Asset Management Leading Practices

ASSET MANAGEMENT BEST PRACTICES

FACILITIES MANAGEMENT MAXIMO USER GROUP

APRIL 29TH, 2015

LEADING

ABOUT JFC & ASSOCIATES• JFC AND ASSOCIATES HAS BEEN IN THE ENTERPRISE

ASSET MANAGEMENT BUSINESS SINCE 2001 • IBM ADVANCED BUSINESS PARTNER• DIVERSE TEAM OF TALENTED PROGRAMMERS,

REPORT WRITERS, MOBILE SOLUTION PROVIDERS, UPGRADE SPECIALISTS AND FUNCTIONAL ADMINISTRATORS• OUR SUCCESS IS BUILT ON YOUR SUCCESS!

FMMUG 2015 JFC & ASSOCIATES

ABOUT JFC & ASSOCIATESASSET MANAGEMENT SERVICE OFFERINGS:• BUSINESS PROCESS REVIEW• ASSET MANAGEMENT PLAN DEVELOPMENT• SITE SURVEYS AND ASSET DATA COLLECTION• ASSET CONDITION ASSESSMENTS• ASSET PHOTOGRAPHING & BARCODING• JOB PLAN DEVELOPMENT• PREVENTATIVE MAINTENANCE PLANNING & DEVELOPMENT• ASSET AND LOCATION HIERARCHY BUILDING• BIM INTEGRATION & AS MAINTAINED MODEL CONSIDERATIONS AND CONSULTING


INDUSTRY EXPERIENCE• GOLDEN GATE BRIDGE• UCLA• BOSTON COLLEGE• BRANDEIS UNIVERSITY• PORT AUTHORITY OF NEW YORK AND

NEW JERSEY• NEW YORK CITY DEPARTMENT OF

TRANSPORTATION• US NAVY• LIFESPAN HOSPITALS• UNIVERSITY OF TEXAS• SRI• HARVARD SCHOOL OF PUBLIC HEATH• BRIGHAM'S AND WOMEN'S HOSPITAL• NORTHEASTERN UNIVERSITY • PRINCETON UNIVERSITY• COLLEGE OF NEW JERSEY • LIBERTY MUTUAL INSURANCE

COMPANY

• UNIVERSITY OF LOUISVILLE• COVIDIEN• ARVIN MERITOR• PROVIDENCE COLLEGE• MOHEGAN SUN• MASSACHUSETTS CONVENTION

CENTER• HORIZON LINES• JEFFERSON LABORATORY• JOHNSON & JOHNSON

ABOUT YOUR PRESENTER• FACILITIES AND OPERATIONS PROFESSIONAL FOR OVER 17 YEARS• PERSONALLY MANAGED OVER 7 MILLION SQUARE FEET OF CAMPUS SPACE

• DEFERRED ASSET MANAGEMENT PLANNING• MAXIMO ADMINISTRATOR• PM PROGRAM DEVELOPMENT

• PROFESSIONALLY CONSULTED ON OVER 50 MILLION SQUARE FEET OF SPACE WITH ASSET VALUATIONS OF OVER 4 BILLION DOLLARS

• FAST FACTS• DROVE A ZAMBONI FOR 18 YEARS INCLUDING DIVISION I AND PROFESSIONAL

HOCKEY TEAMS (AS WELL AS THE PEE-WEE AND SQUIRT TEAMS)• AVID FISHERMAN• ALWAYS LOOKING AT HOW A FACILITY OPERATES


THOUGHT FOR THE DAY…

IF YOU FOCUS ON RESULTS, YOU WILL NEVER CHANGE. IF YOU FOCUS ON CHANGE YOU WILL

GET RESULTS.~JACK DIXON


A LITTLE ABOUT YOU…

YOUR ORGANIZATIONYOUR ROLE

WHY YOU’RE HERE TODAY WHAT YOU’D LIKE TO GET OUT OF TODAY’S

SESSION


COMMUNICATING ASSET MANAGEMENT

ASSET MANAGEMENT GUIDE TO TERMS & ABBREVIATIONS


OVERVIEW FOR TODAY

• ASSET MANAGEMENT - PHILOSOPHY• ASSET MANAGEMENT – STRATEGY• ASSET MANAGEMENT – TACTICAL• ASSET MANAGEMENT PLANNING• MAXIMO – DEVELOPING THE FRAMEWORK


