Analysis of Asset Management in Fishbanks Simulation

Desklib provides solved assignments and past papers to help students succeed.

Reflective Journal on Experiences
Relating to the Fishbanks Simulation
1

Table of Contents
Introduction:................................................................................................................................................3
Part 1...........................................................................................................................................................4
Part 2...........................................................................................................................................................6
Conclusion:.................................................................................................................................................8
References:..................................................................................................................................................9
2

Introduction:
The project explains the definition and types of asset management strategies. We had attended
two different workshops which have helped in understanding the asset management strategies.
The analysis of management strategies applied by the companies provided practical exposure to
the topic. And it also helped in attaining better knowledge about assets management. Some
problems were faced during the observation and learning the workings of the companies. This
report is divided into two parts where the first part contains the experience of Fishbank
Simulation and the second part includes the lessons in Gold Coast sea wall.
3

Part 1
Fishbank is a company which operates the fishing business. It catches fishes and sales the catch
to earn its profit. In every business asset management strategies plays a vital role as they are
directly linked with the essential element in business that is assets (Fontanesi, et. al., 2015). The
assets are considered as vital because it defines the wealth of any organisation. And this is
because the strategies and decisions related to assets are required to handle carefully. In our
work, in Fishbank we noticed that the assets for such a business line are very much crucial. We
experienced how first to learn and then implement the strategies formed by us in our learning.
All these learning and formation were supposed to be based on the direct simulation experience.
Simulation is a technique we used to learn in our operational research where the data were
arranged, and future predictions were made. To perform simulation, we use to take the existing
data, and with the help of a random number table we carry out the outcomes which are supposed
to happen. These future predictions provide for limiting the operations or process so that work is
not disturbed and maximum benefits can be achieved. By performing direct stimulation, the
company was forming its strategies which were doing fine for their business. They were able to
predict the environment affecting the market and thus maintaining their assets in a realistic and
competitive environment (Glendinning, et. al., 2014). This experimental approach was enabling
the team to maintain their assets on their own.
We were also provided with a game learning mode in which they provided us with the username
and password, and by doing login with that, we were headed to a trial play where we apply
simulation techniques, and our predictions help us in forming strategies. Our goal was all clear;
we have to maximise the net worth at the end of the game. The player or we can say the student
who was able to make maximum net worth was considered a winner. This game makes us learn
the actual strategy formation techniques of Fishbank and the methods of implementing them to
maximise their business's net worth (Haldane, 2014). The methods were subtle but we faced
some problems which in our opinion must bother the management of Fishbank, and they should
take proper action to correct these weaknesses.
The first thing which came in my consideration while evaluating their business assets is that their
business is highly depended on the equipment they use to catch fishes and with the research I
4

came to know that none of their assets was insured. They had full faith in their strategic system
as it was working for them. But in my concern taking this risk is a huge mistake as they will be
able to save some cost at present but in case of any uncertain event they will have to face
substantial financial loss as well as their working will be sufficiently disturbed (Koh, and Abbas,
2015). Whereas if they have insured assets then in any unfavourable situation they have financial
support to rebuilt and regain their business sooner and better. So, as per my opinion, this lack of
insurance can harm the company, and they should take this into consideration to continue
maintaining their net worth.
The other important aspect was that their strategic planning was formulated in a team and
teamwork was also fine, but there was no centralised authority to assign the responsibilities to
members of the group. We struggled hard to collect all the data we require on the ongoing
strategies because no one was taking the responsibility about the data collection or formation or
implementation of these strategies (Love, et. al., 2014). They were sharing the credits in the
team, so we were unable to learn the things in a specific form. When this problem came in the
situation, it makes me think about the outcome of it as an issue. When there is no responsibility
assigned the company is unable to identify its key personnel, It may be a loss for the company as
it cannot determine the person responsible for a particular analysis and this will cause more
difficulty in providing training to the new people joining in the business. When we as a learner
face so many issues because we had no idea who is the expert on this particular issue we are
facing and the whole team was not all the time available as a group to guide. The members of the
team were shifting the burden of queries on each other. It will not have occurred if every person
has a defined task. Hence, with the experience we learned in our workshop we advise the
company to develop a system of hierarchy or assign responsibilities attached to their jobs to
maintain accountability. And thus increase the net worth which is the main objective of the
company.
5

