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Value driven maintenance (VDM) is a fairly new maintenance management methodology based on four maintenance value drivers and the formula of net present value (NPV) to calculate the value of different maintenance strategies. However, the dependability of the engineering assets needs to be assessed in order to make an estimation of the NPV. Therefore, the purpose of this paper is to critically analyse standardised indicators to find the most essential indicators for the four value drivers and for estimation of the NPV. Terminology containing performance drivers and killers are common in the field of asset management, but not many publications can be found for their detailed descriptions. One section in this paper is therefore dedicated to review these terms. A comprehensive description and classification of performance killers and drivers, and of indicators for VDM are presented in this paper.

Review of literature for technical terminology and review of standards for identification of indicators for maintenance performance measurement and NPV of maintenance.

Common description of technical terminology, as used by researchers, and identification of the most important indicators for maintenance performance measurement and the NPV of maintenance. Indicators classified under economic, technical, organizational and health, safety and environment (HSE) perspectives from EN 15341 standards are discussed and identified.

Description of emerging terminology in maintenance performance measurement adds to the consistency in communication of researchers and business stakeholders. Also, the identified maintenance performance indicators can facilitate performance measurement of organisations new to the process of measuring and analysing their performance.

The purpose of this paper is to provide an overview of research and development in the measurement of maintenance performance. It considers the problems of various measuring parameters and comments on the lack of structure in and references for the measurement of maintenance performance. The main focus is to determine how value can be created for organizations by measuring maintenance performance, examining such maintenance strategies as condition‐based maintenance, reliability‐centred maintenance, e‐maintenance, etc. In other words, the objectives are to find frameworks or models that can be used to evaluate different maintenance strategies and determine the value of these frameworks for an organization.

A state‐of‐the‐art literature review has been carried out to answer the following two research questions. First, what approaches and techniques are used for maintenance performance measurement (MPM) and which MPM techniques are optimal for evaluating maintenance strategies? Second, in general, how can MPM create value for organizations and, more specifically, which system of measurement is best for which maintenance strategy?

The body of knowledge on maintenance performance is both quantitatively and qualitatively based. Quantitative approaches include economic and technical ratios, value‐based and balanced scorecards, system audits, composite formulations, and statistical and partial maintenance productivity indices. Qualitative approaches include human factors, amongst other aspects. Qualitatively based approaches are adopted because of the inherent limitations of effectively measuring a complex function such as maintenance through quantitative models. Maintenance decision makers often come to the best conclusion using heuristics, backed up by qualitative assessment, supported by quantitative measures. Both maintenance performance perspectives are included in this overview.

A comprehensive review of maintenance performance metrics is offered, aiming to give, in a condensed form, an extensive introduction to MPM and a presentation of the state of the art in this field.

The purpose of this paper is to provide a literature review of the performance measurement (PM) in maintenance. The authors aim to discuss the background and development of the PM for maintenance, besides defining the concept of performance measures for maintenance and the frameworks developed.

A detailed and extensive literature search and study was undertaken by the authors on the concept and definition of PM, performance indicators (PIs), maintenance performance indicators and various performance frameworks. The history and theory of PM over different phases of business and technological developments have been critically examined and analysed in this review paper.

This paper reviews and presents the different PIs and PM frameworks like; balanced scorecard (BSC), performance prism, performance pyramid and performance matrix, etc., and identifies their characteristics and shortcomings. After considering related issues and challenges, frameworks and approaches for the maintenance performance measurement (MPM) are also presented, where the emerging techniques like; emaintenance have also been discussed amongst others. More and more industries are applying the balanced and integrated MPM frameworks for their competitive survivability and sustainability.

The concept, issues and approaches considered for the MPM frameworks can be adapted by the practicing managers, while trying to define and develop an MPM framework for the operation and maintenance activities. The considerations of the advantages and limitations of different frameworks can provide insights to the managers for implementation.

Some literature reviews on MPM and MPM frameworks are available today. This paper makes an attempt to provide a detailed and relevant literature review, besides adding value in this new and emerging area.

The purpose of this paper is to investigate how performance of linear assets can be analysed and displayed, considering both the technical asset and the user context, to simplify cognitive tasks of planning and decision making.

