Asset Management

Asset management concerns all activities related to the primary company values relative to asset ownership and use. It is most visible in the execution of the strategic plan which an organization must have in place to optimally manage its assets to realize its core values. Optimal asset management incorporates addressing the balance between performance, risk and costs over the entire asset lifecycle. For many asset-intensive companies, asset management is the primary business process. In recent years, various standards have been developed for asset management which are now being implemented in industry. An important element in these standards is that the optimal balance between costs, performance and risks are addressed at the strategic level (from a systems perspective) and covers the entire portfolio of assets. To reach the aforementioned optimal balance, asset-intensive companies require significant volumes and a variety of data (e.g. asset condition data, contractual data, operational data, etc.).

This course provides basic systems-oriented asset management concepts and tools and introduces students to the principles, challenges and solutions faced by the wind industry. Effective asset management is crucial for optimizing the lifecycle cost of offshore wind energy which is a rapidly developing industry sector. The course combines state-of-the-art theory with concrete examples and practical applications to wind energy assets. During this course, students have the unique opportunity to directly hear from and engage with world-leading industry and academic experts on wind farm asset management. They are introduced to the current practices and innovation in industry as well as to the state-of-the-art and latest developments of the research in the field. The study material of the course includes a selection of research articles, which is regularly updated as novel research is generated. Hands-on assignments allow students to apply what they learn during the lectures to real wind farm management-related problems.