MNG92100 Strategic Asset Management Reflective Journal

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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 the strategy?.....................................................................................................4
Topic 2: What is asset management strategy?............................................................................6
Workshop 2......................................................................................................................................7
Topic 1: MIT Fishbanks Simulation Revisited............................................................................7
Topic 2: Asset Management Life-Cycle “The Beginning” - Phases of a Feasibility Study........7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
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Introduction
The assignment is to reflect on the asset management strategies which is totally based on my
personal learning experience. In this assignment, I have put my all efforts and learning
experience from different workshops in my academic period. The presented workshops help in
determining strategies of asset management.
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Workshop 1
Topic 1: What is strategy?
Workshops provide us various learning experience which helps up in analysing all the aspects of
topic and subject, here the workshop in the assignment is stating about the strategy and its
usefulness for developing effective management. The main motive of presenting the workshop is
to put all knowledge and learning experience which receives from the academic period. Without
attending the workshop I will not able to prepare on strategy as this workshop gave me the
knowledge and I have learned essential aspects of strategy from the workshop. It can be analysed
strategy is playing a vital role in every organisation, which help in setting up effective
management and in accomplishing the goals in a timely manner (Nenonen, Suvi&Storbacka, Kaj
2016pp 140-145).
. It can be developed and implement by conducting planning and analysing all the essential
factors that are co-related to strategy. In my experience implementation of effective strategy may
enhance the performance of the organisation and develop the efficiency of other operational
activities of the organisation. Behind every planning or strategy, there is a specific goal of the
organisation and that goal can be achieved by proper implementation of strategy within the
organisational departments.
A strategy can get successful implementation if employees of an organisation can analyse and
understand all the aspects of strategy at the time of its implementation. The essential objective of
the workshop is to introduce an effective strategy in the current business environment to compete
with other business in the market in an effective manner. The lecturer in the workshop help in
determining the importance of strategies by relating it with some stories and chapters. The stories
in relation to understand the concept of strategies helps in increasing the knowledge of students
in the class. Here are some stories from which lecturer tries to explain about strategies are, for
the first time the strategy was used during the first world war in 1914. It was started among
various countries as Britain, Europe, France and Russia which was later joined by USA and
Germany. In the mid of world war, there are some specific strategies are used as Exhaustion,
Annihilation and the most effective strategy is Attrition (Van Riel, et. al., 2015pp 9-12). These
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set of strategies help in more effective manner through which I have learned that better
communication and adoption of each technique in an effective manner will always help in setting
and accomplish goals in an effective manner. There are various strategies which are used in the
organisation to enhance the performance system of an organisation such as strategic human
resource management, strategic planning, a strategic artificial technique that will help in
enhancing the performance of the organisation and accomplish goals in the timely and
appropriate manner. There are several other strategies that help in taking effective decision
system in the organisation for which organisation has to adopt and utilise some essential
techniques such as to develop a strategic information system that helps in transforming the
system in an effective way and develop effective communication. Along with with this some of
the technological strategies also help in analysing the demand of its particular service in the
market and helps in attracting the customer by providing services accordingly (Nenonen,
Suvi&Storbacka, Kaj 2016pp 140-145).
After analysing all these aspects of strategies I have learned a lot experienced and develop a
better understanding that there is a huge difference between plan and strategy. It is the duty of
the organisational manager to adopt strategy by analysing its core concepts and to analyse the
impact on organisational performance before its implementation. Before the implementation of
any strategy, it is necessary to analyse the understanding and communication power within the
organisation because without analyse such aspects organisation may have to face failures in
adopting strategies.
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Topic 2: What is asset management strategy?
After assessing the learning aspects of strategy, the lecturer tries to explain about the asset
management strategy in the next week of the academic period. In this week I have learned that
every organisation has a various asset which is commonly grouped in two types as tangible and
intangible. Every asset is playing a different role in the organisation, for ex: the goodwill is the
most essential asset of the organisation that reflects on its market conditions, on the other hand,
inventory is playing a different role in the fundamentals of organisation. The workshop tries to
reflect on the importance of asset and asset management strategy which will create a huge impact
on the performance and financial stability of the organisation in the market. Thus, the strategy is
an important asset for every organisation (Van Riel, et. al., 2015pp 9-12).
