Strategic Asset Management Reflective Journal: MNG92100, Semester 2

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MNG92100 - STRATEGIC ASSET
MANAGEMENT
ASSIGNMENT -2 - REFLECTIVE JOURNAL

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Table of Contents
Introduction......................................................................................................................................3
Workshop 1......................................................................................................................................4
Topic 1: What is strategy?...........................................................................................................4
Topic 2: What is asset management strategy?.............................................................................5
Workshop 2......................................................................................................................................6
Topic 1: Asset Management Decision Theory............................................................................6
Topic 2: MIT Fishbanks Simulation Revisited............................................................................7
Conclusion.......................................................................................................................................8

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Introduction
The assignment is completely based on my personal experience and the knowledge I gained by
attending different workshops in my academic period. With the help of this assignment I have
reflected my thoughts regarding the asset management strategies.

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Workshop 1
Topic 1: What is strategy?
Attending a workshop is a part of academic carrier. By attending worships a person is able to
analyze different aspects regarding their subject and can likewise develop their identity. My first
workshop bas based on the elements of asset management and the strategies formulated for
managing the assets of the organization in an effective manner. By attending this workshop I was
able to enhance my area of knowledge regarding most impactful factor of an organization that is
termed as strategy. Strategizing is extremely essential for the development of the organization.
By effective planning and strategizing process the organization is able to fulfill its objectives and
is likewise able to satisfy its teammates. Strategizing is a factor that can help the managers in
enhancing the scope of innovativeness in their organization. The primary objective of our
lecturer was to make us understand the importance of strategy in current business environment.
The lecturer likewise put in his efforts in making us aware with the importance of plans in an
organization. The sense of strategy is explained with the help of stories in the workshop. The
authorities handling the workshop tried to narrate the sense of strategy by explaining a number of
stories. This helped in fascinating the students and motivated them to learn with more interest
and try to understand the concepts more specifically (Herstein, et. al., 2017 pp 550- 555).
The lecturers tried to explain us the strategy of war adopted First World War. The war was held
in 1914. Initially the war was started among the countries of Europe such as Russia, Britain and
France. But with time it was joined by Germany and USA. The teachers tried to explain us the
strategy behind the war. The First World War was based on three strategies that are
Annihilation, Attrition and Exhaustion. With the help of these examples the teacher tried to
explain us the sense of strategy in a more effective and concise manner (van Meerveld, et. al.,
2017 pp 12).
With the help of this workshop I was able to understand that strategy is a set of principles that
are adopted and communicated in the organization in order to formulate effective decision.
Strategy is a factor that enhances the efficiency of decision making system in the organization. It
is a factor that helps in deciding the allocation of resources and task of individuals in an
organization. By formulating effective strategies an organization is able to gain competitive

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advantage. It is likewise able to enhance the level of market area by attracting a number of new
consumers. The respective process helps the firm in fulfilling the goals of the organization in the
most prominent manner.
By attending the workshop I was likewise able to understand the difference between a plan and a
strategy. It likewise helped me in understanding the process adopted by the organization for
communicating strategy in their organization. Our lecturer tried to conduct a number of activities
that helped in grasping the information in more effective manner (van Meerveld, et. al., 2017 pp
13).

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Topic 2: What is asset management strategy?
In the next week the lecturers tried to express their thoughts regarding Asset management
strategy. Asset is the basic component of every organization. Every organization is incorporated
with some assets that are used by in the operations of the organization. The assets can be in
tangible and intangible form depending upon the nature and the preference of the organization.
Assets are likewise seen as a factor that defines the goodwill of the organization. The knowledge
and information that was grasped by me in the previous week helped me in the discussion of the
concerned workshop. In this workshop the lecturers tried to explain as the importance of asset
management and strategy and likewise informed as regarding a number of elements that impacts
the same.
By attending this workshop I analyzed the real sense of assets. With regards to my teachers I
understood that Asset can be termed as an item or thing that holds an actual value for the
organization. An asset can be in tangible and intangible form totally depended upon the nature of
the organization. They can be physical such as equipments, land or properties and they can be
non-physical such as brand name, goodwill and patent etc (Filatov, Aleksey & Kolibaba,
Vladimir 2016 pp 45).
The information provided in the workshop also helped in analyzing the real sense of asset
management. It is a broad concept consists of planning, strategizing and implementation. With
this workshop I analyzed that in the process of asset management initially the managers have to
formulate strategies for the management of assets. Later plans are formulated in order to
implement the strategies in the most significant manner. All the factors related to the assets like
cost, risk and control so forth are studied properly in order to formulate effective strategies for
the respective process.
With the help of this study I was able to analyze a number of factors associated with asset
management. I scrutinized the importance of Strategic Asset management. It is process or
approach that is used by the managers for converting the objectives of the firm in the process of
assets management. With the help of this approach the managers are able to fulfill the goals of
the organization in regards to assets of the firm. I was likewise able to analyze the role of
Integrated Strategic Asset Management in the process of asset management. With the help of

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this approach the managers are able to identify a number of elements that are hampering the
efficiency of the asset management system.
The life cycle of the project is explained by the lecturer in detail that helped in understanding the
stages of asset management strategies. Aside to this a segment of asset management standards is
also informed to us in the concerned workshop. All of these approaches and activities helped us
in understanding different concepts of the respective subject (Nenonen, Suvi & Storbacka, Kaj
2016 pp 140-145).

