Total Asset Management

The objective is to create a living plan asset management plan that incorporates changes to the plan as part of business as usual rather than irregular large and expensive projects. Recording the asset transactions as described below means that an assets' plan is updated as the changes occur ensuring an up to date plan that is a sound basis for 

The asset management plan is also closely linked to the capital expenditure budgeting process forming the initial list of asset and projects to be included in the budget. The end result of the budget process is updating the asset in the asset management plan where expenditure has been brought forward or deferred. 

The four primary transactions that support a sustained asset management plan are defined below. .
1. Asset Creation
When new assets arrive they are included in the AMP by the characteristics they have i.e. the asset type, pre-set class and maintenance class in Hardcat that specify the information required to support inclusion in the plan.
Each role (Owner, User, Maintainer, Asset Management and Specialist) has a part to play in the addition of assets however the primary data entry function performed by the asset manager is crucial in having the asset added to the register in such a way that ensures the asset is added to the plan.
2. Changes to Assets Status
Changes to the state of an asset e.g. use patterns, refurbishment, or significant impairment should be recorded in the system as part of the maintenance logging system and the end of life date updated to reflect this change.
Impaired assets should also have the end of life expectancy changed to reflect the impairment.
3. Regular Reviews
The review process is best incorporated into the capital expenditure budgeting process and is used to validate the current asset status specifically condition and strategic fit.

Assets that are performing adequately to have their end of life changed due to the unavailability of parts that renders the asset not serviceable or the requirement for the asset may diminish due to technology or change of practice. 
The strategic importance of assets changes as organisations requirements change and these changes should be reflected in the system. 
4. Disposals
Sold assets are immediately excluded from the asset management plan so it is important that replaced asset are disposed so that the AMP retains its integrity.
Robust processes around the disposal process must be component of the implementation of the asset management plan.

Total Asset Management can assist your organisation to achieve a sustainable asset management plan through the development of policies and procedures that govern the asset life cycle.