Asset Management deals with the optimal management of physical asset systems and their life cycles. It represents a cross-disciplinary collaboration to achieve best net, sustained value-for-money in the selection, design/ acquisition, operations, maintenance and renewal/ disposal of physical infrastructure and equipment.
AssetRight provides Asset Management expertise supported by Reliability specialists to minimize the whole life cost of assets, from concept through to disposal. Asset Management is the management of (primarily) physical assets (their specification, design or selection, reliability growth, maintenance, inspection and renewal) playing a key role in determining the operational performance and profitability of industries that operate assets as part of their core business. Asset Management is the art and science of making the right decisions and optimizing these processes. A common objective is to minimize the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making process.
Assets can be defined at many levels and this is a common source of confusion about the nature and priorities of ‘Asset Management’. PAS55 (and the upcoming ISO55000) seeks to clarify the need for layered integration of what needs to be done – from life cycle optimization of discrete components, or equipment items, up to the sustained value-for-money obtainable from organization’s whole portfolio of systems, networks, information, people, knowledge etc. In each layer of increasing systems complexity, different problems and goals tend to be perceived, but the underlying challenges of optimizing the blend of costs, performance, risks and sustainability exist throughout. The PAS55 expectations of good asset management include better systems integration awareness, and require us to manage assets at levels of ‘granularity’ appropriate to value contribution or business criticality.
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