ASSET MANAGEMENT – ORGANIZATIONAL VIEW

Visibility Control Automation

THE BUSINESS

ASSET MANAGEMENT – ORGANIZATIONAL VIEW

VisibilityVisibility is about understanding the what/where and how of business operations. What do I need to deliver as a service, where are all those components (whether people, assets or technology) and what is the expectation from the end user.

Control Control ensures that checkpoints and validation are implied on all interactions (whether people, process or asset configurations) to ensure the most optimal and safest delivery of the business goals.

Automation

Automation is about driving efficiencies and selecting the most cost efficient, optimal deliver method to achieve the desired result. Through the ability to perform system integrations, establishing standard procedures, the goal is to provide seamless transparency.

DEFINING ASSET MANAGEMENT

• THE PRACTICE OF MANAGING THE ENTIRE LIFE CYCLE (DESIGN, CONSTRUCTION, COMMISSIONING, OPERATING, MAINTAINING, REPAIRING, MODIFYING, REPLACING AND DECOMMISSIONING/DISPOSAL) OF PHYSICAL AND INFRASTRUCTURE ASSETS.


THE ASSET MANAGEMENT LIFE CYCLE


ASSET MANAGEMENT EXCELLENCE PYRAMID

Process

Re-DesignReliability / Autonomous

Maintenance

Tactics / Data Management / Measures / Planning & Scheduling / Materials Management

Strategy / Management

Quantum Leaps

Continuous Improvement

Control

Leadership

SHIFTING THE APPROACH• Maintenance is about preserving

physical assets• Maintenance is about preserving the

functions of assets

TRADITIONAL APPROACH NEW APPROACH

• Preventative maintenance is about preventing failures

• The primary objective of the maintenance function is to optimize asset reliability at minimum cost

• The maintenance department on its own can develop a successful, lasting maintenance program

• Preventative maintenance is about avoiding, reducing or eliminating the consequences of failures

• Maintenance affects all aspects of business effectiveness and risk – safety, environmental integrity, energy efficiency, and customer service, not just asset reliability

• A successful, lasting maintenance program can only be developed by the technicians and managers working together


ASSET MANAGEMENT EXCELLENCE• STRATEGIC• YOU NEED TO KNOW WHERE YOU

ARE TODAY TO KNOW HOW TO GET WHERE YOU WANT TO GO• ESTABLISH YOUR VISION FOR THE

DEPARTMENT – WHAT ARE WE GOING TO LOOK LIKE NEXT MONTH, NEXT YEAR, THREE YEARS FROM NOW• DRAW THE MAP – SET THE COURSE


ASSET MANAGEMENT EXCELLENCE• TACTICAL• RISK IDENTIFICATION AND

ANALYSIS (MITIGATION)• USING MAXIMO TO MEASURE

PERFORMANCE AND MONITOR THE ALIGNMENT WITH THE DEPARTMENTAL VISION

• ESTABLISH STANDARDS• KEY PERFORMANCE INDICATORS

(MEASUREMENT OF PERFORMANCE AGAINST OBJECTIVES) FMMUG 2015 JFC & ASSOCIATES

ASSET MANAGEMENT EXCELLENCE• CONTINUOUS IMPROVEMENT• APPLYING BEST PRACTICES• HAVING A METHOD• CHAMPION FOR CHANGE• HARD WORK!


