THE POSSIBLE INFLUENCE OF RISK MANAGEMENT, FORECASTING, AND PERSONNEL TRAINING IN PHYSICAL ASSET MANAGEMENT

Authors

  • Jacobus Smit Schoeman Stellenbosch University
  • Pieter-Jan Vlok Stellenbosch University

DOI:

https://doi.org/10.7166/25-2-740

Keywords:

physical asset management, risk management, forecasting, personnel training

Abstract

The work presented in this paper highlights the possible effects of risk management, forecasting, and personnel training in the physical asset management environment. Each section is taken separately, and an argument is formed as to why it is important and what portion of the physical asset management five-year budget each should receive. This paper considers the long-term and short-term benefits in its conclusion that risk management should receive 60 per cent of the budget, personnel training 25 per cent, and forecasting the final 15 per cent. 

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Author Biographies

Jacobus Smit Schoeman, Stellenbosch University

Masters student

Pieter-Jan Vlok, Stellenbosch University

Study leader, proffesor

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Published

2014-08-18

How to Cite

Schoeman, J. S., & Vlok, P.-J. (2014). THE POSSIBLE INFLUENCE OF RISK MANAGEMENT, FORECASTING, AND PERSONNEL TRAINING IN PHYSICAL ASSET MANAGEMENT. The South African Journal of Industrial Engineering, 25(2), 96–104. https://doi.org/10.7166/25-2-740

Issue

Vol. 25 No. 2 (2014)

Section

General Articles

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