arnaboldi, M., 2014. Risk and performance management: are they easy partners? Management Research Review [e-journal], 37(2), pp.152-166. doi: 10.1108/MRR-08-2012-0180.
Arunraj, N.S. and Maiti, J., 2007. Risk-based maintenance—Techniques and applications. Journal of hazardous materials [e-journal], 142(3), pp.653-661. doi: 10.1016/j.jhazmat.2006.06.069.
Bevilacqua, M. and Braglia, M., 2000. The analytic hierarchy process applied to maintenance strategy selection. Reliability Engineering & System Safety [e-journal], 70(1), pp.71-83. doi: 10.1016/S0951-8320(00)00047-8.
Callahan, C. and Soileau, J., 2017. Does enterprise risk management enhance operating performance? Advances in accounting [e-journal], 37, pp.122-139. doi: 10.1016/j.adiac.2017.01.001.
Chiarini, A., 2017. Risk-based thinking according to ISO 9001:2015 standard and the risk sources European manufacturing SMEs intend to manage. The TQM Journal [e-journal], 29(2), pp.310-323. doi: 10.1108/TQM-04-2016-0038.
Chin, W.W. and Newsted, P.R., 1999. Structural equation modeling analysis with small samples using partial least squares. Statistical strategies for small sample research, 1(1), pp.307-341.
Chlebus, E., Helman, J., Olejarczyk, M. and Rosienkiewicz, M., 2015. A new approach on implementing TPM in a mine–A case study. Archives of Civil and Mechanical Engineering [e-journal], 15(4), pp.873-884. doi: 10.1016/j.acme.2015.07.002.
De la Fuente, A., González-Prida, V., Crespo, A., Gómez, J.F. and Guillén, A., 2018. Advanced Techniques for Assets Maintenance Management. IFAC-PapersOnLine [e-journal], 51(11), pp.205-210. doi: 10.1016/j.ifacol.2018.08.260.
EFNMS-EAMC (European Federation of National Maintenance Societies-European Asset Management Committee), 2012. How organizations manage their physical assets in practice. Brussel: EFNMS Asset Management Survey.
European Standards, 2007. EN 15341:2007: Maintenance - Maintenance Key Performance Indicators. Brussel: Management Centre.
European Standards, 2014. EN 16646:2014: Maintenance within Physical Assets Management. BSI Standards Limited.
Flores-Colen, I. and de Brito, J., 2010. A systematic approach for maintenance budgeting of buildings façades based on predictive and preventive strategies. Construction and Building Materials [e-journal], 24(9), pp.1718-1729. doi: 10.1016/j.conbuildmat.2010.02.017.
GFMAM (The Global Forum on Maintenance and Asset Management), 2014. The asset management landscap. 2nd Edition. Global Forum.
Gill, A., 2017. Optimisation of the technical object maintenance system taking account of risk analysis results. Eksploatacja i Niezawodność– Maintenance and Reliability [e-journal], 19(3), pp.420-431. doi: 10.17531/ein.2017.3.13.
Gordon, L.A., Loeb, M.P. and Tseng, C.Y., 2009. Enterprise risk management and firm performance: A contingency perspective. Journal of accounting and public policy [e-journal], 28(4), pp.301-327. doi: 10.1016/j.jaccpubpol.2009.06.006.
Grubb, P. and Takang, A., 2003. Software maintenance: concepts and practice. New Jersey: World Scientific.
Hair, J.F., Black, B., Babin, B. and Anderson, R.E., 2010. Multivariate Data Analysis. 7th Edition. Upper Saddle River, NJ: Pearson Prentice Hall.
Hansson, J., Backlund, F. and Lycke, L., 2003. Managing commitment: increasing the odds for successful implementation of TQM, TPM or RCM. International Journal of Quality & Reliability Management [e-journal], 20(9), pp.993-1008. doi: 10.1108/02656710310500815.
Hedman, R., Subramaniyan, M. and Almström, P., 2016. Analysis of critical factors for automatic measurement of OEE. Procedia Cirp [e-journal], 57, pp.128-133. doi: 10.1016/j.procir.2016.11.023.
Hoyt, R.E. and Liebenberg, A.P., 2011. The value of enterprise risk management. Journal of risk and insurance [e-journal], 78(4), pp.795-822. doi: 10.1111/j.1539-6975.2011.01413.x.
IATF (International Automotive Task Force), 2016. 16949:2016 - Quality management system requirements for automotive production and relevant service parts organizations. The Automotive Industry Action Group.
Institute of Asset Management, 2015. Asset Management-An anatomy. London: Institute of Asset Management.