ASSET MANAGEMENT PLAN• KEY COMPONENTS• POLICY & STRATEGY (WHERE WE WANT TO BE)• ASSET INVENTORY (WHAT WE HAVE)• ASSET PERFORMANCE AND CONDITION ASSESSMENT

(MEASUREMENT AGAINST OBJECTIVES)• BUDGETING PROCESS (CAPITAL PLAN BASED ON ASSET

PERFORMANCE AND USEFUL LIFE MEASUREMENTS) • PERFORMANCE MONITORING (ENSURING THE ASSETS

PERFORMANCE IS IN LINE WITH STRATEGIES AND POLICES WITHIN THE BUSINESS PLAN).


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Asset Management Elements

“I know where I want to be”

“I know what I have”

“I know where I am against my objectives ”

“I know how to optimally manage across the lifecycle

“I use asset lifecycle information in my budgeting processes.”

Level 1

• Asset Inventory

• Condition Inspection

Level 2

• Policy & Strategy • Level of Service

(LOS) Objectives• Business Plan

Level 3• Condition

Assessment• Performance

Assessment• Risk Analysis

Level 4• Capital

Programming• O&M

Budgeting

Level 5• Performance

modeling• Data-Driven

Lifecycle Management Planning and Models

ASSET MANAGEMENT PLANWHAT’S IN THE PLAN?• SUMMARY LIST, INCLUDING CONDITION OF ALL ASSETS• DEVELOP ASSET REGISTER , VIEW LIFE CYCLE AND CONDITIONAL

INFORMATION • TIME TABLE FOR ADDRESSING DEFERRED ITEMS

• ASSET MANAGEMENT OBJECTIVES AND MEASURES • DEVELOP KEY PERFORMANCE INDICATORS – SHOWING MISSION

CRITICAL ASSETS WORK AND PROJECT RELATED ACTIVITIES• PERFORMANCE GAP IDENTIFICATION • THROUGH BETTER DATA AND ANALYSIS - COMPARISON AGAINST

STANDARDSFMMUG 2015 JFC & ASSOCIATES

ASSET MANAGEMENT PLANWHAT’S IN THE PLAN? CONTINUED• LIFECYCLE COST AND RISK MANAGEMENT ANALYSIS

• FOCUSING RESOURCES AND EXPENDITURES, AND SETTING PRIORITIES, APPROPRIATE TO THE IDENTIFIED RISKS

• FINANCIAL PLAN • CALCULATE REPAIR AND REPLACEMENT VALUE, FORECAST PM STRATEGIES BY

LIFE CYCLE OPTIMIZATION ESTABLISHING THE BEST VALUE COMPROMISE BETWEEN COMPETING FACTORS, SUCH AS PERFORMANCE, COST AND RISK, ASSOCIATED WITH THE ASSETS OVER THEIR LIFE CYCLES

• INVESTMENT STRATEGIES • MAINTENANCE INVESTMENT STRATEGIES – ALLOCATE FUNDS BASED UPON

REPLACEMENT AND REPAIR VALUES


ASSET MANAGEMENT - STRATEGY

• ESTABLISHING THE VISION • STRATEGY WITHOUT INTENT HAS LITTLE POWER TO MAKE CHANGE THAT

STICKS!• SMARTER GOAL SETTING

• SPECIFIC• MEASURABLE• ATTAINABLE• RELEVANT• TIMELY• EVALUATE• RE-EVALUATE



• TRANSPARENCY• THE PLAN SHOULD BE TRANSPARENT AND AVAILABLE FOR ALL TO

REVIEW• BARRIER REMOVAL• NEED TO ESTABLISH A FORMAL METHOD FOR REMOVAL OF ANY

BARRIERS TO THE PLAN• ELIMINATE BAD HABITS• INVOLVEMENT FROM STAFF• CHANGE THE DIRECTION OF THE SAILS – DON’T REBUILD THE SHIP



