Asset Management: A Case Study Analysis of Deepwater Horizon Disaster of 2010

Running head: ASSET MANAGEMENT
ASSET MANAGEMENT
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ASSET MANAGEMENT1
Executive summary
The report aims at identifying the relevance of asset management in the engineering operations
through a case study analysis of Deepwater Horizon disaster of 2010. The different issues that
were faced by the concerned organization, BP, and the manner in which the assets of the same
could have been managed is being portrayed as a part of the assessment. Lastly, the research
concluded by providing an asset management plan covering the entire asset life cycle for BP
with the view of increasing the efficiency of the operations through minimized rate of impact.

ASSET MANAGEMENT2
Table of Contents
Introduction to asset management...................................................................................................3
Strategic asset management in an engineering context...................................................................4
Critical analysis of Deepwater Horizon disaster of 2010................................................................5
Strategic asset management plan covering the entire asset life cycle..............................................7
Risk Management Plan....................................................................................................................7
Risk Register................................................................................................................................7
Risk Mitigation Plan....................................................................................................................8
Operating Plan.................................................................................................................................9
Equipment Maintenance Plans......................................................................................................10
Recapitalization Plans and Strategies............................................................................................10
Capital Planning and Strategies.....................................................................................................11
Disposal Plan.................................................................................................................................12
Conclusion.....................................................................................................................................12
References......................................................................................................................................14

ASSET MANAGEMENT3
Introduction to asset management
The different activities that are initiated by the organizations are reliant on the various
types of management strategies. 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. Haldane (2014) opined that the strategic management principles of an organization
supports the same in gaining a competitive benefit over the other market players. In this relation,
the asset management practices of organizations assist the same in enhancing the rate of
governance related activities based on actualization of value (Pranesh et al. 2017). 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 (Gârleanu and Pedersen 2018).
The strategic asset management procedure that is being undertaken by the organizations
assist the same in gaining a competitive edge over the other players through suitable
manipulation of the activities. Love et al. (2014) stated that 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 cost effectiveness of the
operations that are undertaken by the asset management program of an organization assist the
same in enhancing the operations of the systems through minimization of wastes and optimum
utilization of the resources (Ma et al. 2015).
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