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A Comprehensive Guide to Asset Management Strategies

Learn how to develop an effective asset management program from the ground up, including inventory funding strategies, condition assessment, and optimizing maintenance processes. This beginner’s guide covers critical aspects like asset identification, life cycle costs, and level of service considerations. Understand what assets are, why they matter, and how to strategically plan for their maintenance and replacement. Discover the importance of asset hierarchy and various maintenance approaches to maximize asset efficiency and longevity.

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A Comprehensive Guide to Asset Management Strategies

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  1. Asset Management from Start to Finish A Beginner’s Guide to Developing Your Program Rychel Gibson

  2. Inventory Funding Strategy Condition Assessment What is Asset Management? Optimizing O&M and CIP Maintenance Keeping track of your stuff in a documented, organized fashion, so someone else can pick up where you left off. Criticality Life Cycle Costs Level of Service

  3. Funding Strategy Condition Assessment What Do We Have? Inventory Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service What IS an “Asset”? What Are Our “Assets”?

  4. Funding Strategy Condition Assessment What is an Asset? Inventory Optimizing O&M and CIP Maintenance • “Something useful in an effort to foil or defeat an enemy” –Merriam Webster • “A useful or valuable thing, person, or quality” – Dictionary.com Criticality Life Cycle Costs Level of Service

  5. Inventory Funding Strategy Funding Strategy Condition Assessment Condition Assessment Which assets matter in the scheme of asset management? Inventory Optimizing O&M and CIP Optimizing O&M and CIP Maintenance Maintenance “If you need to plan for its replacement, it’s an asset.” Criticality Criticality Life Cycle Costs Life Cycle Costs Level of Service Level of Service

  6. Funding Strategy Condition Assessment Inventory Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service

  7. Funding Strategy Condition Assessment What Information Do We Need? Inventory Optimizing O&M and CIP Maintenance Basic Identifiers Location Identifiers Criticality Life Cycle Costs Level of Service Life Cycle Establishment Maintenance Program Foundation Replacement Schedule Creation

  8. Funding Strategy Condition Assessment Helpful Tip: The Asset Hierarchy Inventory Optimizing O&M and CIP Maintenance • Treatment Facility • Primary Treatment • Oxidation Ditch • Clarification • Clarifier 1 • Tank • Process Equipment • Cover • Clarifier 2 • Tank • Process Equipment • Cover • Disinfection • Contact Tank • Chemical Feed System • Downtown Pump Station • Pump System • Pump 1 • Motor 1 • Pump 1 • Pump 2 • Motor 2 • Pump 2 • Odor Control • O2 Generator • Facilities • HVAC • Electrical Criticality Life Cycle Costs Level of Service

  9. Funding Strategy Condition Assessment Helpful Tip: The Asset Hierarchy Inventory Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service

  10. Inventory Funding Strategy Condition Assessment Condition Assessment Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service

  11. Inventory Funding Strategy Condition Assessment Condition Assessment • Condition Assessment Optimizing O&M and CIP Maintenance Recurring measurement of defects that may lead to failure Criticality Life Cycle Costs Level of Service

  12. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance Maintenance Criticality Life Cycle Costs Level of Service

  13. Inventory Funding Strategy Condition Assessment Maintenance Optimizing O&M and CIP Maintenance • External to the inventory • Use work orders to schedule and track maintenance • Maintenance directly affects life expectancy Maintenance Criticality Life Cycle Costs Level of Service

  14. Inventory Funding Strategy Condition Assessment What’s the Purpose of Maintenance in Asset Management? Optimizing O&M and CIP Maintenance • Maximize asset life • Minimize asset failure & maximize reliability • Increase asset efficiency • Increase labor efficiency Maintenance Criticality Life Cycle Costs Level of Service

  15. Reactive, Predictive, and Preventative Maintenance Reactive • Work after asset failure • Unplanned use of resources, finances, and manpower • Expensive Predictive • Using Condition Assessment to predict asset failure • Planned use of resources, finances, and manpower • Less expensive than reactive Preventative • Using manufacturer recommendations and prior experience to schedule routine maintenance • Planned use of resources, finances, and manpower • Least expensive