• DEVELOPING STRATEGY – A SLA APPROACH• NEED TO DETERMINE YOUR CUSTOMERS

NEEDS• IDENTIFY SLA’S IN THE CONTEXT OF THE

ASSET MANAGEMENT STRATEGY• CANNOT DEVELOP AN ASSET MANAGEMENT

PLAN AND SUBSEQUENT STANDARDS WITHOUT THE CONTEXT IN WHICH THEY OPERATE (WITHIN THE SLA)

• BRINGS THE ORGANIZATION INTO FOCUS AND WILL GENERATE NECESSARY BUY-IN FROM EXECUTIVE LEADERSHIP


ASSET MANAGEMENT - STRATEGYASSET MANAGEMENT STRATEGY IS DRIVEN BY A DEFINED

STANDARD OR LEVEL OF SERVICEWHERE THAT LOS IS:

• DRIVEN BY CUSTOMER-USER DEMAND• AS DETERMINED BY THE APPROPRIATE LEGISLATIVE BODY IN A POLITICAL ARENA• TIED AT THE STRATEGIC ORGANIZATIONAL LEVEL TO THE TACTICAL ASSET LEVEL

LOS CAN BE DEFINED AS• CHARACTERISTICS OR ATTRIBUTES OF A SERVICE THAT DESCRIBE ITS REQUIRED LEVEL OF PERFORMANCE• THESE CHARACTERISTICS TYPICALLY DESCRIBE HOW MUCH, OF WHAT NATURE, AND HOW FREQUENTLY


ASSET MANAGEMENT - TACTICAL


ASSET MANAGEMENT - TACTICAL• RISK IDENTIFICATION• SWOT ANALYSIS• BPEST (BUSINESS POLITICAL ECONOMIC SOCIAL TECHNOLOGICAL)• PESTLE (POLITICAL ECONOMIC SOCIAL TECHNICAL LEGAL

ENVIRONMENTAL)• HAZOP (HAZARD AND OPERABILITY STUDIES)• RISK ASSESSMENT WORKSHOPS• INDUSTRY BENCHMARKING• INCIDENT INVESTIGATION• AUDITING AND INSPECTION FMMUG 2015 JFC & ASSOCIATES

ASSET MANAGEMENT - TACTICAL• RISK ANALYSIS• THREAT ANALYSIS• FMEA (FAILURE MODES AND EFFECT ANALYSIS)• FMECA (FAILURE MODES AND EFFECT

CRITICALITY ANALYSIS)• RCA (ROOT CAUSE ANALYSIS)• ETA (EVENT TREE ANALYSIS)• FTA (FAULT TREE ANALYSIS)• DETERIORATION, DEPENDENCY OR SYSTEM

PERFORMANCE MODELINGFMMUG 2015 JFC & ASSOCIATES

ASSET MANAGEMENT - TACTICAL• SELECTION OF CONTROLS / RISK MITIGATION• RELIABILITY CENTERED MAINTENANCE (RCM);• RISK BASED INSPECTION (RBI)• INSTRUMENT PROTECTIVE FUNCTION (IPF).


ASSET MANAGEMENT - TACTICAL• THE RESULTS OF RISK ASSESSMENTS, THE EFFECTS OF RISK

CONTROL MEASURES AND SLA COMPLIANCE ARE CONSIDERED AND, AS APPROPRIATE, PROVIDE INPUT INTO:• THE ASSET MANAGEMENT STRATEGY• THE ASSET MANAGEMENT OBJECTIVES• THE ASSET MANAGEMENT PLAN• THE IDENTIFICATION OF ADEQUATE RESOURCES INCLUDING STAFFING

LEVELS• THE IDENTIFICATION OF TRAINING AND COMPETENCY NEEDS• THE DETERMINATION OF CONTROLS FOR ASSETS’ LIFE CYCLE

ACTIVITIES AND THE IMPLEMENTATION OF ASSET MANAGEMENT PLAN• THE ORGANIZATION’S OVERALL RISK MANAGEMENT FRAMEWORKFMMUG 2015 JFC & ASSOCIATES