Part 2
We are awareof the various types of asset management. It is considered to have been divided into
seven types.Among these different types of asset management, there is a category of it which is
called Infrastructure Asset Management (Naghshbandi, et. al., 2016). It is the branch of asset
management which focuses on maintaining, reviving and replacement of public infrastructure
properties such as bridges, roads, highways, waterways etc. In the second workshop, we visited
the Gold Coast sea wall and experienced infrastructure management strategies. The gold coast
sea wall is the essential infrastructure of the Gold Coast. It acts as insurance for the buildings,
parks, roads and other assets around sea coast. It saves these infrastructures from the erosion
caused by the cyclone and other weather destructions in the sea like rising of sea level. We
learned the history about the formation of the gold coast sea wall the need for which seems to
arise after the damages caused by the storms of Gold Coast Beaches. In the workshop, we took a
visit to the gold coast sea wall which is a massive sea wall dividing the land and the sea
(Nguyen, et. al., 2014). We studied the management strategies followed for the protection and
maintenance of this sea wall. It is crucial to protect and well maintain such infrastructures
because it involves a considerable cost and the impact of non- availability of such a guard has
already been experienced by the people of the Gold coast. The management team looks out for
the plans to renew the asset as these assets serve for a limited period. It ensures that the asset is
performing its duty of protecting our public infrastructure around the Gold coast.
A detailed management experience has been gained while attending the workshop for the Gold
coast sea wall. Along with all the experiences, some problems have aroused which make them
the important experience to take away from the visit. While visiting the Gold coast sea wall, we
observed that this property had been designed to save general public and land from the
destruction caused by the weather in the sea and people were very careless about this fact. They
were probably unaware of its use or benefits or had no clue about the way it’s saving their
infrastructure properties (Noe, et. al., 2017). This workshop has given a different experience to
me because it was my first time when I have seen a sea wall and for many of the other students.
We learned the management ofsuch a huge infrastructure that it once felt like we can now
manage a lot of other infrastructure as it is such an extensive infrastructure.
6

The significant experience also includes the way the testing is performed on the asset to ensure
that it is in good working condition and case of the damages taking quick actions to repairs the
assets. We also experienced the damages in the assets and also the learned about the impact of
those damages on the working of the asset. Thus, the experience of Gold cost sea wall was quite
learning and meaningful.
7

Conclusion:
By doing this assignment, we learned a lot about the assets of the fishing business, their
management strategies, and the implementation of these strategies in the business. Both the
workshops have helped a lot in learning about asset management strategies. While in the first
part experiences gained in the fishing company has been discussed with the problems found and
their possible remedy to the company. Also, we have experienced the working of simulation
analysis for increasing the net worth of the company. The second part contains the experience
from sea wall visit where we learned about the infrastructure asset management. This assignment
has enhanced the knowledge and importance of asset management. This helps have exposure to
the most critical management topic.
8

References:
 Fontanesi, S., d’Adamo, A. and Rutland, C.J., 2015. Large-Eddy simulation analysis of
spark configuration effect on cycle-to-cycle variability of combustion and
knock. International Journal of Engine Research, 16(3), pp.403-418.
 Glendinning, S., Hughes, P., Helm, P., Chambers, J., Mendes, J., Gunn, D., Wilkinson, P.
and Uhlemann, S., 2014. Construction, management and maintenance of embankments
used for road and rail infrastructure: implications of weather induced pore water
pressures. Acta Geotechnica, 9(5), pp.799-816.
 Haldane, A.G., 2014. The age of asset management?. speech at the London Business
School, 4(4).
 Koh, K. and Abbas, J., 2015. Competencies for information professionals in learning labs
and makerspaces. Journal of Education for Library and Information Science, 56(2),
pp.114-129.
 Love, P.E., Matthews, J., Simpson, I., Hill, A. and Olatunji, O.A., 2014. A benefits
realization management building information modeling framework for asset
owners. Automation in construction, 37, pp.1-10.
 Naghshbandi, N., Chouhan, V. and Jain, P., 2016. Value based measurement of financial
performance. International Journal of Applied Research, 2(2), pp.365-369.
 Nguyen, A.T., Reiter, S. and Rigo, P., 2014. A review on simulation-based optimization
methods applied to building performance analysis. Applied Energy, 113, pp.1043-1058.
 Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2017. Human resource
management: Gaining a competitive advantage. New York, NY: McGraw-Hill
Education.
9