First, there is generally a significant cost associated with the execution of non-value-added maintenance. The key issue regarding over-maintaining typically involves two issues that will make the asset management system ineffective. This is where the individual assets are linked to how they affect the organizational strategic plan.ĭevelop and implement a management of change or configuration management process that will ensure that any future changes to the asset are properly evaluated and recorded.ĭuring the operational phase of the asset life cycle, there can be a problem of over-maintaining as well as under-maintaining. ISO 142242 from the International Organization for Standardization (ISO) can be used as reference.ĭevelop the criticality evaluation criteria for the business and apply to the verified asset base. If an organization is truly serious about their program they will need to take the following steps to establish the proper foundation to build upon:ĭevelop a list of all the organization’s assets and verify this list with what is in the field.Įstablish and configure a physical asset hierarchy. Not knowing what one has is tantamount to playing a game of Russian roulette. While it might seem intuitively obvious, many organizations either don’t appreciate the need to know with a high level of confidence, the assets that they have or they choose not to take the time to do so.Įither way, this has to be the first major step taken towards ensuring that one’s asset management program is effective. In common manufacturing industry parlance, this is known as the FDH (fat, dumb and happy) approach to asset management. The author suggests that there are at least five such risks that primarily contribute to an organization’s failure to optimally manage their assets: 1) not knowing what they have 2) over- or under-maintenance 3) improper operation 4) improper risk management and 5) suboptimized asset management systems. The main focus of this article will be on physical assets, but you will find that some of the risks to asset management identified herein will be shared with the other asset type categories. Best practices dictate that an Asset Management Plan, comprising of three main sub-plans (Operations, Maintenance and Risk) or its equivalent, be developed and implemented for physical assets. According to the PAS-551 standard on asset management from the British Standards Institute, asset management is defined as: “systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan.”Įmbodied in this definition, of course, are assets of various types (physical, financial, human, information and intangible), which all contribute to the organizational strategic plan.
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