Life Cycle and Risk Management Assignment 3: A workplace-based report

This assessment task involves collaborative team arrangement efforts and designed to explore engineering asset management as a system incorporating life cycle management. You will have the opportunity to look at theses frameworks in the notes and the standards and compare your own views with your team mates in the group discussion space in preparing for this assignment. This discussion along with your various industrial experiences will give you a good basis to visualize the abstract asset management system within its industrial context.

This assignment is a continuation to assignment 1 and 2 that involves identifying engineering asset management as a system and understanding its structure in terms of activities and relationships. As a team you need to select an asset preferably the same assets selected in assignment 2 and identify the asset management system associated with it within its context: "the organisation's system". This is to be done through demonstrating applicability of a standard, framework or a model and utilizing or tailoring it to the need within the asset management system for improving the management of a particular asset or set of assets in any organization or industry. It also explores the role of this engineering asset management system in the organisation management system and organisational strategy.

Key questions

Over the course of the assignment you should be developing an increasingly sophisticated response to related key questions that an asset manager/ engineer should be able to answer.

1. What is the structure of engineering asset management and how does exist within an organization?

2. What are the interfaces or interrelationships between the engineering asset management system and other activities of an organisation?

3. What is the role of engineering asset management in the organization's management and strategy and how to improve its role for better contribution to the organisation?

Purpose:

• Explore asset management as a system incorporating life cycle management.
• To demonstrate applicability of a standard, framework or a model and utilizing or tailoring it to the need within the asset management system for improving the management of a particular asset or set of assets in any organization or industry.

Associated subject learning outcomes - Following the completion of the work set out in this guide you should be able to:

1. Articulate the context and contribution of asset management as a discipline.

2. Understand the interfaces between the discipline and other activities of an organisation.

3. Select and apply appropriate models and standards to specific asset management situations.

Assignment 3 Sequential Task Breakdown

(i) As a team use one of the studied frameworks or standards to identify the asset management system associated with the same selected asset or set of assets in assignment 2. This includes the asset management system activities and the control elements.

(ii) In utilizing the framework or standard in (i) establish the boundaries (crossed by relationships) of the asset management system and identify the major functions (asset-related activities: life cycle or support activities) within the organisation with which the asset management system interacts: e.g. the finance system and the human resources system. Define the nature of those interactions. You may do this by using a table, setting out each function and the details of the relationship. The table may be supported by a diagram to illustrate the relationships, if desired.

(iii) Evaluate one of the functions that you identified in response to part (ii) and recommend improvements to one aspect of this function that may be triggered by a new role or a change of the current asset management control or interaction.

Maximum 5000 words report composing the 3-parts.

Topics

In addition to the topic covered by assignment 1, following the completion of the work set out in this guide you should have a working knowledge of the following topics:

5. System thinking, system theory and the management system

• Engineering asset management; the relevance of system theory to engineering asset management; system framework; system management and engineering asset management in context

6. Frameworks for asset management

• Framework for engineering asset management; strategic management and engineering asset management in context; application/adaptation of basic tools; interfaces with other functions (departments and organisations)

7. Key asset related activities

• The role of asset management activities for technical system development. Use of frameworks for engineering asset management in context

8. Standards as a framework for asset management

• Available standard for asset management. Use, application/adaptation of standards as frameworks for engineering asset management in context

9. Developing an Asset Management Strategy

• The role of asset management within the organization's strategy process: Strategy development and implementation, strategic management and engineering asset management in context, application/adaptation of basic tools; available models, frameworks and standards, relevant uses of business models and strategy drivers.

Attachment:- Assignment.rar