ASSET MANAGEMENT - TACTICAL• DATA GOVERNANCE• DEFINE WHICH ASSET ATTRIBUTES ARE VITAL TO

YOUR BUSINESS• AVOID COLLECTING DATA THAT CANNOT BE EASILY

TRACKED/MAINTAINED• AUTO KEY ASSET NUMBERING – AVOID SMART

KEYS AT ALL COSTS!• FORMALIZE THE PROCESS OF DATA

ADDITIONS AND UPDATES• REVIEW THE INFORMATION PERIODICALLY

AND MAKE CHANGES WHEN NECESSARYFMMUG 2015 JFC & ASSOCIATES


• FIVE CORE QUESTIONS• WHAT IS THE CURRENT STATE OF MY ASSETS?• WHAT DO I OWN?• WHERE IS IT?• WHAT CONDITION IS IT IN?• WHAT IS ITS REMAINING USEFUL LIFE?• WHAT IS ITS REMAINING ECONOMIC VALUE?


ASSET MANAGEMENT - TACTICAL• BUILDING YOUR HIERARCHY• MAINTENANCE MANAGED ITEM(MMI) IS AN ITEM

AT THE LOWEST LEVEL—THE SMALLEST SUBDIVISION—OF AN ASSET REGISTRY COMPOSED AS A NESTED HIERARCHY

• TYPICALLY, IT IS THE LEVEL AT WHICH AN ASSET IS MAINTAINED(FOR EXAMPLE, PARTS ARE IDENTIFIED), OR DECISIONS ARE MADE TO REPAIR, REFURBISH, OR REPLACE


ASSET MANAGEMENT - TACTICALCONSIDER THE COST OF THE DATA

FacilityParent AssetChild AssetComponent

Sub ComponentSpare

X 1.0

X 1.7

X 2.5

X 4.5

Cost Factor for obtaining asset data increases with increasing depth in the hierarchy.


ASSET MANAGEMENT - TACTICAL• CONDITIONAL ASSESSMENTS• VARIETY OF METHODS – IMPORTANT TO HAVE A STANDARD

TO APPLY ACROSS THE ENTIRE ASSET PORTFOLIO• CONSIDER SEVERITY RATINGS TO BE USED IN ANALYSIS

AND PLANNING EXERCISES• ONGOING ACTIVITY – LITTLE VALUE IF NOT ROUTINELY

UPDATED


ASSET MANAGEMENT - TACTICAL• CONDITIONAL ASSESSMENTS – QUESTIONS TO CONSIDER• WHEN WAS THE ASSET CONSTRUCTED / REHABILITATED /

REPLACED?• WHERE IS THE ASSET / COMPONENT IN ITS LIFECYCLE?• WHAT IS THE ASSET’S THEORETICAL EFFECTIVE LIFE?• WHAT IS THE ESTIMATED RESIDUAL LIFE UNTIL REHABILITATION

AND / OR REPLACEMENT IS NECESSARY?• HAS THE ASSET BEEN INSPECTED PHYSICALLY AND BY WHAT

PROCESS?• HOW CAN THE ASSET’S DETERIORATION BE PREDICTED?


ASSET MANAGEMENT - TACTICAL• CONDITIONAL ASSESSMENTS – QUESTIONS CONTINUED• HOW CAN THE ASSET’S FAILURE BE PREDICTED?• HOW COULD PLANNED MAINTENANCE PREVENT THE ASSET’S

FAILURE OR EXTEND THE TIME TO FAILURE?• CAN THE ASSET BE REHABILITATED AND AT WHAT COST?• WHAT LEVEL OF SERVICE WILL THE ASSET DELIVER ONCE

REHABILITATED AND FOR HOW LONG?• IS THE ASSET TECHNICALLY OR COMMERCIALLY OBSOLETE?• ARE ASSET CONDITION GRADES APPROPRIATE AND RELEVANT?• ARE ASSET CONDITION MONITORING PROCESSES EFFECTIVE?


