Quantitative Techniques for Asset Management

Unit Outline (Higher Education)

Level of Unit in Course

AQF Level(s) of Course

Level of Unit in Course

Introductory

Intermediate

Effective Term:

2024/05

Institute / School :

Institute of Innovation, Science & Sustainability

Unit Title:

Quantitative Techniques for Asset Management

Unit ID:

MREGC5005

Credit Points:

15.00

Prerequisite(s):

Nil

Co-requisite(s):

Nil

Exclusion(s):

(MREGC5101)

ASCED:

039999

Other Change:

Brief description of the Unit

This unit covers quantitative techniques and tools applied to asset management and risk based asset management decisions. This unit includes core topics of engineering systems, system diagrams, quantitative risk analysis techniques and reliability analysis methods (system and reliability block diagrams and hazard rate analysis for systems and components and active, parallel / standby redundancy). It also covers reliability statistics (Weibull analysis, reliability growth analysis, repairable and non-repairable systems) and maintenance optimisation models (replacement, inspections, maintenance resources requirement).

Grade Scheme:

Graded (HD, D, C, P, MF, F, XF)

Work Experience Indicator:

No work experience

Placement Component:

Supplementary Assessment:Yes

Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment

Course Level:

Learning Outcomes:

On successful completion of the unit the students are expected to be able to:

Knowledge:

K1.	Interpret systems drawing, quantitative risk analysis, event trees and fault tree analysis.

K2.	Detailed and critical explanations of reliability analysis methods including system diagram, reliability block diagram, hazard rates at system & component level, MooN system, active, parallel and stand-by redundancy.

K3.	Provide comprehensive overviews of reliability related statistical processes.

K4.	Classify and annotate maintenance decision models.

Skills:

S1.	Analyse asset maintenance and asset performance data to conduct quantitative risk analyses.

S2.	Develop models to analyse asset management options and recommend decisions based on maintenance optimisation techniques.

Application of knowledge and skills:

A1.	Identify opportunities for improvement using reliability engineering techniques and analysing maintenance and asset performance data.

A2.	Construct models and apply reliability engineering and statistical techniques to optimise maintenance decisions.

Unit Content:

This unit covers engineering systems, system diagrams, quantitative risk analysis techniques and reliability analysis methods (system and reliability block diagrams and hazard rate analysis for systems and components and active, parallel / standby redundancy).
Engineering Systems and Quantifiable Risk Analysis.
Reliability Analysis for components and systems.
Failure data and statistical analysis for reliability.
Maintenance Optimisation Models.

Graduate Attributes:

Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FEDTASKS (Transferable Attributes Skills and Knowledge) provide a targeted focus on five key transferable Attributes, Skills, and Knowledge that are be embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and Co-operative Learning opportunities. One or more FEDTASK, transferable Attributes, Skills or Knowledge must be evident in the specified learning outcomes and assessment for each FedUni Unit, and all must be directly assessed in each Course.

