7. In the introduction to Asset Management we saw two versions of the Asset Management Cycle: 1 7 How will we pay for it? What do we own? 2 6 What is it worth? a. Basic version Cycle is run concurrently for both long-range (strategic) planning and short-range (operational) planning of AM activities. What we own, What it is worth and What is its condition are inventory, value, condition and assessment phases. What needs to be done and When do we need to do it takes into consideration likelihood and risk associated with failure of the infrastructure What is the cost impact and How do we pay for it are tasks that identify funding requirements and sources. It is a cycle, so lessons learned from each cycle are utilized to further develop the program by improving the quality of the data, analysis & assumptions, incorporate unique local conditions and requirements, etc. What is the cost impact? What is its condition? 3 When do we need to do it? 5 What needs to be done? O 4 b. Measure and Report Assess Asset Management Practices IMPLEMENT ENGAGE ASSESS information Finances Asset Management BC Version This version is outlined in more detail in 2 documents, that establish a recommended framework for AM development and implementation in BC. These documents are posted up to the student website: 1. Asset Management for Sustainable Service Delivery - Executive Summary 2. Asset Management for Sustainable Service Delivery - Full Version Also here is the link to the AM BC website Implement Asset Management Practices SUSTAINABLE SERVICE DELIVERY Assess the Current State of Assets Assets REVIEW People OMMUNICATE Integrate to Long-term Financial Plan Asset Management Policy Asset Management Plan Asset Management Strategy PLAN Given the 2 versions of the Asset management cycle, review the components of each and prepare a summary answering the following: a) How does the AM BC version compare with the basic version? In other words, how do the phases / tasks of the AM BC version fit within the basic AM cycle? How do they compare? b) What aspects of AM planning process are added to the AM BC version? You might find it easiest to summarize your analysis by using a table to compare and contrast the components of the two versions. Perhaps with a short paragraph (can even be point form) to answer Part B. 7. In the introduction to Asset Management we saw two versions of the Asset Management Cycle: 1 7 How will we pay for it? What do we own? 2 6 What is it worth? a. Basic version Cycle is run concurrently for both long-range (strategic) planning and short-range (operational) planning of AM activities. What we own, What it is worth and What is its condition are inventory, value, condition and assessment phases. What needs to be done and When do we need to do it takes into consideration likelihood and risk associated with failure of the infrastructure What is the cost impact and How do we pay for it are tasks that identify funding requirements and sources. It is a cycle, so lessons learned from each cycle are utilized to further develop the program by improving the quality of the data, analysis & assumptions, incorporate unique local conditions and requirements, etc. What is the cost impact? What is its condition? 3 When do we need to do it? 5 What needs to be done? O 4 b. Measure and Report Assess Asset Management Practices IMPLEMENT ENGAGE ASSESS information Finances Asset Management BC Version This version is outlined in more detail in 2 documents, that establish a recommended framework for AM development and implementation in BC. These documents are posted up to the student website: 1. Asset Management for Sustainable Service Delivery - Executive Summary 2. Asset Management for Sustainable Service Delivery - Full Version Also here is the link to the AM BC website Implement Asset Management Practices SUSTAINABLE SERVICE DELIVERY Assess the Current State of Assets Assets REVIEW People OMMUNICATE Integrate to Long-term Financial Plan Asset Management Policy Asset Management Plan Asset Management Strategy PLAN Given the 2 versions of the Asset management cycle, review the components of each and prepare a summary answering the following: a) How does the AM BC version compare with the basic version? In other words, how do the phases / tasks of the AM BC version fit within the basic AM cycle? How do they compare? b) What aspects of AM planning process are added to the AM BC version? You might find it easiest to summarize your analysis by using a table to compare and contrast the components of the two versions. Perhaps with a short paragraph (can even be point form) to answer Part B
