Asset management Flashcards
Why do we need AM?
Provide the desired level of service in the most cost effective manner for present and future customers
provide long term financial stability
to identify critical assets so they can be managed to prevent failure
to be prepared for a disaster response
What are some issues in AM?
demand, technology, climate , construction and maintenance of existing infrastructure
Describe the Asset managment plan (AMP)
the master strategy/road map for detailing what works need to be completed to provide the appropriate Los, in the context of growth, demand and infrastructure decay
sets out the financial plan, the amount of spending, where it will be spent and the outcomes
Changes over time
supported through monitoring
What does the AMP contain?
Management strategy key assumptions LoS and performance standards growth forecasts asset portfolio description financial forecast improvement plan
Why is it important to value community assets?
To enable the best AM decision making measuring depreciation establish funding/pricing risk management sales and purchase financial reporting benchmarking
Why is long term planning important
Provides inter generational equity maintains services capital costs is not the most significant, usually the maintenance cost is smooth funding requirements no surprises
what are the 3 levels of investment planning?
strategic = service standards, financial requirements, support policy development tactical = investment mix, alternative management regimes, assess risk and assumption effects operational = detailed programme of works, evaluate effects and collect information
what are the steps of renewal and planning?
collect data, report, consider maintenance options, finalize field decisions, project management execution
why is it important to manage risk and give some examples of risk
poor risk management = distrust from the community
Political,legal, commercial, technical, people, natural
What are the impacts of risk
business continuity, los, noncompliance, accidents, loss of income, public relations, prosecution
what are some treatments of risk
risk mitigation, risk avoidance ,acceptance, reduciton and transfer
draw the risk based decision making diagram
refer to book
What is the importance of LOS
LoS establishes a benchmark
benchmark is useful to learn from top performers and to adopt the best practices for effective performance improvements.
Performance measurement is useful as it collects and compares performance data relative to the past.
describe the two ways for life cycle of the road
refer to the book
why do unbound layers undergo densification?
occur because traffic will travel in two narrow wheel paths, extra compaction occurs in the middle layers