  16. Inventory Funding Strategy Condition Assessment Maintenance Itself IS a Cost Optimizing O&M and CIP Maintenance Tracking maintenance of assets through work orders allows you to update the inventory data, assign cost to the upkeep of assets and track patterns of increasing cost as items age and deteriorate. Maintenance Criticality Life Cycle Costs Level of Service

  17. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance Criticality • Life Cycle Costs Level of Service • Life Cycle Costs

  18. Inventory Funding Strategy Condition Assessment Applying Life Cycle Cost to Budgets Optimizing O&M and CIP Maintenance Criticality • Life Cycle Costs Level of Service • Life Cycle Costs

  19. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service Level of Service

  20. Inventory Funding Strategy Condition Assessment What is “Level of Service” Optimizing O&M and CIP Maintenance External: What do your customers expect of your organization? Internal: What do you expect of your assets? Criticality Life Cycle Costs Level of Service Level of Service

  21. Inventory Funding Strategy Condition Assessment Sample Level Of Service Optimizing O&M and CIP Maintenance External: • 10 or fewer Sewer Back-ups per year (no repeats) • No loss of service longer than 2 hours • No Permit Violations Internal: • 90 pipe breaks or fewer per 100 miles of pipe per year • No pump station loss of service longer than 2 hours • 2 or fewer lift pump failures per year (full redundancy available, no repeats) FLUSHING PROGRAM PREDICTIVE/PREVENTATIVE MAINTENANCE ON PUMP STATIONS Criticality Life Cycle Costs PREDICTIVE/PREVENTATIVE MAINTENANCE AT THE WWTF Level of Service LIFE EXPECTANCY/REPLACEMENT SCHEDULE PREDICTIVE/PREVENTATIVE MAINTENANCE ON PUMP STATIONS Level of Service PREDICTIVE/PREVENTATIVE MAINTENANCE SCHEDULE, LIFE EXPECTANCY/REPLACEMENT SCHEDULE

  22. Inventory Schools, hospitals, high density areas, sensitive environments will inevitably end up a higher priority, with different levels of service, and different asset management needs. Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service Doesn’t Have To Be Uniform Level of Service Level of Service

  23. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service Criticality

  24. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance CRITICALITY= CONSEQUENCE of Failure x PROBABILITY of Failure Criticality Life Cycle Costs Level of Service Criticality Consequence of Failure – How much damage will be done? Probability of Failure – How likely is it to fail?

  25. Consequence of Failure is a measure of the probable environmental, economical, and social impacts that asset failure will have.

  26. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service Criticality

  27. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance Probability of Failure tends to be tied to condition assessment and life expectancy Criticality Life Cycle Costs Level of Service Criticality

  28. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance CRITICALITY= CONSEQUENCE of Failure x PROBABILITY of Failure Criticality Life Cycle Costs Level of Service Criticality Criticality modifies the replacement schedule and the maintenance requirements.

  29. Inventory Funding Strategy Condition Assessment Funding Strategy Optimizing O&M and CIP Maintenance Optimizing O&M and CIP Criticality Life Cycle Costs Level of Service

  30. Inventory Funding Strategy Condition Assessment Funding Strategy Optimizing O&M and CIP Maintenance Optimizing O&M and CIP Maintaining an up-to-date, accurate asset management program means you’re seeing conceptually what every employee is seeing physically. Criticality Life Cycle Costs Level of Service Pumps nearing the end of their life, concrete tanks old enough to need structural repair, lack of adequate backups for high risk assets, etc.

  31. Inventory Funding Strategy Condition Assessment Funding Strategy Optimizing O&M and CIP Maintenance Optimizing O&M and CIP Criticality Life Cycle Costs Level of Service

  32. Inventory Funding Strategy Condition Assessment Optimizing O&M and CIP Maintenance Criticality Life Cycle Costs Level of Service

  33. QUESTIONS? Rychel Gibson rgibson@hoyletanner.com 207-844-8102

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