Industrial Asset Management - Master of Science Degree Programme

With a master's degree in Industrial Asset Management students will have acquired expertise that is much in demand in various industrial sectors today. Industrial Asset Management, as a discipline, focuses on engineering and managing physical assets (equipment, structures, instrumentations) to minimize operating expenses, while maximizing and maintaining the desired level of system reliability and availability.

Industrial Asset Management covers the entire lifecycle; the project and utilization (operation) phases. During the project phase, the “design for ”philosophy is taking place to engineer reliable and dependable assets with cost-effective maintenance concepts and plans. Maintenance engineering studies cover technical hierarchy, consequence classification, “Reliability, Availability and Maintainability analysis, manning study, unmanning study, spare parts evaluation, and Technology-fit-to-purpose studies (related to modern technologies, Internet of Things, Machine learning, Digital twins, Augmented reality, Mobile robots, etc.). At the utilization (operation) phase, the “Data to Decision” philosophy is taking place to manage production performance, asset health, and maintenance operations.

Moreover, modern industrial assets are subject to digitalization, Industry 4.0 transformation and the green transition, where several technologies like the Internet of Things (IoT), cloud computing, artificial intelligence, simulation modelling, digital twins, augmented reality, mobile robots, electrification, and hydrogen technology are utilized to engineer dependable assets that operate smartly, cost-effectively, and environmentally friendly.

Graduated students will obtain competitive competence on a master’s degree level in technology, and will develop knowledge related to engineering, operations, and management of advanced and complex industrial facilities/systems in private and public organisations. They will be able to apply the knowledge obtained in challenging industrial environments in all life cycle phases of complex engineering systems, (i.e., design, construction, installation, operations, maintenance, modification life extension, repurposing, decommissioning, and recycling).

Industrial Asset Management is a multidisciplinary programme combining the technical understanding of equipment (failure modes, monitoring techniques, technology related), data analysis (stakeholders’ needs, performance indicators, and health measures), economics, human factors, organisational aspects, and project management skills, to provide the new generation of engineers with core competencies for challenging and competitive careers.

In general, graduate students will be qualified to participate in a range of engineering and operational tasks, both in the private and public sectors. As the study programme consists of general principles and methods, they will be able to resolve challenges on advanced engineering and operational levels even outside his/her specialisation area in cooperation with experts from various other fields. Hence, the graduates will be qualified for many attractive job positions in modern land-based and offshore industrial sectors.

The master's programme is an international study programme, and hence all courses are taught in English.

Programme content, structure and composition

With a total of 120 ECTS, this master’s programme consists of:

• basic methods courses which consolidates and continues the mathematical and scientific foundation of the bachelor programme
• technical specialisation courses, which provide students broad and common learning platform in Industrial Asset Management, as well as expands subjects from the bachelor education.
• non-science/technological course, e.g. economics, language, ethics, project management, green transitionelective courses
• a final master's thesis

The Faculty will offer a list of recommended electives. The students themselves must check that they have the basic knowledge and fulfil any prerequisites to be able to take these courses. Other electives of personal choice must be approved by the department, but students will have considerable freedom to choose appropriate elective courses, depending on personal interests and career opportunities.

The master's thesis can be done either at the Faculty or in cooperation with the industry. Many students base their master's thesis on practical projects in different organisations. To be awarded a suitable and relevant topic for a master's thesis, a satisfactory progression must be demonstrated as cited in “Regulations for master’s thesis”. Project proposals for the master's thesis should be formally pre-approved by an academic staff member in the Industrial Asset Management group at the Department.

The University of Stavanger aims to offer all its programmes as planned, but the courses must still be subjected to the availability of resources and a more than a minimum number of student admissions. The content and extent of the programme and individual courses can also be changed over time due to changes in the subject environment, the use of new technology, new practices and theories, and general social changes.