ISO (International Standards Organization), 2009. ISO 31000:2009. Risk management - Principles and guidelines. Geneva: ISO.
ISO (International Standards Organization), 2014. ISO 55000: 2014. Asset management: Overview, principles and terminology. Geneva: ISO.
ISO (International Standards Organization), 2018. ISO 31000:2018. Risk management – Guidelines. Geneva: ISO.
Khan, F.I. and Haddara, M.M., 2003. Risk-based maintenance (RBM): a quantitative approach for maintenance/inspection scheduling and planning. Journal of loss prevention in the process industries [e-journal], 16(6), pp.561-573. doi: 10.1016/j.jlp.2003.08.011.
Li, X., Chen, G., Chang, Y. and Xu, C., 2019. Risk-based operation safety analysis during maintenance activities of subsea pipelines. Process Safety and Environmental Protection [e-journal], 122, pp.247-262. doi: 10.1016/j.psep.2018.12.006.
Liyanage, J.P., 2007. Operations and maintenance performance in production and manufacturing assets. Journal of Manufacturing Technology Management [e-journal], 18(3), pp.304-314. doi: 10.1108/17410380710730639.
Maleti?, D., Maleti?, M. and Gomiš?ek, B., 2012. The relationship between continuous improvement and maintenance performance. Journal of Quality in Maintenance Engineering [e-journal], 18(1), pp.30-41. doi: 10.1108/13552511211226175.
Maleti?, D., Maleti?, M., Al-Najjar, B. and Gomiš?ek, B., 2014. The role of maintenance in improving company’s competitiveness and profitability: a case study in a textile company. Journal of Manufacturing Technology Management [e-journal], 25(4), pp.441-456. doi: 10.1108/JMTM-04-2013-0033.
Maleti?, D., Maleti?, M., Al-Najjar, B. and Gomiš?ek, B., 2018. Development of a model linking physical asset management to sustainability performance: An empirical research. Sustainability [e-journal], 10(12), pp.4759. doi: 10.3390/su10124759.
Maleti?, D., Maleti?, M., Al-Najjar, B. and Gomiš?ek, B., 2019. Examination of the Mediating Effects of Physical Asset Management on the Relationship Between Sustainability and Operational Performance. In: A. Hamrol, M. Grabowska, D. Maleti? and R. Woll, 6th International Scientific-Technical Conference MANUFACTURING 2019. Ponan, Poland, 19-22 May 2019. Cham: Springer. pp.33-43. doi: 10.1007/978-3-030-17269-5_3.
Maleti?, D., Maleti?, M., Al-Najjar, B., Gotzamani, K., Gianni, M., Kalinowski, T.B. and Gomiš?ek, B., 2017. Contingency factors influencing implementation of physical asset management practices. Organizacija [e-journal], 50(1), pp.3-16. doi: 10.1515/orga-2017-0003.
Olson, D.L. and Wu, D.D., 2010. A review of enterprise risk management in supply chain. Kybernetes [e-journal], 39(5), pp.694-706. doi: 10.1108/03684921011043198.
Pa?aiová, H. and Gren?ík, J., 2014. Risk management as an integrated part of the Asset Management. In: Euro Maintenance, 22nd European Congress and Expo on Maintenance and Asset Management. Helsinki, Finland, 05-07 May 2014. Helsinki: EFNMS. pp.334-339.
Pa?aiová, H. and Ižaríková, G., 2019. Base Principles and Practices for Implementation of Total Productive Maintenance in Automotive Industry. Quality Innovation Prosperity [e-journal], 23(1), pp.45-59. doi: 10.12776/qip.v23i1.1203.
Pa?aiová, H., 2018. Machinery Safety Requirements as an Effective Tools for Operational Safety Management. In: V. Svalova, ed. 2018. Risk Assessment. Rijeka: InTech. Chapter 6.
Pa?aiova, H., Glatz, J. and Kacvinský, S., 2012. Positive and negative aspect in application of maintenance management philosophy. Journal of Applied Engineering Science [e-journal], 10(2), pp.99-105. doi: 10.5937/jaes10-2131.
Pa?aiová, H., Markulik, Š. and Nagyová, A., 2016. The importance of risk in management systems. Košice: BEKI Design.
Pa?aiová, H., Sinay, J. and Nagyová, A., 2017. Development of GRAM-A risk measurement tool using risk based thinking principles. Measurement [e-journal], 100, pp.288-296. doi: 10.1016/j.measurement.2017.01.004.
Parida, A. and Kumar, U., 2006. Maintenance performance measurement (MPM): issues and challenges. Journal of Quality in Maintenance Engineering [e-journal], 12(3), pp.239-251. doi: 10.1108/13552510610685084.
