Week 1 - Consolidation Exercises Flashcards
What is an asset?
An item, thing or entity that has potential or actual value to an organisation.
Why are assets important?
They can generate revenue for an organisation and they also help an organisation to achieve one of or all of their business objectives.
Providing examples, what is meant by ‘Tangible assets’?
Assets from which hard data can be retrieved, including physical, financial, human and information assets.
Providing examples, what is meant by ‘Intangible assets’?
Assets from which hard data cannot always be retrieved. Examples include; copyright, specialist knowledge and reputation.
Providing examples, what is meant by ‘Financial assets’?
Assets concerned with the investment required to operate and maintain said asset. Examples include; cash, bonds and stocks.
Providing examples, what is meant by ‘Non-financial assets’?
An asset that cannot be traded on the physical market, and whose value comes from it’s physical network. Examples include; real estate, equipment and plant.
Providing examples, what is meant by ‘Human assets’?
The people that enable the operation of an asset, such as specific employees (maintenance teams, engineers etc..
Providing examples, what is meant by ‘Information assets’?
Physical or non-physical forms of data. Examples include; audit trails, databases, contracts & agreements etc.
How does good data collection and management improve the delivery of Infrastructure Asset Management (IAM) systems?
Information is collected and managed from ‘component’ through to ‘system,’ level. This information can be condition data, performance data or more.
The information is used to:
- Eliminate waste
- Inform better use of resources
- Deliver on client needs
- Add value to the end user
Innovation helps the function of assets, how might future research continue to improve this function?
- New materials can increase the lifespan of an asset
- new technologies can improve data collection or the application of maintenance techniques
- Innovation in data collection and design can reduce the risk to human life and increase the effectiveness of maintenance techniques
How can asset owners and the leaders of asset management teams help innovation within teams & individuals to benefit an organisation?
- Encourage innovative culture
- Provide resources & support
- Recognise and reward innovation
- Embrace a learning mindset
What is meant by lifecycle delivery?
The four stages of asset management (cyclic): Acquire, operate, maintain and dispose.
From the initiation of the client’s brief through to disposal of an asset, when the asset no longer holds value to the user.
Discuss the types of stakeholders involved in Infrastructure assets?
- Client / Operating organisation
- Designers / Contractors
- Interdependent asset owners
- Investors
- End users
Why is it important to discuss with Stakeholders when considering how to best optimise the service life of assets?
End users will be able to inform asset owners on the culture for use (i.e. preferred technologies) and the demand for use, so that the organisation can make decisions based on current use and spare capacity. This channel of communication should go both ways, asset owners should communicate what they are doing to the network to the end users.
