5 – The Model for Managing Capital Assets’ Lifecycle in Petrochemical Industry

Rasool Bayat*1 - 9023

International Journal of Scientific Management and Development, September 2017, Vol. 5, No. 9, pp: 444-447

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Abstract :

Undoubtedly, all companies and investors aim to gain maximum efficiency and benefit. The company assets including personnel, equipment, and production tools get depreciated due to day-to-day work and this is not pleasant to investors. The assets’ useful lifecycle management may play a key role in increasing productivity. However, this study aimed to investigate cost creating factors in production, operation, sale, waste, and etc., proper management, productivity factors, and assets’ control tools such as RFID. Then, using parametric and non-parametric statistical methods, it was investigated that whether there was a model for short-term and long-term planning to achieve maximum efficiency in Assaluyeh and Mahshahr’s Petrochemical Industries. The findings showed that the mismanagement of useful lifecycle of assets was one of the factors which increased the cost. Also, there was significant relationship between management of useful lifecycle of assets and planning of management.

Key Words: Capital Assets, Management of Life Cycle, Petrochemical Industry

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