Reflective Journal on Strategic Asset Management Workshops (MNG92100)

Desklib provides past papers and solved assignments. This reflective journal details asset management workshop experiences.

MNG92100-2019-1 STRATEGIC
ASSET MANAGEMENT -
ASSIGNMENT -2 - REFLECTIVE
JOURNAL - PART A
Student Name:
Student Number:
Campus:
Assessment Title:
Name of Tutor:
Table of Contents
Introduction................................................................................................................................3
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Workshop 1................................................................................................................................4
Experience 1 (Asset management).........................................................................................4
Experience 2 (Asset Management Frameworks)...................................................................4
Workshop 2................................................................................................................................5
Experience 1 (Asset Management Decision Theory).............................................................5
Experience 2 (Fishbanks Simulation)....................................................................................5
Conclusion..................................................................................................................................6
References..................................................................................................................................7
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Introduction
The assignment is wholly based on reflection and my personal experience that I gained by
attending workshops in my academic period. With the help of this assignment, I am
highlighting my thoughts and concerns regarding the topics that I have learned in the
workshops. The individual assignment will help me in evaluating the significant factors that I
have learned by attending the workshops.
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Workshop 1
Experience 1 (Asset management)
With the help of this assessment, I would like to share my concerns regarding my subject. In
my academic period, I was able to enhance my area of knowledge regarding Asset
management. As per my understanding, I was able to analyse that maintaining the assets of
the organization is an essential activity that is to be performed by the manager of the
organization. Assets are the items or things that hold a value for the organization. The asset
can be tangible or intangible. It can likewise be financial or non-financial depending upon the
nature and activities of an enterprise. With the help of this study, I was able to learn different
concepts about asset management. Asset management is a broader concept that deals with
several operations such as planning, forecasting, developing strategies and implementing the
plans most effectively. The study helped me in learning the importance of strategic asset
management and concepts regarding its practical implementation. Alvarez, Guiso & Lippi
(2012, p. 2275).
Experience 2 (Asset Management Frameworks)
Another topic that is selected by me for the individual assignment is Asset Management
Frameworks. This topic will likewise help me in clearing my doubts regarding the practice
of asset management. With the help of this topic, I was able to learn new approaches and
methods of assets management. The particular topic helped me in identifying a variety of
criteria related to asset management. With the help of this topic, I was able to understand the
history of Asset management and its development over time. Based on information collected
by scrutinizing the thoughts of different authors, it can be said that Asset management
framework helps in supporting both the factors that are research and the actual practices
Ananthram, Nankervis & Chan (2013, p. 285). With the help of this study and by scrutinizing
the thoughts of various authors I was able to analyse that both practitioners and researchers
are required for the effective implementation of AM framework.
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Workshop 2
Experience 1 (Asset Management Decision Theory)
In my second workshop the topic that fascinates me the most was Asset Management
Decision Theory. With the help of this subject, I was able to learn about different theories
related to the decision-making process regarding the management of assets. This is the most
interesting subject and helped me in evaluating the importance of critical thinking for the
operation of decision making. With the help of this study, I understood that the process of
decision making is an arduous and impactful task that can help the engineers in resolving
significant issues related to AM. For the own process, the engineers must have proper
knowledge of all the aspects such as cost, the budget of the firm and so forth. With adequate
information and understanding of all the theories, the researchers will be able to frame sound
and effective decisions for the organization. With the help of the journal papers I studied
during the workshop, I was able to identify different stages of AM decision making process
and importance of each step in a practical manner Ryll & Schenk (2010, p. 70).
Experience 2 (Fishbanks Simulation)
The other topic that was selected by us in the second workshop was MIT Fishbanks
Simulation Revisited. This topic is related to the learning process. As per the thoughts of
different authors I was able to analyse that Fishbanks Simulation is a process with the help of
which the employees of the organization will be able to learn about various topics in an
effective manner. This technique helps in resolving the major issues of the organization
effectively. The employees will be able to learn critically and strategically. With the help of
this topic, several issues taking place in the organization were highlighted, and their solutions
were proposed. With the help of this topic, I was able to examine that learning is related to
the experience of the personnel. Every individual learns with the help of expertise he/she
gains while working in the organization. personal knowledge of an individual helps them in
learning the diversified and significant concepts of the organization in an effective manner
Alvarez, Guiso & Lippi (2012, p. 2280).
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Conclusion
With the help of this report, I was able to conclude different practices and methods related to
asset management and Fishbanks Simulation. The particular assignment is based on my
thinking and concerns. The ideas highlighted in this report will help in concluding the
concepts and ideas that I discovered by attending different workshops in my academic period.
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References
 Alvarez, F, Guiso, L & Lippi, F 2012, ‘Durable Consumption and Asset Management
with Transaction and Observation Costs’, The American Economic Review, 102(5),
pp.2272–2300.
 Ananthram, S, Nankervis, A & Chan, C, 2013, ‘Strategic human asset management:
evidence from North America’, Personnel Review, 42(3), pp.281–299.
 Maring & Blauw, 2018, ‘Asset management to support urban land and subsurface
management’,Science of the Total Environment, 615, pp.390–397.
 Ryll, F & Schenk, M, 2010, ‘Empirically Based Asset Management Decision Support
for Reliable and Cost Effective Asset Operation,’ Theory, Methodology, Practice,
6(2), pp.69–76.
 Van Riel, W. et al., 2015, ‘Decision-making for sewer asset management: Theory and
practice,’ Urban Water Journal, 13(1), pp.1–12.
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