These workshops help me accessing all the essential aspects of assets. assets of an organisation
are essential aspects of the organisation, for developing effective management in the asset, the
manager has to develop and implement an asset management strategy that helps in analysing
about the investment need to be done on asset is profitable in the context of an organisation or
not. Along with this organisation has to formulate different plans and regularly analyse their
execution because sudden changes in the business environment lead to various loss, so for
developing effective management in organisation assets I have analysed that implementation of
asset management strategy is effective for the organisation (Baum &Vlok, 2013pp 57-58).
The manager has to access and analyse all the information timely which included risk, cost and
all other essential factors which help in developing effective management in the organisation and
help in the accomplishment of goals. So the integration of strategic asset management is the most
effective approach that helps in increasing the performance and efficiency of management and
help in accomplishing the tasks in a timely manner (Van Riel, et. al., 2015pp 9-12). The lecturer
tries to explain about the life cycle of asset management and taught about some essential
management standards which help in understanding the different concepts and aspects in the
subject matter. So from this workshop, I have learned that asset management strategy is a core
aspect in the context of the organisation.
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Workshop 2
Topic 1: MIT Fishbanks Simulation Revisited
Workshops are an important part of the scholastic career. I need to go to various workshops that
helped me in molding my future as well as similarly helped me in upgrading my potential as a
person. In my second workshop, my speaker attempted to disclose to us the information related
to Fishbanks Simulation. It is an approach that says that the activities of the organizations rely
on the capability and the experience of the representatives. Concerning this approach, I had the
capacity to assess the significance of experience and capability in a venture. With the assistance
of this approach, it is portrayed that the individual can create themselves just as the procedure of
the association with the assistance of experience their addition while working in the association.
With the help of this workshop, I was in like manner ready to extend my territory of reasoning in
regards to the co-operational and rivalry in an association. The majority of the variables and
methodologies that are described in this workshop will help me in improving my abilities and
will in like manner build up my skills. I will be able to contribute my efforts in a productive
direction while working in the organization.
Topic 2: Asset Management Life-Cycle “The Beginning” - Phases of a Feasibility Study
In the second workshop that I attend in this week was related to feasibility and asset management
cycle. In this workshop, my speaker attempted to disclose to us the existence cycle in respect of
asset management. Asset management is a crucial activity of the organization that enables the
managers in managing their resources optimally. This action helps the managers in keeping up
the dimension of sufficiency and viability in the association. The instructors moreover attempted
to convey their views in regards to the feasibility analysis (Baum &Vlok, 2013pp 57-58). The
respective approach is an organized assessment that helps the directors in assessing various
choices and concepts of a factor. This assists in improving the precision in the association and
likewise helps the managers fulfilling their goals with more efficiency and productivity. The
concerned concepts help in enhancing the potential of the organizations (Nenonen,
Suvi&Storbacka, Kaj 2016pp 140-145).
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.
The information grasped by me in this workshop will help in building my capability and my
identity. This will similarly help me in upgrading my abilities as a chief of a task. This will help
in improving the aptitudes of adaptability in me and I will be able to objectify the goals of the
organization.
Conclusion
The assignment is highlighting my viewpoints as a student of the respective subject. With the
help of this assignment, I will be able to assess my skills and capabilities. The study will help me
in shaping my identity and will likewise guide me with a variety of concepts related to asset
management. With the deliverables of the assignment, the individuals will be able to conclude
the aspects of asset management and its requirement in this era.
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References
 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 .
DOI: 10.1108/IMR-05-2014-0188
 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. DOI: https://doi.org/10.1016/j.indmarman.2015.05.019
 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 .
DOI:10.3905/jwm.2016.19.2.047
 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. https://repository.tudelft.nl/islandora/object/uuid:f3e7dc6c-5d2e-43d1-
9941-29a7b6fb23c7?collection=research
 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. DOI:
https://doi-org.ezproxy.scu.edu.au/10.1080/1573062X.2015.1011667
 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 . DOI 10.7166/24-2-597
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