Digital Twins for Engineering Asset Management:Synthesis,Analytical Framework,and Future Directions

Effective engineering asset management(EAM)is critical to economic development and improving livability in society,but its complexity often impedes optimal asset functionalities.Digital twins(DTs)could revolutionize the EAM paradigm by bidirectionally linking the physical and digital worlds in real time.There is great industrial and academic interest in DTs for EAM.However,previous review studies have predominately focused on technical aspects using limited life-cycle perspectives,failing to holistically synthesize DTs for EAM from the managerial point of view.Based on a systematic literature review,we introduce an analytical framework for describing DTs for EAM,which encompasses three levels:DT 1.0 for technical EAM,DT 2.0 for technical-human EAM,and DT 3.0 for technical-environmental EAM.Using this framework,we identify what is known,what is unknown,and future directions at each level.DT 1.0 addresses issues of asset quality,progress,and cost management,generating technical value.It lacks multi-objective self-adaptive EAM,however,and suffers from high application cost.It is imperative to enable closed-loop EAM in order to provide various functional services with affordable DT 1.0.DT 2.0 accommodates issues of human-machine symbiosis,safety,and flexibility management,generating managerial value beyond the technical performance improvement of engineering assets.However,DT 2.0 currently lacks the automation and security of human-machine interactions and the managerial value related to humans is not prominent enough.Future research needs to align technical and managerial value with highly automated and secure DT 2.0.DT 3.0 covers issues of participatory governance,organization management,sustainable development,and resilience enhancement,generating macro social value.Yet it suffers from organizational fragmentation and can only address limited social governance issues.Numerous research opportunities exist to coordinate different stakeholders.Similarly,future research opportunities exist to develop DT 3.0 in a more open and complex system.

Track Bed Total Route Evaluation for Track Renewals&Asset Management“A Network Rail Perspective”

Over the last 10 years there have been significant developments and improvements in the understanding of railway track bed in the UK and its relationship and impact on track quality,ballast life and maintenance following track renewals.This paper aims to describe the process adopted by Network Rail for track bed investigation and design which offers Network Rail optimum design solutions and value for money from an investigation and construction perspective,balancing design with possession availability to maximise construction output.It also describes innovative investigation and construction techniques that have been developed over the last 5 years maximising the use of rail mounted asset condition data collection systems which run at line speed,allowing targeted investigations and in some case removing the requirements for physical site investigation.It also allows Network Rail to predict sections of track bed which may be affected by line speed increases which would cause the track bed to fail prematurely or,retain its ability to maintain good track geometry post line speed increase.These problems can manifest themselves as stiffness related problems such as critical velocity issues(surface wave velocity,Rayleigh Wave velocity)or,sub-grade erosion resulting in high rates of deterioration in the vertical track geometry.The paper also describes the development and installation process for Enhanced Axial Micropiles to address stiffness related track bed problems whilst leaving the track in-situ a technique which is new to the UK railways.

Blockchain and Digital Transformation of University Asset Management

As educational activities realize value transmission and value realization through a digital form, the Digital transformation of universities continues to advance. The quantity of asset data continues to grow, with internal value reflected in education, management, and services, while external value is reflected in policies, resources and reputation. Therefore, effective management of university assets is particularly important. Blockchain is an important infrastructure for Digital transformation, which provides a trusted environment for the occurrence of various collaborations and will reshape many collaboration mechanisms. This paper discusses the current situation and problems faced by universities in the process of Digital transformation. We analyze the development opportunities brought about by Digital transformation and the specific problems faced by physical asset management in detail. We discuss the data platform optimization, asset data application, digital asset security, planning strategy, and construction path of digital transformation involved in the physical asset management of universities.

The Application Mode of Blockchain in University Asset Management

With the development of higher education, the scale of university assets has become more diversified, complex and decentralized. Traditional asset management is inefficient. Information is not transparent and management responsibilities are unclear. This paper analyzes the difficulties in the process of asset management in universities and discusses the advantages of blockchain technology. We research on the application of blockchain technology in the process of asset management in universities and propose a framework design based on blockchain technology to standardize the asset management process. The result improves the efficiency of asset inventory and ensures the credibility of asset information. It helps to prevent asset information tampering, and improves the security of asset data. It also pushes the asset management mode from static to dynamic.

