Helena Kortelainen, Pasi Valkokari & Jyri Hanski
Lifecycle management helps to optimize performance requirements and the incurring costs over the asset life cycle, as well as to cope with uncertainty. Digitalisation shifts the focus from data collection to data utilization. More than ever we need knowledge – the ability to structure and interpret information.
Knowledge-based lifecycle management book presents models, methods and practical examples of Life Cycle Management (LCM) activities in capital intensive industries. LCM refers to a business management approach for managing the entire life cycle of goods and services in order to improve their performance and sustainability. Comprehensive, high-quality data is needed throughout the product/asset life cycle in every stage from planning the items on a drawing board to optimizing the operations in the utilisation phase, and finally, to support end of life decisions. Data is the raw material for knowledge – the ability to structure and interpret information.
Knowledge-based lifecycle management consists of four subject parts and a terminology catalogue. Part 1 deals with the basic definitions and rationales for LCM and life cycle costing (LCC), as well as safety, RAMS and risk management. Part 2 deals with the management of physical assets, investments and maintenance strategies and asset criticality. Part 3 focuses on collection, refining and utilization of information. The main emphasis is on describing the methods used to analyse and process the data, starting from the application of descriptive data analysis to stochastic simulation. Finally, Part 4 presents LCM methods and solutions through practical examples. The examples cover major life cycle stages and addresses also circular economy business models.
The sustainable use of natural resources and the looming shortage of many important raw materials raise the importance of life cycle management. Extending the asset life improves resource efficiency, but at the same time, sets emphasis on LCM activities such as maintenance, refurbishment and upgrade investments, and in maintaining system performance. Circular economy seeks to solve the challenges of a linear “use and dispose” models. Comprehensive LCM data is also a necessary enabler for re-use of assets in a new application.
Got interested in LCM? Have a look at the Knowledge-based lifecycle management book that is available without charge through Kunnossapitoyhdistys Promaint (https://www.promaint.net/) and VTT (direct link to the book).