All entries for Saturday 27 April 2013

April 27, 2013

KBAM: How to effectively manage assets?

In my last blog, I talked briefly about 'what' asset management is and 'why' it is important. Now, I want to address the 'how' element, which often gets overlooked as pointed out by luisa today.

Without going into too much detail, I would like to share my reflections on how assets can be managed more effectively. Firstly, I believe that there should be clear objectives. This can only be achieved if an accurate assessment of the current situation is made (similar to what the teams did today for the presentations). The desired outome from the asset system should be outlined so that it is measurable. This could, for example, be a specific level of performance required from the asset. A timescale plan should also be constructed for implementing the strategy aimed at achieving the objectives of asset management. I also believe that these objectives should be tied in with organzational goals and strategy.

In essence, one can (and ideally should) use the principles of PDCA and continuous improvement in asset management. Organizations must always work on the enablers (for example, their processes and resources) in order to have an efficient and effective asset management procedure.

KBAM: Why is Asset management important?

On completing this module, I now better appreciate the scope of Asset Management. We only covered the management of physical or tangible assets but we found even that to be such an extensive topic. This has made me reflect on the importance of asset management. More specifically, why do organizations need to manage their physical assets?

I believe that it has such a significant role in determining the profitability and the operational performance of a company that they really cannot afford to ignore the effective management of their assets. It optimises their processes, reduces the whole life cost of their assets and ensures value for money in terms of property, plant, buildings, machinery and vehicles, etc. Hence, I will try to use this knowledge and build upon it through my work on the PMA in order to enhance the knowledge and asset management at my organization.

April 2013

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  • Hi Wayne, thank you for your kind words. It is really nice to know that you have enjoyed reading my … by Hasan Khan on this entry
  • Great post. I just located your blog and wished to let you know that I have certainly loved reading … by Wayne on this entry
  • Thanks Luisa, I'm glad you agree with me. by Hasan Khan on this entry
  • Hi Hasan! I really share with you the interest on doing practical tasks, I find them very useful in … by Luisa Rodriguez Qui?Ones on this entry
  • Hi Hasan! I agree with you about the importance of life cycle cost management, it is a little bit di… by Luisa Rodriguez Qui?Ones on this entry

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