A Physical Asset Management Strategy Execution Enforcement Mechanism for the early detection and management of Physical Asset Management Strategy Execution Failure

[摘要] ENGLISH ABSTRACT: Organizations are becoming increasingly more capital- and asset intensiveand spending on Physical Asset (PA)s and Asset Maintenance have been increasing steadily over the pastnumber of decades. Organizations in general andPhysical Asset Management (PAM) organizations specifically need to continuously redefine and adjust their strategies andaction plans in order to increase operational effectiveness, increase revenue and customer satisfaction while reducingcapital-, operating- and support cost.Many organizations however find themselves in a strategy crisis - not because executives and practitioners are unable to develop quality strategies but because these organizations fail to execute strategies effectively. Theproblematic assumption that good corporate performance indicates successful Strategy Execution (SE) while poor corporate performance is an indication ofunsuccessful SE complicates matters even further. Unless a clear distinction is made between organizational performance and the extent to which strategies are effectively executed the cycle of endless formulation-implementation-performance-eformulation ultimately results in attempts at implementing a wrong strategy.When this happens, it is difficult to determine if poor performance is due to good execution of a bad strategy, or the result of poor execution of a good strategy.Despite the fact that there are clearly a number of theoretical and practical shortcomings within the exiting PAM Strategy Execution Body of Knowledge,this study aims to address the following central research problem:There is no mechanism that can assist PAM practitioners and academics with the early detection and management of Physical Asset Management Strategy Execution Failure (PAMSEF).The primary objective of the study is the development of a Physical Asset Management Strategy Execution Enforcement Mechanism (PAMSEEM) to address this problem.In support of the the primary objective a number ofsecondary objectives are also pursued. Firstly the research aims to evaluate the existing literature on emerging approaches, themes and challenges on generalbusiness strategy. The focus secondly shifts to an in{depth analysis of contemporary contributions on SE and Strategy Execution Failure. The third secondary objectives is to distill an organizational asset classiffication frameworkand a model illustrating how assets interact to create organizational value. The fourth secondary objective is to summarize recent developments within the PAM landscape.The fifth secondary objective is the presentationof a framework illustration the most important PAM strategy developments over the past 100 year.The sixth secondary objective is to define Physical Asset Management Strategy Execution (PAMSE) and by implication PAMSEF and to evaluate the most recent mainstream as well as empirical and theoretical contributions regarding PAMSE and PAMSEF to juxtapose this with the insights gainedduring the evaluation of general business strategy formulation and SE.Strongly grounded in the established theory of general business strategy and SE, as well as PAM strategy and PAMSE the PAMSEEM is developed thereafter.Validation of each one of the components of the PAMSEEM takes place within the context of a highly PA dependent organization. The conclusion reached at the end of the study is that the PAMSEEM when applied asrecommended, will indeed assist organizations with the early detection and management of PAMSEF.

[发布机构] Stellenbosch University