Add “Asset Management Plan” to Your New Year’s List of Resolutions - Sponsored Whitepaper

Add “Asset Management Plan” to Your New Year's List of Resolutions

The cost, longevity, and operational efficiency of facility assets affect most or all business units and processes, affecting bottom line productivity and performance of the overall organization. That's why an Asset Management Plan (AMP) should be part of every organization's 2012 strategic plan:

1. A good Asset Management Plan lowers Total Cost of Ownership (TCO) and ensures maximum return on capital asset investments. 2. The Asset Management Plan provides objective data for performance measurement, evaluation, and improvement methodologies. 3. An Asset Management Plan aids in short-term and long-term planning, including demand forecasting, asset resource allocation, and asset replacement timeframes. 4. It also helps with risk assessment, policy development, and risk management, including financial, environmental, emergency, and regulatory compliance.

The Asset Management Plan is divided into two parts: an Asset Operations Plan and Asset Maintenance Plan. Within both the operations and maintenance parameters, the plan outlines standard work procedures (SWP) and processes to ensure consistent work practices exist for all asset-related activities throughout the organization.

The Asset Operations Plan is the blueprint for how assets will be used and operated throughout their life cycle. In addition to use procedures, operating ranges, and use cycles, it includes labor resources, total operating budget, and infrastructure requirements. The plan includes standardized work procedures (SWPs) for each asset's operational requirement. This provides invaluable data to determine the operational parameters for: