Week 10 - Asset Management Flashcards
Long-term thinking
Requires discipline
considers next generation
requires internal and external participation
What is Asset Management?
Systematic process of deploying, operating, maintaining, upgrading, and disposing of assets cost-effectively.
Limitation of Asset Management Definition
Only quantifies by cost
Does not look at broader impacts that are harder to quantify.
Why do we do Asset Management?
performance
cost effectiveness
communication
accountability and credibility
Benefits of sustainable management of infrastructure (SMI)
Improved understanding of service level options, costs and risks.
Improved decision making
Easier to communicate and justify funding requirements to other parties.
Demonstrate responsible stewardship of assets
Triple Bottom Line
Accounting method that accounts for social and environmental performance as well as financial performance.
Components of an asset management plan
Understand and Define Requirements
Develop lifecycle strategies
Asset management enablers
Main focus of Asset Management
Resource Allocation
Level of Service (LOS)
Outputs a customer receives from an organisation.
Quality, reliability, responsiveness, sustainability, accessibility, and cost
SMARTER
S - specific
M - Measurable
A - Achievable
R - Relevant
T - Timebound
E - Evaluation
R - Reassess
Deterioration Modelling
Models and predicts the physical state of equipment, structures, infrastructure, or tangible asset.
Bathtub curve hazard function
combination of:
- decreasing hazard of early failure
- increasing hazard of wear-out failure
- constant line of random failure
Key Principles of Asset Management
- Policy Driven
- Performance Based
- Options Evaluated
- Decisions Based on Quality Information
- Clear Accountability
Options Evaluated Principle
Comprehensive choices and tradeoffs are examined at each level of decision making.
Clear accountability Principle
Performance results are monitored and reported
What is a Business Case? (BC)
Provides justification for undertaking a project.
Evaluates the benefits, costs, rationale, and risks of alternative options.
Obtains management commitment and approval for investment.
Indicative BC
Outlines how the proposed investment fits within the organisation intention.
Detailed BC
Identifies the preferred option which optimises value for money
Implementation BC
Confirms the economic case still makes sense
Sets out negotiated commercial and contractual arrangements for procurement
Limitations of a long-term strategic plan
- lots of guessing
- models are only as good as the data
- data can’t account for black swan events
- content can change rapidly
- Changes in government
- technology trend change
Aim of road maintenance?
Lower the lifecycle cost and use the money generated to extend the reach within the program.
Maintenance Repairs
Strategic - performed early on
Emergent - Reduce the need to perform reactive repair
Reactive Repairs
unplanned for immediate needs
Pavement Seal Types
Inverted Seal - repairs bleeding prone
Sandwich Seal - Used where there is raveling
Geotextile Reinforced Seal - Used where cracking and oxidation is a problem
Single chip - Cheapest
Double chip - less road noise
Racked in - prevent aggregates from turning
Cape Seal - single chip seal followed by slurry.
EUAC?
Equivalent Uniform Annual Cost
Equivalent Uniform Annual Cost
if a cost of a project is taken and spread across the year its used, it shows the yearly cost
ESAL
Equivalent Standard Axle
- damaged associated with any axle load can be can be expressed relative to this unit
Number of Std Axles eqn
(Load on axle grp/ appropriate load from table ) ^exp
Systems Architecture Patterns in AM
- independent systems
- interfaced systems
- Interoperable systems
- Integrated Systems
Independent Systems
Do not share any processes or data
Interfaced Systems
Simply Connected systems or subsystems that can exchange info across the common boundary they share
Interoperable Systems
Provide and accept services from other systems and use the services exchanged to enable them to operate effectively together.
Integrated Systems
Tightly coupled interconnection of different highly specialised systems into a broader system.
Provides complex functions requiring close interactions between its components
