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Asset Management and Deepwater Horizon Disaster of 2010

   

Added on  2022-11-11

11 Pages1391 Words52 Views
Asset management
Deepwater Horizon disaster of 2010

Introduction to asset
management
The diverse range of management strategies that are undertaken by the
organizations with the purpose of improving the operations of the same in the
different markets
Strategic management principles of an organization supports the same in gaining a
competitive benefit over the other market players (Gros et al. 2014)
Asset management is a systematic process through which an organization take steps
to evaluate and develop while engaging in different operations and maintain while
upgrading and disposing the assets
The strategic asset management activities of an organization assist the ventures in
developing the capabilities through evaluation and controlling the assets while
engaging in different activities
The asset management activities of an organization is governed by the exposition of
the ISO 55000 which provides a framework for the organizations to comply with the
different requirements and specifications for enhancing the activities relating to
monitoring and control the feasible assets (Basak and Makarov 2014)

Asset management in the
engineering context
The traditional asset management traditions clearly exhibited the concepts
relating to the development and control of the financial assets of an organization
However, the growing trend of engineering assets has gained a strategic and
sensitive role to play in the performance of the organizations (Ma et al. 2015)
The development of the concepts of tangible asset management has assisted the
businesses in enhancing the process flow in the different production,
manufacturing and other supports systems (Law, Smarsly and Wang 2014)
The emerging concept of Engineering Asset Management solely relied on the
needs of organizations to manage their assets while operating in diverse
circumstances
The asset management practices of an organization assist the same in improving
the potentials related to asset acquisition and utilization
The improved reliability on the assets supports the organizational frameworks in
enhancing the rate of returns from the asset utilization (Seegar et al. 2015)

Case of Deepwater Horizon disaster
of 2010
The Deepwater horizon disaster of 2010 or BP oil leak is an industrial disaster
which began in April 20, 2010
The disaster is considered to be the largest marine oil spill, as the U.S.
Federal Government estimated the total discharge of 4.9 million barrels
(210 million US gal; 780,000 m3) occurred which affected the marine flora
and fauna (Bryant 2011)
The chief executive of BP stated that the “bad cement job” by Halliburton
caused the disaster along with the faulty mechanisms of the blowout
preventers that were provided by the Transocean Rig owners (Bryant 2011)
It has also being reported that the Transocean maintenance management
clearly negated suitable management system for the Deepwater Horizon
which is reflected through the condition of the critical components and the
utilization of the non-OEM (original equipment manufacturer) parts (Bryant
2011)

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