ASSET MANAGEMENT - TACTICAL• CONDITIONAL ASSESSMENTS - SIMPLE


ASSET MANAGEMENT - TACTICAL• CONDITIONAL ASSESSMENTS - INTERMEDIATE


ASSET MANAGEMENT - TACTICAL• CONDITIONAL ASSESSMENTS – AFTER BASELINE• CONSIDER ADDING ATTRIBUTES TO DATABASE TO TRACK

VALUE (DOMAIN VALUE LIST)• CONSIDER LEVERAGING METERS ASSOCIATED TO ASSET

FOR CONDITION (TO LEVERAGE CONDITION MONITORING)• ENTRUST YOUR TECHNICIANS TO CAPTURE ACCURATE

INFORMATION • PROVIDE APPROPRIATE TRAINING FOR EVALUATION OF

CONDITIONAL ASSESSMENTS (SME’S FOR EACH MAJOR ASSET CLASS)



DEFERRED MAINTENANCE• WHEN WE DO NOT MAKE A DECISION, WE ARE MAKING A DECISION TO ACCEPT THE CONSEQUENCES ASSOCIATED WITH DEFERRING THE PROBLEM OR SITUATION.


ASSET MANAGEMENT - TACTICALDEFERRED MAINTENANCE• TRACK ALL ITEMS AND IDENTIFY THEM AS DEFERRED

(CONSIDER STATUS OF DEFERRED OR BACKLOG)• IDENTIFY ALL PLANNED COSTS ASSOCIATED WITH THE

CORRECTIVE ACTION (PLANNED LABOR / MATERIALS / SERVICES)

• PERIODIC REVIEW OF LIST TO ENSURE ITEMS ARE IDENTIFIED FOR ACTION

• ESTABLISH TARGET DATES FOR RESOLUTION (TARGET START AND FINISH DATES)

• NEVER ASSUME THAT AN ISSUE IS KNOWN TO ALLFMMUG 2015 JFC & ASSOCIATES

ASSET MANAGEMENT - TACTICAL• WORK MANAGEMENT IN SUPPORT OF ASSET

MANAGEMENT• NEED THE APPROPRIATE PROCESSES IN PLACE TO

SUPPORT THE ASSET MANAGEMENT PLAN• NEED TO MAKE THE FOCUS ON PRIORITY DRIVEN, RISK

MITIGATION ACTIVITIES (PM VS. CM)• PLANNING AND SCHEDULING – IMPORTANCE CANNOT

BE OVERSTATED


WORK MANAGEMENT PROCESS MATRIX


ASSET MANAGEMENT - TACTICAL• KEY PERFORMANCE INDICATORS• MAINTENANCE COST AS % OF OPERATING COSTS

• HOW MUCH OF THIS IS FOR PLANNED WORK?• HOW MUCH OF THIS IS FOR UN-PLANNED WORK?• HOW MUCH OF THIS IS FOR EMERGENCIES?• WHAT’S THE SPLIT AMONG LABOR, MATERIAL AND

CONTRACTOR COSTS?• OVERTIME % (AVERAGE)?• WRENCH TIME ESTIMATE AS % OF PAID TIME?

• STORES INVENTORY VALUE AS % OF ASSET REPLACEMENT VALUE• WHAT ARE YOUR ANNUAL MATERIAL COSTS?• INVENTORY TURNS?

