Rotimi, JamesTan, Raymond2024-09-302024-09-302024https://mro.massey.ac.nz/handle/10179/71537Many organisations accountable for public Infrastructure assets face significant challenges due to aging infrastructure, natural disasters caused by climate change, unexpected pandemic occurrences and population growth. Previous studies have shown current asset management capabilities are inadequate for these challenges. Asset management is not a new discipline and has a long history as a research topic mainly from a technical perspective promoted by financial, technical and engineering professional organisations. In contrast, the asset management philosophy within a socio-technical systems view of an organisation has rarely been studied. This thesis was undertaken to close the gap between theory and practice as it provided evidence-based insights of how complex asset management challenges are addressed to optimise value of public infrastructure assets. The study adopted the Straussian Grounded Theory method that involved comprehensive literature reviews and semi-structured interviews of twenty-four senior leaders from twenty organisations responsible for complex asset management systems of large asset portfolios. The method chosen enabled discovery of the unwritten rules that govern asset management behaviour as it provides a broader understanding of social context that explains the interactions that influence actions of individuals and organisations that led to rich, empirical descriptions for development of a new conceptual framework of value optimisation. The findings from the research revealed shortcomings of current asset management standards for the complex asset management challenges in New Zealand that are heavily impacted by social, environmental and political systems external to the organisations studied. In addition to the difficulty of defining what is organisation value, the multi-dimensional factors and interfaces between the asset management system, the wider organisation and the eco-system, asset management are further complicated by different layers of power and influence under a broader theme of political-social dimension. Asset management technologies and tools on their own cannot be used as proxies for effective decision-making. In fact, they may be sources of silos when not implemented properly. The proposed Balanced Optimised Value framework that evolved from the research findings extends beyond the current asset management standards presumption that value is realised from the triangulated balance of cost, risk and performance of assets. The framework provides a new practicable approach of defining and optimising value by not only focusing on technical outputs internally (e.g. cost-funding matching) sometimes misconstrued as customer outcomes but instead, focus on outward looking outcomes for society. By adopting whole-of-systems thinking approach, the framework minimises the unfavourable trade-offs between economic, social/cultural and environmental outcomes by decision makers. This research offers a more holistic asset management approach for optimising value of public infrastructure by establishing the appropriate authorising-enabling environment that enhances the capacity and capability through effective use of the enablers of new technologies, organisation culture and climate.© The Authorasset management, asset management system, asset management standard, public infrastructure assets, ISO 55001, public value, value optimisation, whole of systems, balanced optimised value framework400508 Infrastructure engineering and asset management