Linear, or continuous assets, such as roads, railways, electrical grids and pipelines, are large, geographically spread out technical systems. Linear assets are comprised of system, subsystem and component levels. Thus, asset managers are involved with each level of the linear asset; asset management has strategic, tactical and operational levels. A methodology is developed to link together the technical and organisational levels and to measure asset performance considering their spatial extension. Geographical location and time are used as independent variables.

For performance measurement of linear assets, it is found that the spatial extension is an equally generic dimension as time is for technical assets in general. Furthermore, as linear assets actually are combinations of linear and point assets; separate analysis of these assets is a prerequisite. Asset performance has been studied in a case study in terms failures and cost; the results indicate that the methodology visualise poor, as well as good, performance in an easy to interpret manner. Besides, the results indicate that other parameters related to dependability can be presented in a similar way.

This study highlights the importance of including the spatial or geographical extension of linear assets in infrastructure managers’ performance measurement. It is believed that the methodology can make planning and decision making more effective by pointing out improvement areas in technical assets, in a way that is appealing to both technicians and managers.

As infrastructure managers are improving their analysis and visualisation of performance, the public's interest of following the information increases, which in turn contributes to the connection between infrastructure managers and the public.

The presented methodology and case study analysed performance in function of both the technical and organisational levels, including the spatial component. It is believed that the methodology for analysing and visualising performance of linear assets is distinctive.

The purpose of this case study is to identify and develop maintenance performance indicators (MPIs) for a mineral processing plant producing high quality iron ore pellets, as well as studying and analyzing the short plant stops and planned maintenance stops.

An action research approach was adopted for this study, with interactive process of interviews. The existing MPIs are analyzed and a set of MPIs are developed to measure the performance of balling area of the pelletization plant, where the effect of shorter stops in the process have been studied, analyzed and measured, and linked to the management's objectives. The utility of the MPIs are tested and validated within the framework of a multi‐criterion and hierarchical maintenance performance measurement (MPM) framework. The plant stop data of the plant were collected and analyzed for MPIs and for maintenance decision making. Some other criteria were also considered from a holistic, integrated and balanced viewpoint in the model.

This study resulted in identifying a set of MPIs for the operational level of the pelletization plant of LKAB, after analyzing the short plant stops and planned maintenance stops data, and the stakeholders' requirements. This study has identified nine MPIs at operational level or shop floor level that describe the status of plant and at the same time facilitates linking of plant performance with corporate strategy.

The approach used in the paper to study, analyze and develop MPIs, can be useful for plant managers and asset owners to select and develop MPIs that can describe the health status of their plant and asset and that also can be linked to the corporate strategy. The framework used to verify the multi‐criteria hierarchical framework can also be used by similar asset managers and infrastructure owners. This study has also lifted the impact of short duration stoppages, thus highlighting the total influence in terms of reduced life length, quality and productivity. This approach can be used by plant engineers, asset managers and infrastructure owners to assess the performance of maintenance process.

This paper presents an approach for identifying MPIs relevant to the plant status and facilitating measuring maintenance performance at corporate level in a structured way.

The purpose of this study is to identify various issues and challenges associated with development and implementation of a maintenance performance measurement (MPM) system.

An analytical approach is adopted to identify the issues and challenges associated with MPM.

The study finds that for successful implementation of MPM all employees should be involved and all relevant issues need to be considered. Furthermore, the traditional overall equipment effectiveness (OEE) used by the companies is inadequate, as it only measures the internal effectiveness. For measuring the total maintenance effectiveness both internal and external effectiveness should be considered.

What cannot be measured cannot be managed effectively. To manage maintenance process operating managers and asset owners need to measure the contribution of maintenance towards their business goals. This paper discusses issues and challenges associated with MPM system, there by helping the managers to take care of the pitfalls of the MPM system and advocates that managers should focus on measuring the total effectiveness of maintenance process.

The paper presents a concept of total maintenance effectiveness with focus on both internal and external effectiveness, and integration of the hierarchical levels and multi‐criteria maintenance performance indicators of MPM system.