Asset Management

Question 0

What are the benefits of asset management?

Answer 0

Improved financial efficiency
improved governance and accountability 
Improved risk management
More sustainable decision making
Improved customer satisfaction

Question 1

What is the goal of asset management?

Answer 1

To meet a required level of service, in the most cost effective manner, by managing assets for present and future conditions

Question 2

Describe the asset management process

Answer 2

1. Strategic planning - Translation of legal and stakeholder requirements into service outcomes
2. Tactical planning - Managing information systems; Identify risks; Performance monitoring
3. Operational planning - Detailed implementation plans; Operational control; Staffing issues

Question 3

What is the life cycle of an asset ?

Answer 3

The time interval commencing at the identifications of the need for an asset and terminated at the decommissioning of the asset