Asset Management: Principles and Practices
Added on 2020-03-16
29 Pages7625 Words35 Views
|
|
|
ASSET MAINTENANCE MANAGEMENTName:Course:Date:
2Executive summary.The purpose of this report was to critically analyze the concept of Woolworth Store Company the deal with provision of groceries products and other product on one of the options. This option involved analysis of existing assets, plant or production line. This would assist the company to access various mechanisms and strategies to drive asset performance improvement. The optimization process of asset performance also tend to be very significant as far as this report was concerned. This would help the company to extend the operation life cycle of the assets under consideration. Finally, the report provided strategies and action plans towards improvement of assets as well as assets maintenance.
3Table of ContentsExecutive summary....................................................................................................................1Introduction................................................................................................................................2Review of existing assets...........................................................................................................3Optimization of assets performance...........................................................................................4Review of current operation.......................................................................................................7Maintenance and asset management strategies..........................................................................8Community engagement plan............................................................................................9Community plan...............................................................................................................10Environmental management plan.....................................................................................10Risk management plan.....................................................................................................11Long term financial plan..................................................................................................11Asset management improvement plan.............................................................................12Identification and improvement plan.......................................................................................15Business case for major loss of opportunity area.....................................................................19Investigation on performance...................................................................................................19Work order history analysis.....................................................................................................20Cost planned maintenance area................................................................................................20Conclusion...............................................................................................................................22Bibliography.............................................................................................................................22Books...............................................................................................................................22Journal article...................................................................................................................24
41.0.Introduction.Based on the work on Woolworths, Ltd, this particular report aim at reflecting on one of the options provided so as to offer more detailed idea on how asset maintenance management shouldbe handled in this company. Therefore, for the purpose of this report aims at critically analyzing option A. That is, analysis of existing assets, plant or production line. This will assist the company to access various mechanisms and strategies to drive asset performance improvement1. The optimization process of asset performance also tend to be very significant as far as this report is concerned. This will help the company to extend the operation life cycle of the assets under consideration.For the purpose of these report, it is important to have a clear and distinct understating of some terminologies so as to ensure proper reflections of this important report. To start with, assets have a wide range of definitions depending on the context of the requirement. For this report, assets typically refers to items, property, human resources, physical resources that are used by any operation organization, companies, partnership organization and all income generation cohorts so as to enable proper execution of activities and objectives2. In that connection, it is therefore very clear to understand that assets are key components in daily operations of these types of organizations. Assets reflect a positive return due to their ability to bring income and progress in the operations. Therefore, for any serious organization whose objectives are to see business growth, generation of income along with provision of goods and services, it is importantto keep the liabilities low and maximize as well as optimize the size of the assets.The other aspect to consider is asset management. Typically, this refers to all processes, strategies and mechanisms applied so as to ensure the activities set to be completed by these assets are well implemented without any reservation whatsoever and using minimum resources 1Lloyd, Chris. Asset Management: Whole Life Management. Thomas Telford Publishing, 2009.2Ang, Andrew. A Systematic Approach to Factor Investing (Financial Management Association Survey and Synthesis). Oxford University Press, 2014.
5and costs as possible3. This enhance success in operations and tenacity in overall management of these assets. This will also trigger asset portfolio management. This refers to the ability of a portfolio company to apply two or more assets in the operations so as to generate substantial income that will generate income so as to support the entire business operations.In addition, it is very significant to note that the performance of assets is not always smooth during the entire operation life cycle. These assets are prone to wear and tear, complete breakdown, incapacitation as well as technical failure. This become very challenging to optimizethe operation of these assets holding all other factors constant. There is need to lay down important mechanisms and strategies so as to maintain these assets in order to eliminate current losses as well as risks of uncertainty in the future.Finally this report aim at analyzing a company called Woolworth Store, Ltd. This is a company that deals with running of retail stores with an aim of selling food products to different potential consumers all over the Australia. The assets of this company are very many4. This include the human resources who represent all the workers in the company such as sales agent in the retail stores, in the groceries and many other workers. These assets also include the retail stores, equipment, facilities, food products and supermarkets. They also include property and products in the groceries. This report will review all the aspect underlying this company in terms of how to improve the existing assets by laying down strategies. We hope that the director of engineering and general managers will be in a position to ascertain the recommendations that will be provided by this report to promote assets maintenance and management.3Scarrett, Douglas. Property Asset Management. Routledge, 2010.4Concannon, Owen. CFA Institute Industry Guides: The Asset Management Industry. CFA Institute, 2015.
62.0.Review of existing assets.The company that is applied in this report is called Woolworth Store, Ltd. The main operation is sale of food products in the retail stores, groceries and in the supermarkets. Actually it is food enterprise fare that applies skills and knowledge in food technology5. The workers and other staffs use technical skills to sell food products as well as to maintain the assets of the company. Therefore, these experts forms part of existing assets in the company. This forms a portfolio assets for this company because they are applied together so as to meet the overall objectives of the company. Any failure in one of these assets will lender the entire operation difficult to undertake which will be recorded in the financial statement as a loss. This will also strain the budget for that particular period. For this company to operate effectively and efficiently, it is very crucial to keep monitoring these assets so as to make sure they are in good condition. This also help to ensure that any technical issues are detected in good time to repair, replacement or toimprove assets performance. The company aim at reduces all loopholes that can bring losses to the company6. This particular task force aim at analyzing these assets so as to figure out strategies to optimize assets performance in order to prolong their operation life cycle as well as to maintain the working condition for the remaining lifecycle.3.0.Optimization of assets performance.The process of optimization of products, property, retail stores and equipment in Woolworth Company is very important since it forms the baseline of this report. These assets need to be optimized in order to enhance the performance in the remaining life cycle. This can be achieved via the following reviews.The table below indicate the underlying existing assets of Woolworth Store Company. They are applied in providing goods and services in the retail stores, groceries and supermarkets on the sale of food products that are consumed all over Australia. 5Mori, Annette. Asset Management. Affinity E-Book Press, 2015.6Carlson, Ben. Organizational Alpha: How to Add Value in Institutional Asset Management.CreateSpace Independent Publishing Platform, 2017.
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Assignment on Shortcut RCM Methods and PM Optimizationlg...
|17
|546
|18
Asset Management Strategies and Practiceslg...
|18
|3123
|51
ENMM20025 - Maintenance Strategieslg...
|11
|2629
|20
Asset Management Techniques Reportlg...
|18
|6261
|74
Talent Strategies for Attraction and Retentionlg...
|24
|6130
|45
Value Management And Whole Life Cycle Costinglg...
|14
|3603
|11