Reflective Journal Part A: Strategic Asset Management (MNG92100)

Desklib provides past papers and solved assignments for students. This report reflects on a strategic asset management workshop.

ASSIGNMENT COVER SHEET
Student Name:
Student ID No.:
Unit Name: Strategic Asset Management
Unit Code: MNG92100
Tutor’s name:
Assignment No.: 2
Assignment Title: Reflective Journal Part - A
Due date:
Date submitted:
Declaration:
I have read and understood the Rules Relating to Awards (Rule 3 Section 18 – Academic
Misconduct Including Plagiarism) as contained in the SCU Policy Library.
I understand the penalties that apply for plagiarism and agree to be bound by these rules. The
work I am submitting electronically is entirely my own work.
Signed:
(please type
your name)
Date:
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Table of Contents
Workplace 1.....................................................................................................................................4
Topic 2 – What is Asset Management and Asset Management Strategy?..................................4
Topic 4 – Asset Management Frameworks (SP).........................................................................5
Workforce 2.....................................................................................................................................6
Topic 7 – Asset Management Decision Theory and case study..................................................6
Topic 8 – MIT Fishbanks Simulation Revisited..........................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
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Introduction
After attending the workshop, I have analysed and sharing my view in this report that the
workshop is a beneficial session for me because the topics discussed in the workshop is related to
my course. In this report, I tried to discuss the entire topic which is teaching or discuss in the
seminar. It is generally about the assets management, and how it is beneficial for a company to
learn assets management and they tackle the risk, and the decisions are so effective and efficient
after suffering from all the problems. Assets Management is controlling and directing of finance
or assets to generate revenue.
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Workplace 1
Topic 2 – What is Asset Management and Asset Management Strategy?
From this workshop, I select Strategic Assets management topic which is an important part of
my course, and I learned a lot from this session in the workforce. Where we know Assets
Management refers to the way in which use and disposal of the assets are mentions, and it can
use by both individual and company are managed in order to maximize profit and generate
revenue (Giglio, et. al, 2018). It helps to minimize the risk or uncertainty which can affect an
organization's assets. To manage the assets company needs some strategy to which help to make
it easy getting the goal. Strategy is a plan were all the process and pattern is mention to get the
objectives and it direct, control, leading the assets to get a high rate of return. Strategic Assets
Management is a process of allocating the assets in a better portfolio to get a high return
(Nenonen, et. al., 2016).
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Topic 4 – Asset Management Frameworks (SP)
The next topic I have taken is Strategic Infrastructure Assets Management in this the main
highlight point is Strategic Assets Management which is an important step for an organization to
be a success in the market. If the assets are allocating in the right manner, then it helps to
generate revenue and survive in the market for the long term (Giglio, et. al., 2018). Assets are an
income generator for any company, but if it is not utilizing correctly, it can become our liability
so the strategies planned by the manager should be effective and previously analysed by the
company. The past investment can help to predict or forecast the future rick or uncertainty which
can affect the organization. Strategies help to minimize the cost, it helps to analyse the
performance of the asset, and it creates new ideas for investment or sources of generating income
from the existing assets. It helps to fill the gap between the current assets and future assets
(Riposo, 2018).
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Workforce 2
Topic 7 – Asset Management Decision Theory and case study
From this workshop session, I take one topic of Assets Management Decision Theory where they
discuss if the analysis should be wrong then the decisions can affect the assets directly (Riposo,
2018). Decisions for assets management should be effective and efficient for the organization;
the manager's decisions affect the organization internally. It is an interdisciplinary approach to
determine how to take effective decisions are made It brings together psychology, statistics,
philosophy to analyse the decision-making process (Giglio. et. al., 2018) In the session, they
discuss real option decisions theory, structural analysis. Strategic Approaches to assets
management decisions which are clearly explained by the tutor.
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Topic 8 – MIT Fishbanks Simulation Revisited
The second topic I have taken from the 2nd workshop is the MIT Fishbank Simulation Revisited
this was the best techniques or strategy used by a member of the workshop to make us
understand thoroughly (Giglio, et. al., 2018). In this session we played a game where they
provide us some brief of the game where it is mention that we will be in some teams who so ever
can maximize the net worth of their company which is given by the tutors, at the end of the game
the team ended with the highest net worth will be the winner of the game (Nenonen, et. al.,
2016). We enjoyed a lot and learn more about the assets management, we never experience this
before it is like a practical practice for us which clear my doubts and give some ideas to
maximize my savings. It help to understand how a strategic asset management plan can help,
how to collect information about the assets, it helps to decide which assets will receive my focus
and at last creating strategies for each asset(Riposo, 2018). It helps to analyse the process of
assets management. It helps to understand the need for assets management in our life.
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Conclusion
From the above study, I can understand how assets management is an important part of
management to run the business for the long run. Here I discussed the need, benefits, nature of
assets management. Effective decisions help an organization to grow and develop continuously.
From this workshop, I can understand the importance of assets management for an organization
and individual.
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References
 Ananthram, Subramaniam, Nankervis, Alan & Chan, Christopher 2013, ‘Strategic human
asset management: evidence from North America’, Personnel Review, vol. 42, no. 3, pp.
281–299. Available at - https://scu.primo.exlibrisgroup.com/discovery/fulldisplay?
docid=emerald_s10.1108%2F00483481311320417&context=PC&vid=61SCU_INST:61
SCU&lang=en&search_scope=MyInst_and_CI&adaptor=Primo%20Central
 Giglio, Joseph M., Friar, John H. & Crittenden, William F. 2018, ‘Integrating lifecycle
asset management in the public sector’, Business Horizons, vol. 61, no. 4, pp. 511–519.
Available at - https://www-sciencedirect-com.ezproxy.scu.edu.au/science/article/pii/
S0007681318300363
 Nenonen, Suvi & Storbacka, Kaj 2016, ‘Driving shareholder value with customer asset
management: Moving beyond customer lifetime value’, Industrial Marketing
Management, vol. 52, pp. 140–150. Available at - https://www-sciencedirect-
com.ezproxy.scu.edu.au/science/article/pii/S0019850115001881
 Riposo, Julien 2018, ‘Some Spectral Asset Management Methods’, Wilmott, vol. 2018,
no. 98, pp. 58–69. Available at -
https://onlinelibrary-wiley-com.ezproxy.scu.edu.au/doi/abs/10.1002/wilm.10724
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