Asset Management Strategies and Practices

WOOLWORTHS

CONTENTS
1 Identify your employer, the type of industry, and your position contact numbers and email
address at work................................................................................................................................2
2 function of asset management..................................................................................................2
3 Operation and performance requirements for the plant/assets.................................................3
4 Key physical assets and their operation and performance requirements..................................5
5 Review ISO55000, ISO55001, ISO55002...............................................................................6
6 Explain......................................................................................................................................8
6.1 4. Context of the Organization..........................................................................................8
6.2 5. Leadership.....................................................................................................................8
6.3 6. Planning........................................................................................................................9
6.4 7. Support..........................................................................................................................9
6.5 8.Opertions........................................................................................................................9
6.6 9.Performance evaluation................................................................................................10
6.7 10.Improvement..............................................................................................................10
7 Identify 1 Major Requirement (or a specific sub-requirement), or improvement..................11
8 Develop an action plan...........................................................................................................12
9 Bibliography...........................................................................................................................14

1 IDENTIFY YOUR EMPLOYER, THE TYPE OF INDUSTRY,
AND YOUR POSITION CONTACT NUMBERS AND EMAIL
ADDRESS AT WORK.
Woolworths Stores, Ltd. has Federal EIN 71-0415188 (taken randomly), where Woolworths is
one of the biggest retail store for the grocery and other operations. The company focus on the
high-income earnings with the living standard measures grouping 8 to 10 people. The position
contact numbers and the email address are [phone] [e-mail]
2 FUNCTION OF ASSET MANAGEMENT
The asset management helps in the management of the external agent statements, processing,
reconciliation and then reporting of the external agent statements. This helps in proper delivery
of the forecasts, adhoc analysis and the monthly KPI reporting. The shape of the progression of
project is ensured through the defined processes which includes the effective governance
frameworks, policies and the processes. The management of the direct reports and building all
the important capabilities, coaching and the performance reviews will help in providing the
vision and direction. The project support is in relation to governance where the support is for the
wider Project Management activities. 1The asset management for Woolworths is a planned
alignment which is set for the physical assets with service demands. The systematic management
1 Brain, E. and Garrett, C. Case Study: Using Direct Condition Assessment to Improve Your Infrastructure
Asset Management Plan. (Journal of the New England Water Works Association, 130(2), p.91., 2016.)

with decision making processes are taken in an effective manner through the life of asset, where
the assets are the platforms for better services. In context to the investors point, there are
different objectives which could be used for addressing the competitive pressure with the focus
on minimized costs and ensuring the competitive advantage. The achievement of the assets with
the service delivery strategies is important as it includes the ensuring of the assets with the match
to the needs of the owner. Along with it, there is a need to reduce the demands for any of the new
assets with adopting the strategies that result mainly in the non-asset solutions to pursue the
avenues before financing new assets. 2It leads to the minimization of the costs with the needs to
maximize the potential of the existing assets. This is important for the investors to minimize the
costs with the focus on recording the costs and making use of the management that is
coordinated in context to a proper service delivery. The lowering costs of the assets come
through the effective life cycle costing techniques which is imperative when it comes through the
investor point of view to maintain the clear accountability and responsibility.
3 OPERATION AND PERFORMANCE REQUIREMENTS FOR
THE PLANT/ASSETS.
The operational requirements of Woolworth focus on the quality services to the customers where
there are responsibilities to serve the different customers in different communities of Australia.
The standards are set to affect the shareholders, customers and the supply chain, where there is a
2 Campbell, J.D., Jardine, A.K. and McGlynn, J. eds. Asset management excellence: optimizing
equipment life-cycle decisions. (CRC Press., 2016.)