Reflective Journal: Strategic Asset Management Workshops (MNG93100)

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Assignment 2 Reflective Journal
Name:
File Name:
Date of completion:
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Introduction
This is a reflective report focusing on my experiences during the workshops conducted in my
course study. There will be a discussion about two workshops attended by me and the course
topics that I study in the workshops. The reflective report will help me to reflect my learnings
during the workshop. Topics related to the strategic asset management will be discussed in this
reflective report.
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Workshop 1
Experience 1
I want to share my experience during the workshop 1 and discuss the topic that interested me the
most. The first experience is about the study of strategy. I chose this topic as a strategy is the
most common thing behind every successful business. With the effective strategies only, a
business can fight the tough competition of the market and survive in the long run. This topic
also interested me as this was explained by giving the example of World War 1 and all the
strategies used in the world war. If strategies can help to win such big wars, they can definitely
help to win the market competition (David & Peach 2013, p. 345). In the dynamic business
environment, there are various types of challenges that come in the way of business. The issues
can be related to the procurement of raw material, recruitment and selection of suitable
candidates in the business, financing or funding. All these issues may hamper business
operations. To resolve all these issues faced by the business, effective strategies can be of great
help in my opinion. As discussed in the workshop, the strategy can be defined as the way in
which all the people in the organization should work and allocate the resources so that the key
objects of the organization can be achieved. I think in business, plans are equally important to be
formulated but plans and strategies are the terms that are used interchangeably. Plans are drawn
for the fulfilment of a specific purpose and have concrete guidelines whereas strategies can be
altered and are formulated to obtain the overall organizational objective (Khaled, et al. 2018, p.
1333).
Experience 2
The second topic that I have chosen is the Strategic asset management strategy. I have decided to
write on this particular topic as strategic asset management is the key function in any business.
As per the words of the author Thomas (2013, p. 36), strategic asset management can be defined
as the approach used by the business to carry out the business operations, to make effective
decisions, to carry out different business activities and to communicate the relevant business
information. I think in a business, effective decision making is very important as the success and
failure of any business depends upon the decisions taken by the management. There can be many
obstacles in taking the effective business decisions like incomplete information, resistance from
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the employees, ineffective communication channels and incorrect timing (Beshara & Ghoneim
2015, p.100). To solve these problems, strategic assist management can be used by the managers
so that the business can run successfully. For this, the asset management strategy can be
formulated by following the given steps:
(Fig 1: Stages of developing asset management strategy)
(Source: By author)
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Analysis if external business context
analysis of internal busienss context
Development of asset managenent strategy
Undertand customer expoecttataions
Establishmnet of Asset managenent objectives

Workshop 2
Experience 1
The first topic that I want to talk about is the Asset Management Decision Theory. This is a very
interesting topic as decision making is a crucial part of any management. According to the
authors Wouter, et al. (2015, p 14), decision making is a process of identifying a different
alternative to solve a problem. All the alternatives are evaluated according to their pros and cons.
Then one of the best alternatives is selected to resolve the problem. There are many decisions
that a person has to make in his life. And in my personal opinion, the biggest decision is to
choose a career. Asset management decisions are important as they include many alternatives,
requires a lot of information and the ability to critically analyze things. As per my studies, there
are two types of asset management decisions. The first one is the asset-centric decision, and the
other is the management-centric decision. In this workshop, I also came to know about a new
topic of Real option Theory. According to this theory, the business has a right, but it’s not the
obligation to take a defined business decision. The business can choose other options as well as
expansion or contract.
Experience 2
The other topic that I have selected for this reflection is Fishbank Simulation. As per the authors,
Amaral, et al. (2018, p.389) fish bank stimulation is the way of learning by which an individual
is able to learn fast as the study is conducted in the real situations. Learning through the fish
bank simulation helps to resolve various problems related to effective learning. There are various
issues in learning as sometimes the given information is not true, the channel to communicate the
information is not suitable but in case of Fishbank simulation, the process is made easy as the
learning takes place by experience (Ruiz-Pérez, Franco-Múgica, et al. 2011. Pp 580).
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Conclusion
The report concludes about my personal experience during the workshops conducted in the
course study. I learnt about many topics but the topics that had an impact on my mind were the
decision theory, asset management strategy, fish bank simulation and the study of strategy. All
these topic helped me to find an answer to several business problems.
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References
 Amaral, A, D, Alberto, J, & Hess, A 2018. ‘The WEBSIM FISHBANKS Simulation
Laboratory: Analysis of Its Ripple Effects.’ International Journal of Instruction,
Vol 11.2, pp 369-84.
 Beshara, A, & Ghoneim 2015. Strategic Asset Management: Assessment Tool for
Educational Building in Egypt. HBRC Journal, Vol 11. Pp 98-106.
 David, P, & Peach, N 2013. ‘Understanding and Implementing Strategic Asset
Management at the University of Southern Queensland.’ Facilities, Vol. 31.7/8 pp 343-
56.
 Khaled, E, A, Kiridena, S, & Dwight, R 2018. ‘Contextualist-retroductive Case Study
Design for Strategic Asset Management Research.’ Production Planning & Control, Vol
29.16. pp 1332-342.
 Ruiz-Pérez, Franco-Múgica, González, Gómez-Baggethun, & Alberruche-Rico 2011. ‘An
Institutional Analysis of the Sustainability of Fisheries: Insights from FishBanks
Simulation Game.’ Ocean and Coastal Management, Vol 54.8, pp 585-592.
 Thomas, N 2013. ‘Ecuadorian State-Capacity Building through Territorial Strategic Asset
Management.' Journal of Latin American Geography, Vol 12. Pp.35-61.
 Wouter, V, R, Bueren, E, V, Langeveld, J, Herder, P, and Clemens, F 2015. ‘Decision-
making for Sewer Asset Management: Theory and Practice.’ Urban Water Journal, Vol
13.1. pp. 1-12
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