9 Steps in Starting Asset Management
Asset management refers to the methodical process of organizing, operating, maintaining, renewing, and disposing of tangible assets while tracking each asset’s useful life and risk of failure to ensure the greatest return on investment. By creating an Asset Management Plan, organizations are able to take a cost-effective approach to assist in balancing the risk with the cost.
Assess current needs, infrastructure, management tools, etc.
Identify your vision and goals for the Asset Management Plan
- Team Building:
Hold Workshops to gain buy-in from program users and find a champion to lead the efforts
- Inventory & Assessment:
Develop an inventory and condition of your assets
Define the Level-of-Service, Consequence of Failure, Failure Modes, Likelihood of Failure, etc.
- The Plan:
Develop the Asset Management Plan that will be utilized by all staff
Train employees on the framework and input procedures
Develop and give the presentation to the management or governing board
Work with all program participants to utilize the plan for repair efficiencies, project scheduling and budget planning
Each of these steps will be outlined in future posts in more detail. To find out more about the Asset Management services we provide to our clients please contact Carl Quiram.