Parida, A., Kumar, U., Galar, D. and Stenström, C., 2015. Performance measurement and management for maintenance: a literature review. Journal of Quality in Maintenance Engineering [e-journal], 21(1), pp.2-33. doi: 10.1108/JQME-10-2013-0067.
Purdy, G., 2010. ISO 31000: 2009—setting a new standard for risk management. Risk Analysis: An International Journal [e-journal], 30(6), pp.881-886. doi: 10.1111/j.1539-6924.2010.01442.x.
Ritchie, B. and Brindley, C., 2007. Supply chain risk management and performance. International Journal of Operations & Production Management [e-journal], 27(3), pp.303-322. doi: 10.1108/01443570710725563.
Sakai, S., 2010. Risk-based maintenance. JR East Technical Review, 17, pp.1-4.
Sanchez, G., 2013. PLS path modeling with R. Berkeley: Trowchez Editions.
Schuman, C.A. and Brent, A.C., 2005. Asset life cycle management: towards improving physical asset performance in the process industry. International Journal of Operations & Production Management [e-journal] 25(6), pp.566-579. doi: 10.1108/01443570510599728.
Söderholm, P. and Norrbin, P., 2013. Risk-based dependability approach to maintenance performance measurement. Journal of Quality in Maintenance Engineering [e-journal], 19(3), pp.316-329. doi: 10.1108/JQME-05-2013-0023.
Srikrishna, S., Yadava, G.S. and Rao, P.N., 1996. Reliabilitycentred maintenance applied to power plant auxiliaries. Journal of Quality in Maintenance Engineering [e-journal], 2(1), pp.3-14. doi: 10.1108/13552519610113809.
Starr, A., Al-Najjar, B., Holmberg, K., Jantunen, E., Bellew, J. and Albarbar, A., 2010. Maintenance today and future trends. In: K. Holmberg, A. Adgar, A. Arnaiz, E. Jantunen, J. Mascolo, S. Mekid, eds. 2010. E-maintenance. London: Springer. Chaper 2. doi: 10.1007/978-1-84996-205-6_2.
Teng, S.H.G. and Ho, S.Y.M., 1996. Failure mode and effects analysis. International journal of quality & reliability management [e-journal], 13(5), pp.8-26. doi: 10.1108/02656719610118151.
Thorpe, D., 2010. The development of strategic asset management leaders through postgraduate education. In: J.E. Amadi-Echendu, K. Brown, R. Willett, J. Mathew, eds. 2010. Definitions, Concepts and Scope of Engineering Asset Management. London: Springer. pp.357-380. doi: 10.1007/978-1-84996-178-3_19.
Trindade, M., Almeida, N., Finger, M. and Ferreira, D., 2019. Design and development of a value-based decision making process for asset intensive organizations. In: J. Mathew, C. Lim, L. Ma, D. Sands, M. Cholette and P. Borghesani, eds. 2019. Asset intelligence through integration and interoperability and contemporary vibration engineering technologies. Cham: Springer. pp.605-623. doi: 10.1007/978-3-319-95711-1_60.
Tsang, A.H., 2002. Strategic dimensions of maintenance management. Journal of Quality in maintenance Engineering [e-journal], 8(1), pp.7-39. doi: 10.1108/13552510210420577.
Tubis, A. and Werbińska-Wojciechowska, S., 2017. Risk assessment issues in the process of freight transport performance. Journal of KONBiN [e-journal], 42(1), pp.235-253. doi: 10.1515/jok-2017-0027.
Wijeratne, W.M.P.U., Perera, B.A.K.S. and De Silva, L., 2014. Identification and assessment risks in maintenance operations. Built Environment Project and Asset Management [e-journal], 4(4), pp.384-405. doi: 10.1108/BEPAM-09-2013-0041.
Woodhouse, J., 2007. Joining the jigsaw puzzle—PAS 55 standards for the integrated management of assets. Maintenance and Asset Management, 12(1), pp.12-16.
Wu, D.D. and Olson, D., 2010. Enterprise risk management: a DEA VaR approach in vendor selection. International Journal of Production Research [e-journal], 48(16), pp.4919-4932. doi: 10.1080/00207540903051684.
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Authors
Maletič, D., Pačaiová, H., Nagyová, A., & Maletič, M. (2020). The Link Between Asset Risk Management and Maintenance Performance: A Study of Industrial Manufacturing Companies. Quality Innovation Prosperity, 24(3), 50–69. https://doi.org/10.12776/qip.v24i3.1477
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