TITLE:
Methodology for Prioritizing Asset Management Activities for Complex Asset Portfolios
AUTHORS:
Gabrielle Biard, Georges Abdul Nour, Dragan Komljenovic
KEYWORDS:
Multicriteria Analysis, Asset Management, Investment Prioritization, Complex Systems
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.15 No.4,
April
24,
2025
ABSTRACT: Given climate change, aging assets and increasing demands for performance and profitability, it has become critical for organizations with complex asset portfolios to prioritize asset management investments. This research provides a methodological framework to support decision-making. The framework takes into account the presence of complex systems and the need to reduce the uncertainty associated with these systems. A case study from an electricity company has validated the framework, showing it effectively optimizes the allocation of resources to the most critical systems and equipment. The AHP (Analytic Hierarchy Process) and BWM (Best-Worst Method), combined with the WSM (Weighted Sum Method), are compared in terms of efficiency to weight criteria and assess the impact of projects. Results show that AHP is the most effective method for weighting criteria to align investments with the strategic objectives of the organization, while taking the inherent uncertainties of complex systems into account.