The coursework consists of lectures, project assignments, group work, obligatory and voluntary exercises, and laboratory work. The individual course descriptions provide further information about:

• Lectures and instructions on academic activities
• Curricular, compendiums, and projects
• Evaluation criteria
• Exams

Through our master's programme in Industrial Asset Management, we aim to directly address several United Nations Sustainable Development Goals (SDGs) by equipping future industry leaders with expertise in optimizing asset efficiency, reducing environmental impact, and fostering sustainable practices. Our program aligns mainly with:

• Industry, Innovation, and Infrastructure (SDG 9) through technological advancements to enable digital transformation and green transition.
• Affordable and Clean Energy (SDG 7) by focusing on efficient asset management strategies within energy sectors like oil & gas and offshore wind energy and renewables.
• Sustainable Cities and Communities (SDG 11) by promoting resilient infrastructure like transportation, waste and water treatment.
• Responsible Consumption and Production (SDG 12) by emphasizing resource optimization and lifecycle management in industries, contributing to a more sustainable and resilient future.
• Quality Education (SDG 4) by fostering a comprehensive learning environment that integrates cutting-edge asset management practices, interdisciplinary knowledge, and real-world applications.

Learning outcomes

After having completed the master programme in Industrial Asset Management, the student shall have acquired the following learning outcomes, in terms of knowledge, skills and general competences:

Knowledge

K1: The candidate has advanced and interdisciplinary knowledge in industrial assets and systems both in the public and private sectors.

K2: The candidate has thorough and relevant knowledge in industrial and maintenance engineering of smart and technological supported industrial assets (ex. production systems/processes, production facilities, technical systems/machinery/equipment, etc.) that covers the scope of NORSOK Z-008 standard and comply with Industry 4.0 vision.

K3: The candidate has thorough and relevant knowledge in industrial asset management of advanced, complex, and integrated industrial assets that covers the scope of ISO 55000 and IEC 60300 standards.

K4: The candidate has knowledge of engineering, operations, and management of industrial assets that can be used for analysis, development, and innovation in new areas of practical and/or theoretical importance.

K5: The candidate has the ability to analyse practical or academic problems in industrial assets based on history, traditions, and industrial and societal needs.

Skills

S1: The candidate can analyse existing theories, methods, and interpretations in industrial assets (ex. Production systems/processes, production facilities, technical systems/machines / equipment, etc.) and work independently with practical and theoretical problem-solving. The candidate can independently identify, map, analyse and solve challenging industrial processes/problems using existing theories, methods, and interpretations in the field.

S2: The candidate can use relevant methods and knowledge for research and professional development in an independent manner.

S3: The candidate can capture stakeholders’ needs, measure, analyse and visualise performance indicators and asset health measures, model, simulate and predict asset behaviours, and diagnose and prescribe interventions.

S4: The candidate can analyse and relate critically to various sources of information and use them to structure and formulate practical and/or academic arguments related to engineering, operations, and management of industrial assets.

S5: The candidate may conduct an independent, limited research or development project under supervision and in accordance with current research ethical standards related to engineering, operational, and managerial activities.

General Competence

G1: The candidate can analyse relevant academic and research ethical challenges and be eligible to participate in the development and implementation of new technologies, methods and principles, as well as engineering, operations, or management solutions for industrial assets in the industry.

G2: The candidate can apply knowledge and skills in new areas to carry out advanced tasks and projects related to industrial assets.

G3: The candidate can communicate comprehensive work professionally and independently, and master terminology, language, and expression in industrial assets.

G4: The candidate can communicate professional issues, as well as analyses and conclusions in the field, both with specialists and the general public.

G5: The candidate can contribute to new thinking and innovation processes in technology and management of advanced, complex, and integrated industrial assets in all life cycle phases.

Career prospects

The programme qualifies the graduates for a broad range of positions in private industry and public organizations. Since the core of the master programme consists of commonly usable principles and methods, graduate students can qualify for many attractive job positions in both the Land-based and offshore industries.

In general, the graduates will be well qualified for positions within various sectors inclusive of facility/plant owners or operators, service and technology providers, engineering contractors, consultants, authorities, as well as public institutions who are involved in designing, building, operating, removing, and/or recycling of advanced and complex engineering facilities and systems. This can include, for instance, energy production and distribution, manufacturing, infrastructure, offshore systems and platforms, processing facilities, and a wide variety of other engineering and service industries.

Many will also have interesting job opportunities within research, education, or in the public sector devoted to control, regulation, and law enforcement of industrial sectors.

A candidate with a completed master's degree in Industrial Asset Management with a minimum average grade of B for courses and a grade of A or B for Master thesis may qualify for admission to an engineering/technical PhD programme at the University of Stavanger.

Course assessment

The schemes for quality assurance and evaluation of studies are stipulated in the Quality System for Education.