Software to Simulate and Optimize Asset Management in Construction and Manufacturing

In the 21st century asset management and resource allocation will be key technologies for the successful management of many public and private enterprises. In teaching asset management techniques in construction management and manufacturing courses in industrial technology programs, there is a challenge of finding enhancements to textbook-based instruction. Software tools to simulate realworld style problems in asset management are a valuable enhancement to this classical style of pedagogy. This article describes a number of such currently available tools. It also evaluates them according to such factors as cost, ability to solve complex problems, and suitability for use by nonspecialist students. The issue of using such tools to teach optimization techniques for asset management in the classroom setting using artificial intelligence methods of optimization is also explored. Finally, an overview of a real-world asset management case study as an instructional concept for classroom use is presented. What Is Asset Management? Asset management combines and integrates the acquisition, evaluation, storage, and distribution of assets and resources required by an organization. A tremendous amount of management control can be exerted through a properly designed asset management and resource allocation system that is operated by trained management personnel. But, there are costs involved with developing and implementing an asset management system. Organizations using such systems must dedicate resources for funding their implementation. The costs and benefits of asset management systems vary greatly, depending on the type of systems implemented, the scope of the systems put into service, and a number of other factors. Rapid changes in existing technologies require frequent updating of asset management systems. In many cases, the changes are so significant that completely new systems must be developed. Software to Simulate and Optimize Asset Management in Construction and Manufacturing by M.D. Salim and Marc. A. Timmerman