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Workshop 2
Topic 1: Asset Management Decision Theory
In the second workshop the topic of asset management was further elaborated. The lecturers tried
to explain the significance of a number of asset management decision theories that can help in
enhancing the efficiency of the asset management process. With the help of this workshop I was
able to understand the impact of ineffective decisions undertaken in the respective process. With
the help of this workshop the researchers have tried to explain a number of elements associated
with asset management process.
With the help of this workshop I analyzed a number of significant features of Asset management
decision theories. These theories help in satisfying the will of major stakeholders attest with the
organization. With the help of this approach the managers are able to evaluate a number of
alternatives related to the respective concept. This approach helps in controlling the operations of
the organization in the most effective manner (Van Riel, et. al., 2015 pp 9-12)
In this workshop different criteria’s of decision analysis are studied. The criteria of decision
analysis are divided into five factors these are Pre-Analysis, Structural Analysis, uncertainty
Analysis, Utility or Value Analysis and optimization Analysis. All of these factors helps in
facilitating effective decision making in the organization.
The decision theories of asset management affect both internal and external factors of the
organization. Some of the external factors that are affected by respective factors are Economic
atmosphere, political environment, and financial environment. The teachers took assistance of a
number of activities that helped us in understanding the respective approach in most effective
manner (Baum & Vlok, 2013 pp 57-58).

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Topic 2: MIT Fishbanks Simulation Revisited
The workshop was totally depended upon different approaches of asset management strategies.
For grasping the information of this week it was extremely essential for me to have knowledge of
the basic of asset management. In this week I was able to analyze the impact of Fishbank
Simulation on the asset management system of the organization. This is the most fascinating
topic among all the workshops that are attended by me in my academic period. The respective
approach is based on the level of experience and knowledge hold by an individual. As per this
approach it is analyzed that the experience of an individual is extremely essential for the
development of an organization. Qualification and experience of a personal helps the firm in
formulating effective strategy and likewise help the organization in managing the assets
effectively. With the help of this approach the managers of the organization are able to enhance
innovations and creativity in the organization (Arante et. al., 2018 pp. 370-375).

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Conclusion
The respective assignment is highlighting the deliverables related to asset management system.
With the help of this assignment I have tried to present my views regarding the respective
concepts. This information will help me in building my professional identity.

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References
 Arantes do Amaral, João Alberto & Hess, Aurélio 2018, ‘The WEBSIM FISHBANKS
Simulation Laboratory: Analysis of Its Ripple Effects’, International Journal of Instruction,
vol. 11, no. 2, pp. 369–384.
 Baum, J & Vlok, P. J 2013, ‘Mapping primary constraints in physical asset management
strategy execution, using social network analysis’, South African Journal of Industrial
Engineering, vol. 24, no. 2, pp. 47–58, accessed from .
 Filatov, Aleksey & Kolibaba, Vladimir 2016, ‘Theoretical approaches to developing a
strategy for managing the assets of a transmission and distribution company’, St. Petersburg
State Polytechnical University Journal. Economics, no. 6, p. n/a, accessed from .
 Herstein, Ram, Drori, Netanel, Berger, Ron & Barnes, Bradley 2017, ‘Exploring the gap
between policy and practice in private branding strategy management in an emerging
market’, International Marketing Review, vol. 34, no. 4, pp. 559–578, accessed from .
 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.
 Santacruz, Lujer 2016, ‘Asset Allocation Theory and Practice in Australian Investment
Management’, The Journal of Wealth Management, vol. 19, no. 2, pp. 47–67, accessed from .
 Snider, Barry 2016, ‘Failure prevention--The ultimate asset management
strategy’, Hydrocarbon Processing, pp. 47–52, accessed from.
 van Meerveld, H., Schoenmaker, R., Wessels, J.F.M., Wessels, J., Bakker, Jaap, Frangopol,
Dan M. & van Breugel, Klaas 2017, ‘Use of a future maintenance demand indicator for
network level asset management decision making’, 5th International Symposium on Life-
Cycle Engineering
 Van Riel, Wouter, Van Bueren, Ellen, Langeveld, Jeroen, Herder, Paulien & Clemens,
François 2015, ‘Decision-making for sewer asset management: Theory and practice’, Urban
Water Journal, vol. 13, no. 1, pp. 1–12.