Asset Maintainance Management : Lamlav Company

ASSET MAINTAINANCE MANAGEMENT
Asset Maintenance Management
Students Name
Institutional Affiliations

ASSET MAINTAINANCE MANAGEMENT
1.0Executive summary
Lamlav Company (Snow, 2020), is an organization that is situated in West Germany. It is a
privately registered company that deals with quality standardization. It has an asset
maintenance management that is tasked with producing asset reports on each and every
asset in the company. This report is therefore divided into three major parts; asset life plan,
preventive optimization and lean principles.
1.1 Asset life plan
The report concisely shows a flow diagram for the assets inputs and outputs. Asset
inventory is also properly discussed. The asset operating characteristics and production
policy are clearly highlighted. (Snow, 2020).The asset life plan for the fifty components,
both mechanical and electrical are properly stated and the spare parts requirement and
maintenance is also stated. Spare parts identification and requirements are also clearly
stated.
1.2 Preventive optimization maintenance
An innovative process, Reliability-centered maintenance (RCM), has been selected based
on research and the description has been properly stated. Summary of changes has also been
shown together with differences. TPM plan has also been documented.
1.3 Lean principles
Identification and description of the five lean principles have been done. Tables and charts
have been properly used to elaborate on the principles. (Ellul, Pagano, and Scognamiglio,
2020). An application has also been done on this organization. Root cause analysis
technique has also been employed.

ASSET MAINTAINANCE MANAGEMENT
2.0Asset life plan
In Lamlav company, (Snow, 2020) very sensitive equipment and fixed assets are usually
obtained by the organization and tagged as assets. Departments usually identify these assets
to be purchased, then informs the purchasing administration who notifies the procurement
team. (Wanigarathna, et al,2019).Departments can borrow these assets from the sister
company. When they do so, these assets are then entered into the asset management system.
All these records are always entered by the purchasing administration into the database.
Some of the asset data that are always on check include asset specifications, asset price, and
purchase date, expected lifetime, service contacts, spare parts, and warranty information.
There are several processes and actions that cannot be explained in writing but can be well
understood by process diagrams. Here is a simplified flow chart diagram clearly explaining
the inputs and the outputs.
2.1 process flow diagram
Figure 1 showing internal asset transfer

ASSET MAINTAINANCE MANAGEMENT
Figure 2 flow chart of asset acquisition to capitalization.
https://www.edrawsoft.com/flowchart/asset-management-flowchart.html
2.2 Asset inventory.
Lamlav Company, (Snow, 2020) keeps track of the assets by their levels of functions. Some
of the information captured in the database of inventories include; type and version of the
system, type and version of the software, physical location of the asset in the company,
resource administrator, owner, and data sensitivity. The employees are also advised to
understand this process for easy management duties. (Balali, et al,2020).
It uses a combination of processes, technology and procedures to oversee the maintenance
and monitoring of the assets. It does not matter whether the assets belong to the company,
or another company. The system consists of;
 A barcode and asset tags which helps in identifying each inventory item and
information related to it. (Lubinska, 2020).

ASSET MAINTAINANCE MANAGEMENT
 Some hardware tools such as scanners or even phones with barcode scanners are
used for reading labels.
 There is software that is used as a point of reference and also as a central database
for the assets.it has the ability to generate and analyze data, produce reports and also
provide future forecast.
 Inventory management techniques, for instance Just-in-Time, FIFO are used for
reporting and documentation.
Some of the benefits that the organization has enjoyed from this inventory management
include; is reduced storage cost and dead stock, efficient vendor and supplier
relationships, forecasting abilities, and improved cash flow. The table below is an
extract of the asset inventory tasks and description from the IT department.
Asset
ID
Task name and description Person
responsibility
Duties
Monitor supplier and vendor inventory
levels
Keeping track of their inventory levels
in order to meet future target.
Asset
management
stakeholders
Review reports
Forecast inventory needs.
Producing reports, identifying assets to
the focused future replacement.
Asset
management
specialists
Produce assets
report.
Analyze the
management
reports to meet the
target for the
future replacement

ASSET MAINTAINANCE MANAGEMENT
Monitoring stock levels.
Reviewing management report and
validating them to determine the stock
levels.
Asset
management
specialist
Generate reports.
Validate stock.
Provide local stock
levels
Source: Machine Learning in Asset Management (2020, p.8)
The graph below is an extract that shows the value of the inventory plotted against time.
https://quickbooks.intuit.com/in/resources/money-finance/inventory-and-fixed-
assets/
To make the inventory more efficient, the inventory data is combined with the risk profile.
McCarthy, (et al,2020).Some of the ways used in this organization include; naming
convections for systems, records of technology and asset guide reference books and also
receipts from the finance department.
2.3 Asset operating characteristics and policies

ASSET MAINTAINANCE MANAGEMENT
These operating characteristics help the organization to maximize their little funding and
make better decisions in order to achieve their policy goals and objectives. These
characteristics include; maximizing the asset portfolio value, established formal policies
and plans, use of quality data, strengthening collaborative organizational culture and last
improving and evaluating the asset management practices. These characteristics are better
described below.
 Maximizing asset portfolio value. Here the organization majorly targets resources
towards the assets that are likely to provide the highest value in their strategic
missions. Documentation of a process that is descriptive about the process of
preference for investment is developed. For instance, criteria such as risks of an
asset are used to develop the scoring process and preference.
 Maintaining leadership support. These helps in achieving initiatives of the
organization and management support is very important for implementation.
 Established formal plans and policies. These helps the organization to take strategic
approaches in identification of key roles, decision making, and resources needed for
implementation of plans, other potential obstacles and how to overcome these
obstacles. These characteristics captures up to data collection, decision on
investment decisions and also including the roles of any other official.
 Use of quality data. Use of quality data helps this organization to get the highest
value from their assets. Data elements like condition information and inventory
information are important for this organization since it enables it to get maximized
values for their assets. For example, it developed a policy that a hundred percent of
asset data are collected for standardization and efficiency purposes.

ASSET MAINTAINANCE MANAGEMENT
 Collaborative organizational culture. Communicating information across he
organization and aligning staff activities towards asset management is a tool that is
used in this organization.
The policy are made by the organization in order to express the intentions and commitments
of the staff to design, operate, plan, maintain and dispose the assets in a manner that ensures
proper stewardship towards the organizations resources. Some of the policy includes;
 Customer focused. The organization has clearly defined and provided the degree of
quality of products that meet the customers’ needs and must at all times be cost
effective.
 Whole life cycle policy. The organization has taken a comprehensive approach
towards investment, planning that combines the entire life cycle of the asset.
 Risk policy. The organization always manage the risk that are associated or geared
towards attaining the put down levels of service and that its employs should also
always take precautions.
The diagram bellows shows how policies and other components are interrelated in
Lamlav.
https://www.managementstudyguide.com/maintenance-policy-and-repair.htm