Week 2 - Consolidation Exercises

Question 1

How is the Deming’s model for continual improvement used across an asset lifecycle? (7)

M, Pe, Pr, Po, R, O, C

Answer 1

• Measurable targets established
• Performance related to targets
• Problem areas targeted
• Potential solutions tested
• Results studied
• Optimum solution implemented
• Cycle restarts

Question 2

Why is continuous feedback important in organisations? (5)

M, M, L, I, I

Answer 2

• Monitors any changes in stakeholder requirements
• Monitors capacity vs demand
• Looks at best practice through industry case studies
• Identifies legislative changes
• Identifies new technologies

Question 3

Explain what a P3 environment is.

Answer 3

A business arrangement used to package similar types of work into Portfolios, Programmes of work and individual Projects.

Question 4

Describe what governance means and who determines it.

Answer 4

The procedural and cultural aspects that define an organisation, established and overseen by senior members of staff to ensure accountability.

Question 5

How does governance change across a project lifecycle?

Answer 5

As stakeholders requirements and legislation changes, governance will also change, so that decisions can be made based upon procedural and cultural shifts.

Question 6

Define the importance of a policy for an organisation. (5)

Answer 6

• Identifies long term commitments
• Identifies timeframes & deadlines
• Sets out vision and goals
• Sets out organisational structure
• Sets out legal obligations

Question 7

Discuss the key considerations for the organisation regarding ‘Customers’ in developing a Strategic Plan. (4)

Answer 7

• Value of asset to stakeholder.
• Demand for use of asset for stakeholder.
• Current culture of use.
• Preferred technologies.

Question 8

Discuss the key considerations for the organisation regarding ‘Legislation’ in developing a Strategic Plan. (4)

Answer 8

• Changes to current legislation
• Key judgements (court cases) that may affect design & operation
• Application of contract
• Investment to upgrade assets to meet changing legislation

Question 9

Discuss the key considerations for the organisation regarding ‘Investors’ in developing a Strategic Plan. (5)

Answer 9

• Mix of funding to a project
• Expected return on investment
• Use of investors as sponsors
• Percentage against tax payers money
• Governance- accountability

Question 10

Discuss the key considerations for the organisation regarding ‘Commercial Environment’ in developing a Strategic Plan. (5)

Answer 10

• Political influences
• Strength of currency in international market
• Mix of capital investment vs funders
• Inflation
• International currencies

Question 11

Why is it important for asset owners to have a suitable asset management strategy in place in order to manage their assets?

Answer 11

• Achieve BS ISO 55000 Series compliance
• Focuses on uncertainty to make better informed decisions
• Safety, economic use, quality, availability, optimised expenditure, stakeholder assurance

Question 12

What are some barriers to communication within IAM context?

Answer 12

• Lack of transparency/trust
• Poor communication channels
• Convoluted hierarchal structure
• Physical separation
• Lack of clarity
• Cultural differences

(correct people need to access the correct data)