Lecture 17/18 - AM - Intro, LOS and Performance Measures

Question 1

What is an asset?

Answer 1

An item of property owned by a person or company, regarded as having value and available to meet debts, commitments or legacies.

Question 2

What is asset management?

Answer 2

Systematic process of deploying, operating, maintaining, upgrading and disposing of asset cost-effectively.

Question 3

Role of infrastructure?

Answer 3

Economic productivity, communication, eduction, health safety, mobility and standard of living.

Question 4

Hierarchy of urban needs?

Answer 4

1) Openness of influence
2) Cultural offerings
3) Education, Research and Development.
4) Effective infrastructure
5) Basic Services

Question 5

Why do asset management?

Answer 5

• Performance and cost effectiveness.

- Communication, accountability and credibility.

Question 6

What is SMI?

Answer 6

Sustainable management of infrastructure.

Question 7

What are the benefits of SMI?

Answer 7

Improve understanding of service level options, cost and risk.
Improve decision making based on benefits and cost alternatives.
Communicate ad justify funding requirements to internal and external parties.
Demonstrate responsible stewardship of assets.

Question 8

Whats a short term mind set?

Answer 8

• Want things now, instant delivery, political preference, self interest prevalent.

Question 9

Long term thinking?

Answer 9

• Requires discipline
• Considers next generation
• Requires participation internally and externally
• Leaders initiate by example

Question 10

Bit on planning in notes

Answer 10

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Question 11

What does asset management focus on?

Answer 11

Resource allocation

Question 12

What is a level of service?

Answer 12

Outputs a customer receives from the organisation.

- what the organisation is tending to deliver

Question 13

How do we measure LOS?

Answer 13

S - specific
M - measurable
A - achievable 
R - relevant
T - time bound
E - evaluation 
R - reassess

Question 14

What should all AM systems have in common (principles)?

Answer 14

• Policy driven
• Performance based
• Options Evaluated
• Decisions based on quality information
• Clear accountability

Question 15

Implementation?

Answer 15

• Asset management requires a shift in culture from managing projects to managing a system.
• anyone, any size, any complexity
• no one is perfect