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1.
INTERACTION BETWEEN QUALITY MANAGEMENT, PRODUCTION AND MAINTENANCE PERFORMANCE
Damjan Maletič, 2015, doctoral dissertation

Abstract: Many organisations invest a considerable amount of capital and resources, implementing new techniques to improve their performance. An effective management of production and maintenance and processes is vital for economic viability and a long term survival of many industries. In fact, an effective and efficient maintenance process is essential to assure asset performance. With this recognition, the asset and maintenance management has become an indispensable element of strategic thinking of asset owners and asset managers. This research aims to investigate the interaction between quality management, production and maintenance performance. The relevant theoretical foundations and research gaps are presented first, followed by development of a conceptual framework. The framework builds upon resource-based theory (RBT) literature to develop a conceptual framework, mainly to understand how company’s resources could contribute to company’s performance. Based on this theoretical underpinning two main research streams are studied, namely quality management in maintenance and asset management. Different sources of data were utilized to answer the proposed research questions. The thesis includes two large-scale surveys (among Slovenian organizations as well as an international survey conducted in Slovenia, Sweden, Poland, Slovakia, Greece and Turkey) and two empirical case studies. The outcome of regression analysis provides the evidence that quality management orientation is an important predictor of maintenance performance. By testing the impact of quality management orientation on maintenance performance, this research shows that strong foundation on quality management orientation is an effective way of improving maintenance performance. Further, by examining continuous improvement in relation to maintenance performance, this research seeks to examine the role of quality management practices in achieving maintenance performance. In this regard it was found that continuous improvement significantly and positively affects the maintenance performance. In addition, results of this research revealed a mediator effect of continuous improvement on the relationship between quality management orientation and maintenance performance. Moreover, this research examines the relationship between physical asset management practices and sustainability and operational performance as well. The research is based on a premise that asset management, which comprises of risk management practices, performance assessment practices, life cycle management practices, policy & strategy practices, leads to improved organizational performance. The results of this research provide the evidence to support the hypotheses and to demonstrate that organizations can benefit from the implementation of asset management practices. The MANOVA furthermore provides interesting insights into the effects of asset management practices on the organizational performance. The results indicate that there are significant mean differences in organizational performance dimensions (as measured by the business performance, environmental performance, social performance and operational performance) for low and high levels of asset management practices. Therefore, by focusing on asset management practices, organizations can expect to achieve higher performance outcomes. In addition a comparison between Slovenian and Polish data subset was performed. The results revealed some distinct elements, namely regarding the performance outcome. For example, the results indicate that Slovenian organizations achieved higher scores in business, environmental and operational performance, while Polish organizations achieved higher scores in social performance.
Keywords: quality management, asset management, maintenance, production, performance
Published: 12.06.2018; Views: 969; Downloads: 89
.pdf Full text (2,97 MB)

2.
Are excessive legislative restrictions of pension fundʼs investments required to ensure these fundsʼ operational stability and minimum guaranted return?
Tanja Markovič-Hribernik, Igor Jakopanec, 2013, original scientific article

Abstract: In this paper, it is investigated whether government, when promises pension fundʼs members a so-called minimum guaranteed return, to reduce the exposure of members to financial risks , should at the same time hinders portfolio diversification process of pension funds. We provide a detailed analysis of the connection between the requirements for providing a minimum guaranteed return and managing financial risks on the one hand and the investment structure of pension funds on the other. We intend to demonstrate with an illustrative case, using the simulation technique and a combination of actual data and some hypothetical one, that by precisely matching the investments' characteristics to the characteristics of the pension fund's liabilities, some important financial risks can even be hedged entirely. We also intend to demonstrate that with the implementation of a proper policy of risk measurement and management, complemented with stress testing practices, excessive legislative restrictions for investments are no longer necessary. At the very least, governments should avoid implementing legislation that hinders the portfolio diversification process and therefore makes pension fund risk management more difficult.
Keywords: pension funds, financial risks, minimum guaranteed return, asset-liability management
Published: 07.07.2017; Views: 497; Downloads: 80
.pdf Full text (871,43 KB)
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3.
Contingency factors influencing implementation of physical asset management practices
Damjan Maletič, Matjaž Maletič, Basim Al-Najjar, Katerina Gotzamani, Maria Gianni, Kalinowski, Boštjan Gomišček, 2017, original scientific article

Abstract: Purpose: The purpose of this empirical study is to examine the role of two contingency factors, i.e. uncertainty and competitiveness in relation to physical asset management (PAM) practices as well as to maintenance key performance indicators. The research is based on a premise that PAM, which was defined by risk management practices, performance assessment practices, life cycle management practices, and policy & strategy practices, has become an indispensable element of strategic thinking of asset owners as well as maintenance and asset managers. The purpose of this study is to advance the understanding of how organizations that face high or low level of uncertainty and competitiveness respond in terms of PAM deployment. Methodology/Approach: This study employed a data set based on a large-scale survey among organizations in six European countries (i.e. Slovenia, Poland, Greece, Sweden, Turkey and Slovakia). Data were collected from 138 organizations located in the above-mentioned countries to conduct the study. Findings: The results show that organizations that are faced with high level of uncertainty and competitiveness are more engaged in the deployment of PAM practices. Moreover, results show that when organizations are facing high levels of competitiveness they are using KPIs to a greater extent than organizations under low levels of competitiveness. Originality/value: From a theoretical perspective, this study contributes to the contingency theory by providing empirical evidence whether a context-dependent approach to PAM is needed. The findings also provide insights for managers on how to respond to the competitive pressure as well as how to customize PAM practices in order to adapt to the changes in dynamic organizational environment.
Keywords: physical asset management, maintenance, uncertainty, competitiveness
Published: 06.04.2017; Views: 932; Downloads: 308
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