Asset Management

After decades of capital investment in infrastructure such as roads, water, and sewer the need to sustain such infrastructure experiences mounting challenges. Today, shrinking budgets and progressively aging assets inhibit flexible strategies. As a result the life cycle of a facility, including Planning, Design, Construction, Operations, Maintenance, Upgrading and Replacement has become more complicated.

Despite the current challenges of the time’s financial constraints, one advantage is the growing availability of methodology and technology to employ asset management. The basic premise of infrastructure asset management is to intervene at strategic points in an asset’s normal life cycle to extend the expected life line and thereby maintain its performance. Typically, a long life cycle asset requires multiple intervention points including a combination of repair and maintenance activities and even overall rehabilitation. Planned repairs and maintenance are much more economical and cost-efficient than the unexpected and costly expense of necessary repairs.

The basic premise of infrastructure asset management is to intervene at strategic points in an asset’s normal life cycle to extend the expected life line and thereby maintain its performance. Typically, a long life cycle asset requires multiple intervention points including a combination of repair and maintenance activities and even overall rehabilitation. Costs decrease with planned maintenance rather than unplanned repair. While each improvement raises an asset’s condition curve, each rehabilitation resets an asset’s condition curve, and complete replacement returns condition curve to new level or upgraded level. Therefore, strategically timing these interventions will aid in extending an asset’s life cycle.

Asset Management is based on a Risk-Centric Asset Management methodology and process to assist organizations in reaching deep and sound Asset Management knowledge. Organizations need to develop a clear understanding of Asset Management based on knowing the answers to the following:

  • What assets they own and what are they worth?
  • What is the condition of those assets?
  • What do they need to do with each asset to meet the desired levels of service?
  • What is the inherent and residual risk of the infrastructure?
  • When to intervene and undertake required maintenance work or renewals?
  • What will maintenance cost now and into the future?

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