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Asset management is becoming increasingly important to an organization’s strategy, given its effects on cost, production, and quality. No matter the sector, important decisions are made based on techniques and theories that are thought to optimize results; asset management models and techniques could help maximize effectiveness while reducing risk. Optimum Decision Making in Asset Management posits that effective decision making can be augmented by asset management based on mathematical techniques and models. Resolving the problems associated with minimizing uncertainty, this publication outlines a myriad of methodologies, procedures, case studies, and management tools that can help any organization achieve world-class maintenance. This book is ideal for managers, manufacturing engineers, programmers, academics, and advanced management students.
Facilities now owned by the Federal Government are valued at over $300 billion. It also spends over $25 billion per year for acquisition, renovation, and upkeep. Despite the size of these sums, there is a growing litany of problems with federal facilities that continues to put a drain on the federal budget and compromise the effectiveness of federal services. To examine ways to address these problems, the sponsoring agencies of the Federal Facilities Council (FFC) asked the National Research Council (NRC) to develop guidelines for making improved decisions about investment in and renewal, maintenance, and replacement of federal facilities. This report provides the result of that assessment. It presents a review of both public and private practices used to support such decision making and identifies appropriate objectives, practices, and performance measures. The report presents a series of recommendations designed to assist federal agencies and departments improve management of and investment decision making for their facilities.
This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).
This textbook provides practical and concrete guidance for the step-by-step implementation of decision-making for infrastructure asset management. Examples are used to illustrate how data from condition assessment are used to develop performance models, to estimate the effectiveness of investments that are prioritized and scheduled to accomplish reliable and convenient infrastructure for the wellbeing of the public and regional economic competitiveness. Book illustrates numerous worked problems to clarify ambiguity in developing a decision-making platform to prioritize assets and distribute budgets effectively and efficiently. Ensures reader understanding of the benefits and challenges of infrastructure asset management; Provides a step-by-step guide for the development of each component of an asset management decision-making system; Includes worked examples to clarify decision-making and budget allocation process.
Federally owned capital assets include some 500,000 buildings and similar facilities worldwide acquired during 200 years of government operations. Government facilities are used to defend the national interest; conduct foreign policy; house historic, cultural and educational artifacts; pursue research; and provide services to the American public. These buildings and structures project an image of American government at home and abroad, contribute to the architectural and socioeconomic fabric of their communities, and support the organizational and individual performance of federal employees conducting the business of government . Federal facilities embody significant investments and resources and therefore constitute a portfolio of public assets. At least 30 separate agencies manage these facilities. As stewards of this public investment, federal facilities program managers face a number of challenges. In the 1990s Congress and the Executive Branch took a number of initiatives to improve capital asset decision making in the federal government. These include enacting the Government Performance and Results Act of 1993, the Federal Acquisition Streamlining Act of 1994, the Clinger-Cohen Act of 1996 and a series of federal financial accounting standards; developing the Capital Programming Guide (1997); and appointing the President's Commission to Study Capital Budgeting (1997). Senior and mid-level agency officials are now seeking ways to implement these initiatives efficiently and effectively. The Federal Facilities Council (FFC) sponsored a conference entitled "Capital Asset Management: Tools and Strategies For Decision Making" to highlight strategies and ideas for capital asset management so that federal and other public agencies can improve decision making for facilities investment. Held at the National Academy of Sciences in Washington, D.C., on September 13, 2000, the conference featured speakers from the public, non-profit, and private sectors. Capital Asset Management: Tools and Strategies For Decision Making: Conference Proceedings summarizes the presentations made at that conference. The speakers focused on trends and best practices in capital budgeting; capital asset decision making processes in three federal agencies; building a case for capital reinvestment; and new tools for federal agencies. Online resources referred to by the speakers are listed in Appendix A. Appendix B contains the speakers' biographies.
Asset write-down refers to a reduction of an impaired asset's value on a firm's balance sheet. Impaired asset management has attracted much attention since the 2008 credit crunch crisis with respect to regulation, corporate and managerial ethics, capital market response and more. The common approach in past studies of write-downs based the decision-making process on agency-related reasoning. This paper presents a quantitative financial analysis of the optimal write-down timing of an impaired asset under different settings as well different managerial attitudes. We applied a conditional time-averaged value of a firm's stock price to model the manager's decision-making process and analyzed the optimal timing of write-down with respect to the capital market as well as management's expectations. Different exogenous settings of the optimal write-down timing such as impairment recovery rate and stock price return were analyzed. Moreover, a rational-type and a behavioral-type models of managers were also studied. Under most settings, our findings indicate that the common practice among managers, of write-down aversion, is optimal. However, counter-intuitively, we found that under specific setting the optimal action is, on the contrary, to write down. Moreover, write-down decision is also dependent on the firm's stock price daily volatility. Managers of firms having stocks of high price volatility are in a favored position, decision-making wise, in comparison against manager of low volatility stocks.