We have been ‘managing assets’ for a long time - however there are some vital adjectives that distinguish good practices in joined-up and optimized asset management from historical ‘merely managing the assets’. These adjectives are generic attributes:
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- Holistic: asset management must be cross-disciplinary, total value focused
- Systematic: rigorously applied in a structured management system
- Systemic: looking at assets in their systems context, again for net, total value
- Risk-based: incorporating risk appropriately into all decision-making
- Optimal: seeking the best compromise between conflicting objectives, such as costs versus performance versus risks etc.
- Sustainable: plans must deliver optimal asset life cycles, ongoing systems performance, environmental and other long term consequences.
- Integrated: at the heart of good asset management lies the need to be joined-up. The total jigsaw puzzle needs to work as a whole - and this is not just the sum of the parts.