Optimal fuzzy switch placement to increase automation level of electric distribution network considering asset management principles

Since distribution sector is inherent into high amount of failures, distribution companies (DISCOs) are responsible of attaining an acceptable value for the reliability indices and otherwise they will face up to complaints. So they are usually obligated by regulators to invest on reliability improvement of network. But this investment on reliability is usually from the DISCO’s viewpoint and is also irrespective of customer satisfaction level. In other words, customers are not at the same level of sensitivity to interruptions but DISCO improves the reliability of network without considering the differences in importance degree of loads and their level of reliability requirement. On the other hand DISCOs attempt to reduce their investment costs as much as possible. This paper introduces a novel approach in the field of joint switch placement that can reduce the switch cost from the perspective of asset management policies. To this end, two switch placement plannings in different types of strategies are performed to compare their results. Firstly as witch placement is performed based on reducing the total energy not supplied (ENS) of the system. Then by revising the strategy, a fuzzy switch placement is performed from the DISCO’s point of view which just considers the total ENS of load points most sensitive to interruptions known as important or critical loads. Furthermore, by meeting the related constraints, the reliability of low sensitive customers is disregarded. This is a load importance based planning which can result in switch cost reduction relative to the amount achieved in previous strategy and implies the management of risks associated with reliability and respective constraint. Fuzzy method and new switching mechanism in fuzzy environment of network are implemented to modeling and controlling the risks associated to ENS of critical loads and also the ENS of system.

Investigain:A Productive Asset Management Web Application

The Investigain is a progressive web application to make mutual funds investments through a Systematic Investment Plan.The application utilizes the web’s modern capabilities,such as Asynchronous JavaScript and XML(AJAX),JavaScript,and Hypertext Marker Language(HTML5).The application also uses a powerful relational database management system,such as MySQL,to display asset management information.The application has two portals,one for investors and one for a particular asset manager or asset management company.Each investor has an account in the investor portal.The investor can view his/her profile,current balance,balance history,dividends,the units of mutual funds bought,unit price,the value of each mutual fund,and can pay installments using an embedded online payment gateway.Asset managers can monitor all investments,manage user accounts,and reimburse dividends using the admin portal.This paper also presents the experimental results of using the Investigain application,compares them with existing systems,and details the application’s prospect to improve its socio-economic conditions.The system’s frontend is designed with Bootstrap and jQuery frameworks.The backend is designed using Hypertext Preprocessor(PHP)server-side scripting language.The system demonstrated increased satisfaction from its clients.

An Investigation Into the Significant Impacts of Automation in Asset Management

This paper explores the implications of applying automation, and a technological force in which computer systems can fulfill human tasks, in the asset management industry. The investigation explores a number of significant topics in which managers should begin contemplating, including workforce origination post automation and the primary skills necessary to facilitate augmentation, and how robot advisors could challenge an organisation’s value proposition. The investigation was centered on Jupiter Asset Management （JAM） to support their preparations for automation, as well as to provide insight from the “grass roots”. Research centered on interviews with experienced individuals within automation and asset management. The first interviewee was Simon Crawford, a Fixed Income, Multi-Asset Performance, and Risk Manager. The second interviewee was Daniel Hulme, CEO of Satalia and Advisor to the UK Home Office. Of crucial importance to the success of this investigation’s data analysis before and after the commencement of interviews, was the use of an analytical pattern matching produce, which examined qualitative information. The findings identify that current entry level occupations with systematic and repetitive tasks in a fixed domain, will be automated. Placing a greater demand for analytical abilities in junior recruits as the cognitive understanding of what data represents is a weakness of Artificial Intelligence （AI） thus strengthening augmentation between employees and technology. Automated investment profilers known as robo advisors will challenge the value proposition of organisations, such as JAM, which in time will need to be onboard with the technology to remain competitive within a growing millennial market. The paper concludes that there is an evidentneed for asset management firms to design training processes that blend enhanced senior level shadowing, with programmes focused on broadening juniors’ abilities to interpret and apply AI’s generated data through a series of newly identified skills.

IT Asset Management of Industrial Automation Systems

1. Introduction The installation and administration of large heterogeneous IT infrastructures, for enterprises as well industrial automation systems, are becoming more and more complex and time consuming. The growing number of interconnections between networks, the development of new intelligent IT devices, and increasingly sophisticated computer hard-

Integration of Digital Technologies into Underground Utility Asset Management

Installation, detection, maintenance, mapping, and management of underground utility assets present challenges to owners, engineers and contractors. Industry-wide practices include the use of geophysical and similar technologies to determine depth and location, and 2D as-built plans integrated with GIS databases for information management. The feasibility of incorporating 3D BIM models of the subsurface to replace the 2D plans to improve visualization and data management is examined in this paper. Obtaining an accurate image of the underground infrastructure would help minimize excavation accidents due to equipment-utility collisions and prevent property damage. Further, the inclusion of automated data collection and sharing features realized through BIM technology can enhance operations of smart cities. The research methodology consists of a state-of-the-art review of the current underground utility management systems, combined with statistical analysis of survey responses received from utility providers and one-call centers in the U.S. Three categories of utility practices are identified based on the level of digital technology integration. It is found that a vast majority of utility firms have adopted GIS databases with 2D plans, depth and other asset information, while a smaller percentage of providers have achieved full GIS-BIM integration, incorporating a wide range of asset data. Future progress on broader implementation appears to be constrained by the digital literacy of personnel and high costs of technology acquisition and application. A three-step framework for converting 2D plans to 3D BIM models is also presented and discussed. The process model proposed for this purpose allows the utilization of commercially available software with minimal need for additional coding.