FED TASK and descriptor		Development and acquisition of FEDTASKS in the Unit
FED TASK and descriptor		Learning outcomes (KSA)	Assessment task (AT#)
FEDTASK 1 Interpersonal	Students at this level will demonstrate an advanced ability in a range of contexts to effectively communicate, interact and work with others both individually and in groups. Students will be required to display high level skills in-person and/or online in: • Using and demonstrating a high level of verbal and non-verbal communication • Demonstrating a mastery of listening for meaning and influencing via active listening • Demonstrating and showing empathy for others • High order skills in negotiating and conflict resolution skills\\ • Demonstrating mastery of working respectfully in cross-cultural and diverse teams.	Not applicable	Not applicable
FEDTASK 2 Leadership	Students at this level will demonstrate a mastery in professional skills and behaviours in leading others. • Creating and sustaining a collegial environment • Demonstrating a high level of self -awareness and the ability to self-reflect and justify decisions • Inspiring and initiating opportunities to lead others • Making informed professional decisions • Demonstrating initiative in new professional situations.	Not applicable	Not applicable
FEDTASK 3 Critical Thinking and Creativity	Students at this level will demonstrate high level skills in working in complexity and ambiguity using the imagination to create new ideas. Students will be required to display skills in: • Reflecting critically to generate and consider complex ideas and concepts at an abstract level • Analysing complex and abstract ideas, concepts and information • Communicate alternative perspectives to justify complex ideas • Demonstrate a mastery of challenging conventional thinking to clarify complex concepts • Forming creative solutions in problem solving to new situations for further learning.	Not applicable	Not applicable
FEDTASK 4 Digital Literacy	Students at this level will demonstrate the ability to work competently across a wide range of tools, platforms and applications to achieve a range of tasks. Students will be required to display skills in: • Mastering, exploring, evaluating, managing, curating, organising and sharing digital information professionally • Collating, managing complex data, accessing and using digital data securely • Receiving and responding professionally to messages in a range of professional digital media • Contributing competently and professionally to digital teams and working groups • Participating at a high level in digital learning opportunities.	Not applicable	Not applicable
FEDTASK 5 sustainable and Ethical Mindset	Students at this level will demonstrate a mastery of considering and assessing the consequences and impact of ideas and actions in enacting professional ethical and sustainable decisions. Students will be required to display skills in: • Demonstrate informed judgment making that considers the impact of devising complex solutions in ambiguous global economic environmental and societal contexts • Professionally committing to the promulgation of social responsibility • Demonstrate the ability to evaluate ethical, socially responsible and/or sustainable challenges and generating and articulating responses • Communicating lifelong, life-wide and life-deep learning to be open to the diverse professional others • Generating, leading and implementing required actions to foster sustainability in their professional and personal life	Not applicable	Not applicable

Learning Task and Assessment:

This 15 CP online unit at postgraduate level requires a minimum time commitment of 150 hours of study. Assessments need to be submitted online in assessment submission area allocated for each assessment.

	Learning Outcomes Assessed	Assessment Tasks	Assessment Type	Weighting
1.	K1-K2-K3-K4-S1-S2-A1-A2	Analysis and report of faults using failure data.	Analysis and report	10% - 30%
2.	K1-K2-K3-S1-S2-A1-A2	Analysis of failure data for life prediction and improve reliability.	Analysis and report	20% - 40%
3.	K1-K2-K3-k4-S1-S2-A1-A2	Examination or online test	Examination or online test	60% - 40%

Adopted Reference Style:

Other (IEEE)

Professional Standards / Competencies:

