Solutions
Asset Life Cycle
An asset management program should encompass all the elements listed below. Each element has a specific objective in the program.
Needs Analysis:
- Why is the asset needed and what will it achieve?
Cost Benefit:
- Cost justification for purchasing the asset.
Planning:
- Planning for the acquisition, installation and maintenance of the asset.
Budgeting:
- Planning for the acquisition for the funds required to purchase the asset.
Install:
- The asset is installed and activated.
Manage:
- The asset is maintained and repaired as required.
Condition Assessment:
- The asset is periodically inspected to determine its condition with a resulting decision on whether the asset needs repair, rehabilitation, or to be renewed.
Rehabilitation & Replacement:
- Based on the condition, an asset may be rehabilitated to continue working or be replaced.
Disposal:
- If an asset that has been removed from service cannot be refurbished and returned to service, it is disposed.