Discussion on Local Asset Management Companies’ Approach to Revitalizing Uncompleted Real Estate Projects: Taking ZS Asset Management Company as an Example

In recent years,with the vigorous development of the real estate market,the price and scale of real estate have been growing explosively year by year.At the same time,the continuous macro-control of the state and the debt of real estate enterprises are both thundering.The high turnover and leverage operation mode is challenged,and uncompleted real estate projects are constantly emerging.Uncompleted residential buildings are considered scars to developers or cities where these projects are located.If this issue can be solved,uncompleted residential building projects can be revitalized,and the parties involved will also benefit from it.Asset management companies play a key role in the revitalization of uncompleted real estate projects by injecting new vitality into these projects and obtaining relevant policy support from the local government for the pain points and difficulties in these projects,thus promoting the revitalization of uncompleted projects.In order to discuss the approach taken by local asset management companies to revitalize uncompleted real estate projects,this paper takes ZS Asset Management Company as an example.

The 2018 new asset management regulation and LGFV bonds in China

While the local government debts and local government financing vehicle(LGFV)bonds underwent reconstruction,in 2018 the new asset management regulation introduced some tighter measures to restrain shadow banking business and to mitigate the moral hazard issue that led to an ongoing boom of the LGFV market.This paper examines the impacts of the 2018 new asset management regulation on the credit spread of newly issued LGFV bonds and explores how the new asset management regulation affects the implicit guarantee of local governments in the LGFV market that has piled up systemic risks.We find that the release of the new asset management regulation has raised the credit spread of LGFV bonds at issuance.More importantly,the credit spread becomes increasingly sensitive to the local governments’financial capacity and credibility right after the introduction of the new asset management regulation.Therefore,investors are compensated by more risk premiums for holding LGFV bonds issued by the local governments with a weaker balance sheet.Consequently,the implicit guarantee problem in the LGFV bond market has worsened.

A Probabilistic Approach to the Evaluation of Seismic Resilience in Road Asset Management

Road networks are classified as critical infrastructure systems.Their loss of functionality not only hinders residential and commercial activities,but also compromises evacuation and rescue after disasters.Dealing with risks to key strategic objectives is not new to asset management,and risk management is considered one of the core elements of asset management.Risk analysis has recently focused on understanding and designing strategies for resilience,especially in the case of seismic events that present a significant hazard to highway transportation networks.Following a review of risk and resilience concepts and metrics,an innovative methodology to stochastically assess the economic resources needed to restore damaged infrastructures,one that is a relevant and complementary element within a wider resilience-based framework,is proposed.The original methodology is based on collecting and analyzing ex post reconstruction and hazard data and was calibrated on data measured during the earthquake that struck central Italy in 2016 and collected in the following recovery phase.Although further improvements are needed,the proposed approach can be used effectively by road managers to provide useful information in developing seismic retrofitting plans.

Water System Condition and Asset Replacement Prioritization

The goal of asset management is to identify and track the maintenance and replacement of assets that have reached their useful life. For that reason, gathering data and collecting information is a critical step when developing an asset management plan. Such data gathering includes physical and operational properties of the assets as well as collecting and tracking important events during the lifespan of the asset (i.e., pipe breaks, replacement year, maintenance performed, etc.). Critical factors in the asset management plan may be overlooked when there is no data or poor quality data. However, many utilities lack the resources for examining buried infrastructure and lack good quality work order data, so other methods of data collection are needed. The concept for this paper was to develop a means to acquire data on the assets for a condition assessment to identify pipes that were most likely to break and those with the highest consequences for same. Three utilities were used as examples. It was found that for buried infrastructure, much more information was known than anticipated but the actual predictions relied on only a few factors related to pipe type. However, there is a need to track the consequences, in this case breaks, which would indicate a failure. The latter would be useful for predicting future maintenance needs and the most at-risk assets, but is often missing in utility systems as many utilities do not adequately track breaks sufficiently. In this case two utilities were analyzed and predication on a third was developed.

