Integrated Asset Management Planning Flashcards
What are the two main types of asset management plans
Strategic asset management plan (SAMP) N, the asset management plan (AMP).
What are the main characteristics from the strategic asset management plan?
It is a long term plan
Often aimed at securing funding
Typically 5 to 25 year plans
Work volumes accurate at high-level
Work volumes, often derived from asset policies or rules
Consider scenarios for different demand/output options
High-level statement of outputs
Defined in a strategic asset management plan 
What are the main characteristics from asset management plan?
It is a short term
Normally used for planning day to day activities 
Typically 1 to 5 year plans
Work is defined for a specific assets
Work is derived from the bottom up using defined criteria
Specific options with increase in cost accuracy
Demonstrable linkage to outfits
Defined in and asset management plan
What plan does a one year plan can feed directly?
A delivery plan
What is delivery plan?
It is the most detailed level of planning and scheduling against which actual work activities can be completed 
What a 4+ year plan should contain?
It should contain sufficient information, based on known information on assets, portfolio age, condition, performance, and other factors, to specify work volumes against individual assets, or groups of assets, depending on the accuracy of the information 
What a 20+ outlook plan contains?
It contains overall work volumes and cost across the entire asset portfolio at a level of accuracy, which is reliable at a high-level (e.g. Assets system, or overall population level).
What drives a long range strategy plan?
It is driven by generic policies or rules for different asset types, which are than modelled 
How the rolling AMP process works?
As time progresses, the whole set of related plans are rolled forward, usually on an annual basis 
What’s the difference between Optimization and Prioritization?
Optimization selects the best approach that “balances” competing factors and usually target the lowest while-life mix, while Prioritization helps the organization allocate scarce resource, such as money.
How prioritization is related to iso 55,001?
Prioritization criteria will be aligned to the organization’s values and objectives, and are a subset of what iso 55001 calls “decision making criteria”
Which activities are included in the asset management plan?
Investment in new assets, maintenance and operation of existing assets, replacement and disposal of older assets
What does a strategic planning achieve?
Strategic planning defines long-term activities to deliver objectives
Which of the following are outfits from an asset management plan?
Work volumes and costs
How would you prioritize a range of investment projects to meet a constrained budget?
Rank the investment projects, according to those which will contribute most to achieving the organization’s objectives
