Comprehensive Report: Maintenance and Asset Management Strategies

This report delves into the crucial aspects of maintenance and asset management, starting with formal definitions and the relationship between maintenance and asset management. It explores the fundamental elements of good maintenance, including preventive measures, work management systems, and statistical analysis, and examines the contributions of a good governance system towards success. The report then introduces the BCM model, outlining its fundamental elements and the relevance of the PDCA cycle within it. The analysis includes plan, do, check, and act phases in the context of business continuity. The conclusion emphasizes the role of effective maintenance in optimizing organizational goals, reducing risks, and ensuring asset longevity, with recommendations for improved maintenance planning and asset management procedures. This report is a valuable resource for students seeking to understand the principles and practices of effective asset and maintenance management.

Maintenance and Asset management

Table of Contents
INTRODUCTION...........................................................................................................................1
Provide a formal definition of maintenance and asset management from any resource.............2
Relationship of maintenance to assets management....................................................................2
Fundamental elements of good maintenance & assets management...........................................2
Contribution of good governance system towards success.........................................................2
Fundamental elements of BCM model........................................................................................3
Relevance and relationship between PDCA cycle in BCM model.............................................3
CONCLUSION................................................................................................................................4
RECOMMENDATION...................................................................................................................4

EXECUTIVE SUMMARY
This project involves the design and construction of the the asset management improves the
quality of the business organisation. Asset management maintenance make the recognition that
assets have a life cycle and need to be maintained. Maintenance of the assets is about
understanding and managing the risk associated with owing assets.
INTRODUCTION
Maintenance management systems are becoming a major factor in industry as companies
are concern with maintaining assets at an optimum level at an optimum expenditure. The
optimal reliability to meet with the business needs of a company is the main goal of maintenance
management. The main functions of maintenance is to maintain the equipments, to keep them in
a existing condition by preserving and protecting them from a failure or decline.
The asset management improves the quality of the business organisation. Asset
management maintenance make the recognition that assets have a life cycle and need to be
maintained. Maintenance of the assets is about understanding and managing the risk associated
with owing assets.
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DISCUSSION
TASK 1
Provide a formal definition of maintenance and asset management from any resource
Understanding the maintenance management is, the combination of all technical,
administrative and managerial action during the life cycle of any item which are necessary to
provide function to a given service is called maintenance management (Abiri-Jahromi and et.al.,
2013). The maintenance of all assets in a company which can maximise the return on investment
in asset.
The process of maintaining, upgrading and operating physical assets in a systematic
manner to enhance the knowledge of capital assets, their respective values and to establish
standard process for investment decision making.
Relationship of maintenance to assets management
 Analyse the requirements of the assets in business.
 Current asset performance should be kept in mind.
 Identify the Capital project's role in asset management.
 Identify the role of operation in management.
 Proper tools should be used to improve asset management (Campbell and et.al., 2016).
 To look if there is some sponsorship or leadership to manage or maintain new and old
assets.
 There should be proper partnership agreements between the partners in the business.
 The human assets and resources should be provided in appropriate quantity.
Fundamental elements of good maintenance & assets management
 The maintenance of the assets should be preventive.
 There should be a work management system to manage the asset's maintenance(Uddin,
Hudson and Haas, 2013)..
 There should a statistical analysis to analyse the need of maintenance of assets.
 There should be a proper management of the work to maintain the assets life for a longer
use.
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 There should be stock procurement in an organisation.
Contribution of good governance system towards success
 Review the structure of the organisation and to monitor progress.
 Conduct a self assessment to manage assets.
 Identification and management of policies and the goals to be achieved in the future by
the organisation.
 An asset management action plan should be prepared and implemented (Jardine and
Tsang, 2013).
 Maintenance and asset management helps to reduce risk of the organisation.
TASK 2
Fundamental elements of BCM model
One of the fundamental system of a good maintenance system is the BCM model. The
elements of this model is :
 It helps in attracting talented people for better working.
 It helps in Maintenance of equipments.
 Management of skill training is the main element of BCM model (Love and et.al., 2014).
 It helps in implementing the effective maintenance of policy and strategy.
 It is dependent on Reliability factor of the organisation.
 There is an acknowledges design limitation (Chemweno and et.al., 2015).
 The tasks the organisation must be effective and manageable.
Relevance and relationship between PDCA cycle in BCM model
1. Plan: This process establishes objectives, targets, controls, processes and procedures for
the program to find results according to the organisation and its overall policies and
objectives (Love and et.al., 2014). There is a need of identification and understanding to
the problem or the opportunity through which, they can get benefits.
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2. Do: This implements and operates the continuity of the policy, controls, processes and
procedures which helps to strategize, plan and test the organisation for the continuity of
business (Jardine and Tsang, 2013).
3. Check: This process monitors and reviews the policies and the performance against
established management system objectives and reports the results to manage reviews.
4. Act: The process maintains and improves the program by taking preventive and
corrective actions, based on the results of review of management.
CONCLUSION
A good maintenance system does contribute to the success of an organisation by
optimized organisation and management goals, by using accessibility to information and data
management. Maintenance of assets can be done through data sustainability, enhanced data
updating. Maintaining and managing assets helps to lessen the risk, helps in managing asset
information and keeps developing people interest towards the assets. It also helps in making the
systematic planning, strategies and policy which help in successful growth of business. Good
asset management and maintenance leads to maximise profits, Its helps to keep in mind the
safety hazards, lowers the possibility of risk, and keeps the assets alive till long duration.
RECOMMENDATION
Following the review and investigation of the different aspects of this maintenance issue, the
subsequent recommendation are to be considered as the review of maintenance plan, current
system requirements. To provide overall plan for maintenance tasks and to prepare procedure for
the maintenance of assets and its management.
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REFERENCES
Books and Journals
Abiri-Jahromi, A. and et.al., 2013. A two-stage framework for power transformer asset
maintenance management—Part I: Models and formulations. IEEE Transactions on
Power Systems. 28(2). pp.1395-1403.
Campbell, J. D. and et.al., 2016. Asset management excellence: optimizing equipment life-cycle
decisions. CRC Press.
Chemweno, P. and et.al., 2015. Development of a risk assessment selection methodology for
asset maintenance decision making: An analytic network process (ANP)
approach. International Journal of Production Economics. 170. pp.663-676.
Jardine, A.K. and Tsang, A.H., 2013. Maintenance, replacement, and reliability: theory and
applications. CRC press.
Love, P.E. and et.al., 2014. A benefits realization management building information modeling
framework for asset owners. Automation in constructions. 37. pp.1-10.
Uddin, W., Hudson, W. and Haas, R., 2013. Public infrastructure asset management. McGraw
Hill Professional.
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