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Asset Management Principles FINAL REPORT

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Asset Management Principles FINAL REPORT Asset Management Strategies Project Charter Asset Management Principles FINAL REPORT Prepared by Group 6: Xavier Dao Elvera Khosho Bernadette Macaraniag. Michael Napoli Ornok Niloy. Jacob Smyth FACULTY OF ENGINEERING Asset Management Principles Project Charter Table of Contents 1. Executive Summary .................................................................................................................. 4 2. Introduction to Project Brief .................................................................................................... 5 3. Project Overview and Approach............................................................................................... 7 3.1 Overview ........................................................................................................................... 7 3.2 Approach .......................................................................................................................... 7 4. Scope ......................................................................................................................................... 9 4.1 Goals and Objectives ....................................................................................................... 9 4.2 In Scope ............................................................................................................................. 9 4.3 Out of Scope ...................................................................................................................... 9 4.4 Project Deliverables ....................................................................................................... 10 4.5 Success Criteria .............................................................................................................. 10 4.6 Benefits ............................................................................................................................ 10 4.7 Project Constraints ........................................................................................................ 11 4.8 Assumptions.................................................................................................................... 13 5. Time ........................................................................................................................................ 14 5.1 High Level Schedule ....................................................................................................... 14 5.2 Milestones ....................................................................................................................... 15 6. Project Governance ................................................................................................................ 16 7. Stakeholder Management....................................................................................................... 17 8. Literature Review ................................................................................................................... 16 8.1 Challenges in Asset Management ...................................................................................... 16 8.1.1 Introduction .................................................................................................................... 16 8.1.2 Organisational Issues...................................................................................................... 17 2 FACULTY OF ENGINEERING Asset Management Principles Project Charter 8.1.3 Financial Issues .............................................................................................................. 19 8.1.4 Political Issues ................................................................................................................ 20 8.2 Current State of Asset Management in Australian Councils.......................................... 21 8.2.1 State Shortcomings ......................................................................................................... 22 8.2.2 Knowledge Gaps and Areas to Address For NSW Councils ......................................... 24 9. Analysis ................................................................................................................................... 26 10. Methodology / Justification ................................................................................................ 27 11. Results ................................................................................................................................. 30 12. Discussion ........................................................................................................................... 36 12.1 Observations about Current Glossaries....................................................................... 36 12.2 Limitations ...................................................................................................................... 37 13. Current Implementation ..................................................................................................... 39 14. Recommendations for Future Work .................................................................................. 40 15. References ........................................................................................................................... 42 16. Appendices .......................................................................................................................... 53 16.1 Asset Management System ............................................................................................... 53 16.2 Asset Lifecycle ................................................................................................................... 53 16.3 Lifecycle Costs ................................................................................................................... 54 16.4 Level of Service ................................................................................................................. 54 16.5 Asset Maintenance ............................................................................................................ 54 16.6 Council vs Control Definitions Analysis Breakdown .................................................... 55 3 FACULTY OF ENGINEERING Asset Management Principles Project Charter 1. Executive Summary This project aims to provide a simplified understanding of asset management principles so that all local councils in NSW will be operating under one holistic framework. The project will develop a glossary of terms to be integrated into current asset management programs and accepted by the majority of asset management stakeholders. The definitions should provide clarity between local government, community, and stakeholders. The project will be carried out over a number of phases across a six-week timeline. Project milestones will include the finalisation of the literature review and the drafting of report items for feedback. The project will deliver a professional and well considered report containing a literature review, analysis, definitions, guidance, and recommendations. The analysis will include a compilation of the different definition the 128 councils have for each glossary term with a methodology outlining the process for obtaining the final definition. The results will be presented in a guidance which can be used as a guide for local councils in terms of asset management principles. The assumptions underpinning the project relate to the project’s operational requirements, the project’s end users, and the implied assumptions within the brief. All assumptions are outlined within the report with major assumptions including: • The selected consultants have the appropriate experience, capability, and skillset (technical or business) to deliver the project in time. • The consultants and clients will be available as specified in the contracts and manage to finish the task within the timeframe. • Equipment and other essential resources will be available to meet the schedule plan. All engineering-related testing, investigations, and assessment (e.g., performing quantitative analysis on data aggregates and frequency) for the project are carried out and appropriately accounted for in the planning phase. 4 FACULTY OF ENGINEERING Asset Management Principles Project Charter 2. Introduction to Project Brief An asset can be defined as a plant, machinery, property, infrastructure, vehicles, or any other item with inherent value to an individual or organisation (ISO, 2014). However, the term is associated with different things based on the context. Public assets owned by the government mainly consist of physical or infrastructure assets and may include intangible assets such as propriety rights. Since public assets have enormous economic significance, they must be appropriately managed. According to the standard ISO 55000, asset management is the “coordinated activity of an organisation to realise value from assets.” However, this definition doesn’t reflect the varied scope of asset management, especially within the engineering, physical and infrastructure industries. It is a holistic and integrated technique used to mediate stakeholder and shareholder's needs (shown in Figure 1). Officials and investors around the world have noticed the importance of asset management as a vital business practice (PMI, 2018), and outcomes of successful asset management include: • Reduced whole life costs • Maximised value • Improved quality of assets • Applied whole-life and cost perspectives • Promotion of long-term sustainability
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