Hosted by the Johannes Kepler University, Linz, Austria. May 23-24, 2019The objective of any asset is to provide value to the organization, being the corner
stone to get a highest possible economic benefit in a sustainable way. An effective
asset value management demands method that allow measuring and comparing the
expected value with the real value realized at any time during its life cycle for value
informed decision-making. Digitalization is providing new data about events and
states related to asset condition and risk, information that can be reinterpreted to
generate value measure strategies. This paper presents a proposal of TVO (Total
Value of Ownership) model where it is possible to quantify and measure the value, including its monitoring throughout the life cycle of the asset and/or system.
Proposed TVO model is focused on Safety, one of the most relevant value factors for
Industry and Infrastructure sectors. Asset events and states are intrinsically linked to
the defined failure modes. Consequently, it is necessary to structure the system
information around the failure modes that have been defined, in order to obtain a
value measurement index. A railway use case is presented