Standard / Competency

Engineers Australia - Stage 1 (Technologist): 2017 accreditation & AQF

Attribute			Assessed	Level
1 Knowledge and Skill Base
	1.1 Systematic, theory based understanding of the underpinning natural and physical sciences and the engineering fundamentals applicable to the technology domain.
		1.1.1 Engages with the technology domain at a phenomenological level, applying sciences and engineering fundamentals to systematic investigation, interpretation, analysis and innovative solution of broadly defined problems and engineering technology practice.	Yes	Intermediate
	1.2 Conceptual understanding of the, mathematics, numerical analysis, statistics, and computer and information sciences which underpin the technology domain.
		1.2.1 Fluently applies relevant investigation, analysis, interpretation, assessment, characterisation, prediction, evaluation, modelling, decision making, measurement, evaluation, knowledge management and communication tools and techniques pertinent to the technology domain.	Yes	Intermediate
	1.3 In depth understanding of specialist bodies of knowledge within the technology domain.
		1.3.1 Proficiently applies advanced technical knowledge and skills to deliver engineering outcomes in specialist area(s) of the technology domain and associated industry, commercial and community sectors.	Yes	Intermediate
	1.4 Discernment of knowledge development within the technology domain.
		1.4.1 Identifies and critically appraises current developments and emerging issues professionally disseminated in specialist practice area(s) of the technology domain.	Yes	Intermediate
	1.5 Knowledge of contextual factors impacting the technology domain.
		1.5.1 Identifies and understands the interactions between engineering technologies and people in the social, cultural, environmental, commercial, legal and political contexts in which they operate, including both the positive role of engineering in sustainable development and the potentially adverse impacts of engineering activity in the technology domain.	Yes	Intermediate
		1.5.2 Is aware of the fundamentals of business and enterprise management.	Yes	Intermediate
		1.5.3 Identifies the structure, roles and capabilities of the engineering workforce.	Yes	Intermediate
		1.5.4 Appreciates the issues associated with international engineering practice activities and a global operating context.	Yes	Intermediate
	1.6 Understanding of the scope, principles, norms, accountabilities and bounds of contemporary engineering practice in the technology domain.
		1.6.2 Understands the standards and codes of practice, as well as the legislative and statutory requirements associated with specialist practice area(s) of the technology domain.	Yes	Intermediate
		1.6.3 Appreciates the principles of safety engineering, risk management and the health and safety responsibilities of the engineering practitioner, applicable to the technology domain.	Yes	Intermediate
		1.6.4 Appreciates the social, environmental and economic principles of sustainable engineering practice.	Yes	Intermediate
		1.6.5 Understands the fundamental principles of engineering project management and systems as a basis for planning, organising and managing resources.	Yes	Intermediate
2 Engineering Application Ability
	2.1 Application of established engineering methods to broadly defined problem solving within the technology domain.
		2.1.1 Identifies, discerns and characterises salient issues, determines and analyses causes and effects, justifies and applies appropriate simplifying assumptions, predicts performance and behaviour, synthesises solution strategies and develops substantiated conclusions.	Yes	Intermediate
		2.1.2 Ensures that the application of specialist technologies are soundly based on fundamental principles - by diagnosing, and taking appropriate action with data, calculations, results, proposals, processes, practices, and documented information that may be ill-founded, illogical, erroneous, unreliable or unrealistic.	Yes	Intermediate
		2.1.3 Within specialist practice area(s), competently addresses engineering technology problems involving uncertainty, ambiguity, imprecise information and wide-ranging and sometimes conflicting technical and non-technical factors.	Yes	Intermediate
		2.1.4 Recognises problems which have component elements and/or implications beyond the engineering technologist’s personal expertise and correctly identifies the need for supplementary professional input.	Yes	Intermediate
		2.1.5 Manages conflicting issues associated with interfacing, integrating and adapting specialist technologies where complex problems, processes or systems that have been partitioned into manageable elements for the purposes of analysis, modelling, design, prototyping, commissioning or testing, are recombined.	Yes	Intermediate
		2.1.6 Critically evaluates alternative implementation approaches using specialist engineering technologies and evaluates potential outcomes against appropriate criteria to justify an optimal solution choice.	Yes	Intermediate
		2.1.9 Accesses appropriate professional knowledge resources as input to systematic problem investigation.	Yes	Intermediate
	2.2 Application of engineering techniques, tools and resources within the technology domain.
