Planning for obsolescence within long-term real estate contracts

This project will look to review obsolescence management and forecasting measures and then produce a resultant framework that is applicable to businesses within long-term contracts i.e. Private Finance Initiatives. Obsolescence is a modern economic phenomenon that impacts upon a range of industries and to this date has received little research coverage. Looking at obsolescence from this perspective is completely original and offers the opportunity to develop and improve standards by learning from other industries. The scope of this project is likely to cover a diverse range of topics, such as inventory management, demand forecasting, obsolescence forecasting, obsolescence planning, trend and statistical analysis along with developing a holistic framework to implement into business practice.

People

PI: Michael Pitt - PI

Rs: Kieran Mulholland and Christian Betts (HCP)

Outputs

The initial output of this project will involve producing both a conceptual framework that can be applied to assets to identify where obsolescence may occur and an obsolescence ‘health tool’. The obsolescence health tool will identify levels of obsolete parts within assets that commonly reside within the built environment. Such a tool has been directed towards PFI Contractors who often own large asset registers with high levels of obsolete parts; a stepping stone towards developing a risk assessment tool for obsolescence.  Research into this area from this perspective is completely original, therefore several publications are in development upon the production of results. 

Impact

This project is expected to make a significant contribution to the development and implementation of an industry wide system for the management of technological obsolescence.

Links

For further information please contact: Michael Pitt