post

Top view of a group of busy business people sitting at a desk in a meeting

Planning Your Assets – Part 2

As outlined in the ‘9 Steps in Starting Asset Management’ and ‘Planning Your Assets – Part 1’ we have shared the process of starting asset management as well as an in-depth look at the first four of those steps. This post will round out the original nine steps covering the last five:

Framework:
With the needs identified, goals agreed upon, team building complete, and inventory and assessment finished, the development of the asset priority can begin by analyzing ‘Risk’. Risk of an asset is calculated by multiplying consequence of failure by probability of failure (or condition). Some organizations use strictly age-based assessment which focuses on the service life of the infrastructure versus the current condition and risk associated with that asset. Instead, age of an asset should be merely a factor in the overall risk of the asset when incorporating it into the plan.

The Plan:
Organizations make decisions about asset management based to the requirements placed on them by governing agencies as well as their own stakeholders. By developing an Asset Management Plan that will be utilized by all staff, a systematic approach to the implementation and future use of the program can be outlined. The plan will include a listing of all assets that are managed including buildings, utilities, roadway infrastructure, vehicles, equipment, etc. This plan will clearly describe the assets, policies and procedures for maintaining the currents, and the procurement process of future assets.

Training:
The use of an asset management database will not only empower organizations with knowledge, but can optimize their maintenance and operations. In order for the database to be maintained training will need to happen to ensure comparison of assets are on a standard form of measure and not subject to individual opinions.

Presentation:
Developing and giving a presentation to management or a governing board in critical in the acceptance and understanding of the asset management program established by the organization. By presenting a high-level of understanding and functionality in the

Implementation:
Setting the implementation into progress with all program participants will allow for the plan utilization for repair efficiencies, project scheduling and budget planning will allow for a seamless process in assessing all assets to ensure adequate service as well as reduce the risk of failure.

Continue reading about our asset management capabilities and the services we provide on our blog.

Nichole Davis

About Nichole Davis

Nichole is a Marketing & Public Relations Specialist based in our corporate headquarters. She works with all levels of employees assisting with the firm’s marketing and branding initiatives. A self-described “doer”, each day you will find her doing something different, thinking outside the box and pushing the envelope. Her passion is making a difference, so it is only fitting that Nichole is involved with the firm’s social media strategy, developing the blog and creating the new employee lounge, as well as many other efforts to successfully lead and inspire individuals to think creatively and contribute to our energetic work environment. Sure, Nichole is busy with all of the projects she originates, but when she is not working she spends most of her time with friends and family, baking, volunteering , and renovating her house.