• RESULTS AVAILABILITY OF PLANT OR MAJOR “BOTTLENECK” PROCESS?• OUTPUT QUALITY RATE?• PRODUCTION RATE AS % OF SUSTAINABLE PROVEN MAXIMUM

RATE?• OEE (OVERALL EQUIPMENT EFFECTIVENESS)


ASSET MANAGEMENT - TACTICAL• MAXIMO IN SUPPORT OF ASSET MANAGEMENT

• ASSET MANAGEMENT – ACHIEVE THE CONTROL YOU NEED TO MORE EFFICIENTLY TRACK AND MANAGE ASSET AND LOCATION DATA THROUGHOUT THE ASSET LIFECYCLE

• WORK MANAGEMENT – MANAGE BOTH PLANNED AND UNPLANNED WORK ACTIVITIES, FROM INITIAL REQUEST THROUGH COMPLETION AND RECORDING OF ACTUALS

• SERVICE MANAGEMENT – DEFINE SERVICE OFFERINGS, ESTABLISH SERVICE LEVEL AGREEMENTS (SLAS), MORE PROACTIVELY MONITOR SERVICE LEVEL DELIVERY AND IMPLEMENT ESCALATION PROCEDURES

• CONTRACT MANAGEMENT – GAIN COMPLETE SUPPORT FOR PURCHASE, LEASE, RENTAL, WARRANTY, LABOR RATE, SOFTWARE, MASTER, BLANKET AND USER-DEFINED CONTRACTS

• INVENTORY MANAGEMENT – KNOW THE DETAILS OF ASSET RELATED INVENTORY AND ITS USAGE INCLUDING WHAT, WHEN, WHERE, HOW MANY AND HOW VALUABLE

• PROCUREMENT MANAGEMENT – SUPPORT ALL THE PHASES OF ENTERPRISE-WIDE PROCUREMENT SUCH AS DIRECT PURCHASING AND INVENTORY REPLENISHMENT


ASSET MANAGEMENT - TACTICAL• MAXIMO BEST PRACTICES• CLASSIFICATIONS


ASSET MANAGEMENT - TACTICAL• MAXIMO BEST PRACTICES• JOB PLAN SEQUENCING


ASSET MANAGEMENT - TACTICAL• MAXIMO BEST PRACTICES• ROUTES


ASSET MANAGEMENT - TACTICAL• MAXIMO BEST PRACTICES• ROUTES


ASSET MANAGEMENT - TACTICAL• MAXIMO BEST PRACTICES• CONDITION MONITORING


ASSET MANAGEMENT – CONTINUOUS IMPROVEMENT• ASSET MANAGEMENT CYCLE• MUCH LIKE AN ASSET LIFE CYCLE, THE ASSET MANAGEMENT PLAN

GOES THROUGH IT’S OWN LIFE CYCLE• MAINTENANCE PERFORMED TODAY WON’T BE THE SAME TOWARDS

THE END OF THE ASSETS LIFE (MOST OFTEN OVERLOOKED AREA OF ASSET MANAGEMENT)

• PLAN NEEDS TO GO THROUGH REVIEW ON AN ANNUAL BASIS • CONSIDER ALL ENVIRONMENTAL CHANGES – NEW CONSTRUCTION,

STAFF REDUCTIONS, INDUSTRY COSTS, TECHNOLOGY


ASSET MANAGEMENT REVIEW• STRATEGIC – ESTABLISHING THE PARAMETERS IN WHICH YOUR ORGANIZATION WILL MANAGE YOUR ASSETS• TACTICAL – TOOLS TO MANAGE THE ASSETS IN

THE CONTEXT OF THE ASSET MANAGEMENT PLAN• CONTINUOUS IMPROVEMENT – DON’T REST ON

YOUR LAURELS – NEED TO CONTINUOUSLY FOCUS ON OPTIMIZING THE PLAN


RESOURCES TO CONSIDER

PAS55 – PUBLICLY AVAILABLE SPECIFICATION 55ISO55000 – INTERNATIONAL STANDARD 55000


QUESTIONS

WE ARE WHAT WE REPEATEDLY DO, EXCELLENCE THEN, IS NOT AN ACT,

BUT A HABIT. - ARISTOTLEJohn Gould

JFC & Associates

[email protected]

617-963-3590


mailto:[email protected]