		2.2.5 Applies a wide range of engineering tools for analysis, simulation, visualisation, synthesis and design, assesses accuracy and limitations of such tools, and validates results.	Yes	Intermediate
		2.2.7 Analyses sources of error in applied models and experiments; eliminates, minimises or compensates for such errors; quantifies significance of errors to any conclusions drawn.	Yes	Intermediate
		2.2.9 Appreciates the need for systematic approaches to acquisition, commissioning, operation, upgrade, monitoring and maintenance of engineering plant, facilities, equipment and systems.	Yes	Intermediate
	2.4 Application of systematic approaches to the conduct and management of projects within the technology domain.
		2.4.1 Contributes to and/or manages broadly defined technological project activity, as a member of the engineering team and/or as leader of a specialist technological team.	Yes	Intermediate
		2.4.2 Seeks out the requirements and associated resources and realistically assesses the scope, dimensions, scale of effort and indicative costs of a broadly defined technological project.	Yes	Intermediate
		2.4.4 Proficiently applies basic systems engineering and / or project management tools and processes to the planning and execution of project work, targeting the delivery of a significant outcome to a professional standard.	Yes	Intermediate
3 Professional and Personal Attributes
	3.1 Ethical conduct and professional accountability.
		3.1.1 Demonstrates commitment to uphold the Engineers Australia - Code of Ethics, and established norms of professional conduct pertinent to the technology domain.	Yes	Intermediate
		3.1.4 Is aware of the fundamental principles of intellectual property rights and protection.	Yes	Intermediate
	3.2 Effective oral and written communication in professional and lay domains.
		3.2.1 Is proficient in listening, speaking, reading and writing English, including: a) comprehending critically and fairly the viewpoints of others; b) expressing information effectively and succinctly, issuing instruction, engaging in discussion, presenting arguments and justification, debating and negotiating - to technical and non-technical audiences and using textual, diagrammatic, pictorial and graphical media best suited to the context; c) representing an engineering technology position to professional colleagues, or to the broader community; d) appreciating the impact of body language, personal behaviour and other non-verbal communication processes, as well as the fundamentals of human social behaviour and their cross-cultural differences.	Yes	Intermediate
		3.2.2 Prepares high quality engineering documents such as progress and project reports, reports of investigations and feasibility studies, proposals, specifications, design records, drawings, technical descriptions and presentations pertinent to the technology domain.	Yes	Intermediate
	3.3 Creative, innovative and pro-active demeanour.
		3.3.1 Applies creative approaches to identify and develop alternative concepts, solutions and procedures, appropriately challenges engineering practices from technical and non-technical viewpoints; identifies new technological opportunities.	Yes	Intermediate
	3.4 Professional use and management of information.
		3.4.1 Is proficient in locating and utilising information - including accessing, systematically searching, analysing, evaluating and referencing relevant published materials and data.	Yes	Intermediate
		3.4.2 Critically assesses the accuracy, reliability and authenticity of information.	Yes	Intermediate
		3.4.3 Is aware of common document identification, tracking and control procedures.	Yes	Intermediate
	3.5 Orderly management of self, and professional conduct.
		3.5.1 Demonstrates commitment to critical self-review and performance evaluation against appropriate criteria as a primary means of tracking personal development needs and achievements.	Yes	Intermediate
		3.5.2 Understands the importance of being a member of a professional and intellectual community, learning from its knowledge and standards, and contributing to their maintenance and advancement.	Yes	Intermediate
		3.5.3 Demonstrates commitment to life-long learning and professional development.	Yes	Intermediate
		3.5.4 Manages time and processes effectively, prioritises competing demands to achieve personal, career and organisational goals and objectives.	Yes	Intermediate
		3.5.5 Thinks critically and applies an appropriate balance of logic and intellectual criteria to analysis, judgment and decision making.	Yes	Intermediate
		3.5.6 Presents a professional image in all circumstances, including relations with clients, stakeholders, as well as with professional and technical colleagues across wide ranging disciplines.	Yes	Intermediate
	3.6 Effective team membership and team leadership.
		3.6.1 Understands the fundamentals of team dynamics and leadership.	Yes	Intermediate
		3.6.3 Earns the trust and confidence of colleagues through competent and timely completion of tasks.	Yes	Intermediate
		3.6.4 Recognises the value of alternative and diverse viewpoints, scholarly advice and the importance of professional networking.	Yes	Intermediate
		3.6.5 Confidently pursues and discerns expert assistance and professional advice.	Yes	Intermediate
		3.6.6 Takes initiative and fulfils the leadership role whilst respecting the agreed roles of others.	Yes	Intermediate