Week 10: Infrastructure Asset Management Flashcards
What is a short-term mindset?
- Natural tendency
- Instant delivery environment
- Political preference
- Self-interest prevalent
Make decisions based on interests (finite game)
What is long-term thinking?
- Requires discipline
- Considers next generation
- Requires participation internally and externally
- Leaders and engineers initiate by example
Requires decision making through values and morals (infinite game)
What is an asset?
An item or property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
What is asset management?
Systematic process of deploying, operating, maintaining, upgrading, and disposing of assets cost-effectively.
What is the objective of Sustainable Management of Infrastructure (SMI)?
To provide the desired level of service in the most cost effective manner for present and future customers.
focused on long-term effects of short term solutions
What are the benefits of asset management?
Performance and cost effectiveness
Communication, accountability and credibility
What are the benefits of SMI?
- Improved understanding of service level options, cost, risks
- Improve decision making based on benefits and cost of alternatives
- Communicate and justify funding requirements to internal and external parties
- Demonstrate responsible stewardship of assets
What is Triple Bottom Line (TBL) accounting?
social, economic, environmental
TBL accounting expands traditional reporting framework to take into account social and environmental performance in addition to financial performance.
bottom line = profit/loss
Is asset management a legal requirement?
Yes.
Local Government Act 2002
What are Levels of Service (LOS)?
- Describes what organisation is tending to deliver
- Commonly associated with traffic
- Commonly related to service attributes: quality, reliability, responsiveness, sustainability accessibility, cost.
We measure LOS with SMARTER. What does each letter stand for?
Specific
Measurable
Achievable
Relevant
Time-bound
Evaluation
Reassess
What is asset condition assessment?
Evaluating physical state and operational performance of various assets, such as roads, bridges, buildings, utilities.
- Visual inspection
- Remote sensing
- Pavement condition assessment
- etc.
What is deterioration modelling?
Modelling and prediction of the physical state of environment, structures, infrastructure or tangible assets.
related to maintenance and rehabilitation
What are the different types of deterioration models?
Deterministic models
Probabilistic models
Markov models
Machine Learning
What are the principles of Asset Management?
(What should all AM have in common?)
Policy driven
Performance based
Options evaluated
Decisions based on quality information
Clear accountability
What is a business case?
what is the purpose?
Provides justification for undertaking a project.
Evaluates benefits, costs and risks of alternative options. Presents preferred solution.
Goal: Obtains management commitment and approval for investment or funding.
What are the different types of business cases?
Indicative (early market engagement)
Detailed (agreement to approach market)
Implementation (detailed management arrangements)
What are the limitations of a strategic plan?
(Long term asset management)
- A lot of guess work
- Models are only as good as data
- Data does not account for Black Swans
- Context can change rapidly
- Fashions come and go
- Procurement is going private
- Legislation
- Local/National Government changes every 3 years
What are some consumer LOS used for pavements?
- Safe surface to travel on
- Smooth surface to travel on
- Surface for a comfortable driving experience
- User experience
What are some technical LOS used for pavements?
- Structure that protects the subgrade from excessive stress
- Structure that protects the subgrade from moisture
- Structure that provides skid resistance
- Structure protects local services
- etc.
What is NZ’s largest infrastructure asset?
Pavement
What are technical Performance Measures that could be formed for a state highway road in NZ?
Quality
Quantity
Availability
Legislative requirements
Maintainability
etc.
What functional (consumers) PMs could be formed for a state highway road in NZ?
Customer service
Facilities
Responsiveness
Willingness to help
Assurance
Caring
Empathy
Trust and confidence
etc.
What are the 4 Social Key Performance Measures or Social Key Performance Indicators (S-KPIs)?
Road safety
Environment
Socio-economy
Availability and disturbance
