Actual engineering asset management

• select a particular asset from any industry and decide on a key engineering asset management
  decision associated with this particular asset or set of assets that can be supported and/or enhanced by the use of
  life cycle cost analysis

*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. How to decide on suitability of a particular systems engineering and/or life cycle cost model or framework
   to the decision criteria facing asset managers/engineers in actualpractice?
2. How to apply systems engineering models and/or life cycle cost analysis to support or enhance decision
   making regarding actual engineering asset management of a particular asset or set ofassets?
3. How to identify and assure or verify the benefit of applying systems engineering models and/or conducting
   life cycle cost analysis on a particular asset or set of assets.

*Sequential Task Breakdown

(i) As a team identify an asset or a set of assets from an organization in any industry that you are working with or
familiar with or you have enough journal articles on its asset management aspects to be familiar with. Notify
your choice to the lecturer. Establish a diagram illustrating where the asset fits into the overall hardware
system and identify management entities/activities associated with itsmanagement.
(ii) As a team, identify an approach to life-cycle cost analysis for your selected asset, given both the cost
drivers of its life-cycle cost and the available data. Make sure to reference this work to what you all
have discovered for assignment 1.
(iii)Identify the benefits (and role of) doing life-cycle cost evaluation, estimation or analysis within the
life-cycle management of the selected asset.

*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 managementsystem
   • Engineering asset management; the relevance of system theory to engineering asset management;
   system framework; system management and engineering asset management incontext
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

*Procedure

Stage1. Deciding on an Asset and Exploring its Fit within its Context
Stage 2. Define Need and Approach to Analysis
Stage 3. Addressing Targeted Benefit of Analysis
Stage 4. Submission and Reflection on feedback

Sample Solution