Complex System Governance as a Framework for Asset Management

Polinpapilinho F. Katina, James C. Pyne, Charles B. Keating and Dragan Komljenovic
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Polinpapilinho F. Katina: Department of Informatics and Engineering Systems, University of South Carolina Upstate, 800 University Way, Spartanburg, SC 29303, USA
James C. Pyne: Department of Engineering Management & Systems Engineering, Old Dominion University, 2101 Engineering Systems Building, Norfolk, VA 23529, USA
Charles B. Keating: Department of Engineering Management & Systems Engineering, Old Dominion University, 2101 Engineering Systems Building, Norfolk, VA 23529, USA
Dragan Komljenovic: L’Institut de Recherche d’Hydro-Québec, 1800 Boulevard Lionel-Boulet, Varennes, QC J3X 1P7, Canada

Sustainability, 2021, vol. 13, issue 15, 1-17

Abstract: Complex system governance (CSG) is an emerging field encompassing a framework for system performance improvement through the purposeful design, execution, and evolution of essential metasystem functions. The goal of this study was to understand how the domain of asset management (AsM) can leverage the capabilities of CSG. AsM emerged from engineering as a structured approach to organizing complex organizations to realize the value of assets while balancing performance, risks, costs, and other opportunities. However, there remains a scarcity of literature discussing the potential relationship between AsM and CSG. To initiate the closure of this gap, this research reviews the basics of AsM and the methods associated with realizing the value of assets. Then, the basics of CSG are provided along with how CSG might be leveraged to support AsM. We conclude the research with the implications for AsM and suggested future research.

Keywords: asset management; complex system governance; system viability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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