Central SOEs and State-owned Assets Management System Witness Great Reform&Development

Since the beginning of 2005, the central SOEs (state-owned enterprises) earnestly carried out and put into effect various strategies and policies as well as work plans of the Central Committee of the Party and the State Council.They kept forging ahead and carved out in an innovative spirit, and made great achievements worth celebrating in their various work.Both sales revenue and total profits of the central SOEs have been growing rapidly and synchronously, and the quality of the stateowned assets have been further improved and appeared a good momentum.……

Design and Implementation of University Fixed Assets Management System

This paper uses the J2EE framework, and proposed the development methods of the fixed assets management system in the Spring platform and the Struts. At the same time, the paper elaborates on the fixed assets management system under the framework of Spring and Struts technology, and lists some core code and part function description. Through the operation of the system many times, proved that the technology can improve the safety and stability of the system, both the Spring and the Struts framework also made redundant code of the system to reduce, avoid the waste of resources, which make the system have better scalability and maintainability.

The Separation of Powers from Functions and the Establishment of a New Structure of Management and Operation of State-owned Assets

The development of the socialist market economy demands the furtherintensification of the reform of the management operating system (MOS)of the state-owned assets, the strengthening of the efficiency in the man-agement of state-owned assets,and the improvement of the operating bene-

Analysis of Historic Pavement and Bridge Conditions and Alternative Funding Levels for the Michigan Department of Transportation

In 1997 the Michigan Department of Transportation (MDOT) established an ambitious set of condition targets for its pavements and bridges, and the Department received increased revenue from a 4-cent-per-gallon increase in the state motor fuels tax to help meet its targets. However, over time, actual revenue was less than both what was initially estimated as needed to meet the targets and what was projected from the tax increase. Consequently, actual conditions were projected to fall short of the target levels, so the department issued bonds to address the shortfall through 2012. To support deliberations on future funding, in 2013 MDOT performed an analysis of historic conditions to determine what additional fuel tax revenues would have been required beginning in 1997 to: replace bond revenues used to fund pavement and bridge projects from 1997 to 2012;and enable MDOT to meet its condition targets. The analysis was performed using data on actual pavement and bridge funding and conditions;as well as predicted funding and conditions for different hypothetical increases in fuel taxes. The analysis concluded that, in addition to the actual increase of 4 cents per gallon, a fuel tax increase of another 10 cents per gallon would have been required in 1997 to replace bond revenue used for pavement and bridges and allow MDOT to meet its condition targets. The analysis results were used to help inform the discussion of Michigan’s target asset conditions and funding, and demonstrate application of MDOT’s pavement and bridge management systems for performing historic analyses.

The New Portfolio Management Process in the Context of the Use of Artificial Neural Networks

The main objective of this article is to draw attention to the subject of portfolio management process, which is often not discussed in the professional literature. It has been shown that globalization affects the portfolio management process, which is presented in the literature in a similar manner. Thus, in this publication, the presentation of the process was made in terms of the classical one, and then the attempt was made to establish its form after the evolution that results from the above mentioned globalization. In addition, this new form is presented from the perspective of the use of artificial neural networks as organizations which invest cash primarily in financial instruments should take into account the mentioned expert tool for the purpose of further development. The publication also shows the key areas which the professional literature focuses on with regards to the subject of portfolio management. The study used the literature from the area of portfolio management, which is the basis for theoretical consideration, but these results have got the cognitive and practical value. They are a basis for separate quantitative research, and the proposed portfolio management process model can be considered cognitively interesting for researchers and investors.

An operational approach to ground control in deep mines

As mines go deeper and get larger,mine designs become more fragile largely due to the response of the rock mass to mining.Ground control and rock support become important levers in the mine construction schedule,production performance,and excavation health.For example,in cave mines,the production footprint together with associated mine infrastructure are significant investments in a modern caving operation.This investment must be protected and maintained to reduce the risk of ground-related production disruptions.It is necessary to preserve the health of these excavations and their maintenance through an effective rock support design.Rock support thus becomes a strategic element in asset management.This article focuses on support design for brittle ground when displacements induced by stress-fracturing consume much of the support’s capacity.It deals with the functionality of the support in deforming ground.Several interlinked concepts are important when assessing excavation health.Designs must not only account for load equilibrium but also for deformation compatibility and capacity consumption.Most importantly,the support’s displacement capacity is being consumed when the rock mass is deformed after support installation.Hence,it is necessary to design for the support capacity remaining at the time when the support is needed.If support capacity can be consumed,it can also be restored by means of preventive support maintenance(PSM).This concept for cost-effective ground control is introduced and illustrated on operational evidence.Furthermore,how design can impact construction costs and schedule are discussed.Support is installed to provide a safe environment and preserve an operationally functional excavation.It also must assure senior management that investments in high quality support and its maintenance will substantially reduce delays and with it,costs.It is demonstrated that the use of‘gabion-like’support systems can achieve these goals.A technical summary of the‘gabion panel’support system design is presented.