Asset Management

The notion is known by various names; asset management, advanced asset management, infrastructure asset management, total asset management.

I prefer the term advanced asset management, and the following definitions:

A comprehensive and structured approach to the long term management of assets as tools for the efficient and effective delivery of community benefits.

–American Public Works Association Asset Management Task Force

 

Combining the most appropriate infrastructure set and management practices to provide the desired service at the lowest life-cycle cost. Or, the strategy that yields the most bang for the least bucks over the long haul.

–Carl E. Brown

I like to boil advanced asset management down to these five groups of questions.

1. What do I own, what is it's condition and where is it?

2. What level of service do I want my system to provide?

3. What components are critical, how do they fail and what should I do about it?

4. What are my system configuration and operating alternatives?

5. For the system configuration and operating alternative I have chosen, how much will it cost and what rates are needed to support this alternative set?

The guide Advanced Asset Management - An Introduction, will give you the basics for getting started into advanced asset management. The following resources should help you learn more about advanced asset management. After getting to know the concept, contact me about helping you to develop a program for your system or just use this notion on your own to make your organization function better.

• Advanced Asset Management Links
• Water and Sewer Issue Resources
• "Gap" Analysis