MNG92100 - Reflective Journal on Strategic Asset Management Session 1

This reflective journal critically analyzes experiences from strategic asset management workshops, focusing on a case study of Bougainville Copper Mine and the MIT Fishbanks Simulation. The author reflects on the importance of strategic asset management in improving asset performance, reducing risks, and creating opportunities. The workshops provided insights into risk identification, stakeholder engagement, and the dynamics of cooperation and negotiation in a competitive business environment. The Fishbanks Simulation highlighted the integrities of strategic asset management, emphasizing resource utilization and capital gains. The author concludes that the workshops and activities contributed to understanding the importance of strategic asset management for long-term success.

Running head: REFLECTIVE WRITING
Reflective Journal on Experiences Relating to the Fish banks Simulation
Name of the Student
Name of the University
Author Note

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Introduction
The strategic Asset Management can be rightfully described as the application of Asset
Management across the entire utility or the organization. The Strategic Asset management can be
stated to be a holistic approach to the Asset Management and begins with the formation and
designing of the corporate strategy which is then followed by the formation of the mission of the
organization and the overall coordinated approach which tends to exist across all the technical as
well as non-technical areas of the utility. The main aim of the Strategic Asset Management lies
to produce a value such that it tends to improve the overall utility asset performance, reduces the
risk of the firm, reduces the costs of the firm and creates better and new opportunities for the
firm. After undertaking this coursework as a part of my curriculum, I attended various
workshops and sessions which assisted me in gaining adequate knowledge about the particular
subject. The aim of the report is to critically reflect on my learning and two related experiences.
Through the critical reflection, I will reflect my thoughts on the different aspects which I learnt
about the particular subject. In addition to this, I will also be describing the important of the
strategic asset management for the overall welfare of the firm in the long run. Previously, before
undertaking this subject, I was unable to understand why the different companies often tend to
engage in the subject of Asset management, however, after undergoing this subject I have
realized the importance of the subject and the reason why the different organizations like to
undergo the rigorous procedure of strategic management as it assists them in ensuring the
sustainability of the firm and the related to this, they are also able to gain an understanding of
longevity of the assets.
Analysis
Workshop 1

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In the workshop 1 we were provided with a basic understanding of the different concepts
related to the Strategic Infrastructure Management and underwent a seminar session which went
a long way in assisting to understand the different concepts related to the Asset Management.
One of the vivid experiences which I remember in regard to the Workshop can be stated to be the
Case study analysis which we were provided with Bougainville Copper Mine 1971 – 1984. The
case study reflected that, although the overall event can be understood to be rather positive in
nature with successful outcomes, the design of the asset could not be allowed as 99% of all the
process minerals reported to fail the tailings. Through this experience, I was able to gain a real
life experience of the subject related to the Strategic Asset Management. We were required to
analyze the wins, which were then followed by the Losses. The wins of the case study were
Incredible mine, Best housing infrastructure and personal career training opportunities. On the
other hand, the losses were that, that there existed minor safety record fatalities, loss of
engagement with the stakeholders and disposal disaster which can be stated to be some of the
losses of the overall scenario. Hence, the particular experience was very engaging for me as it
assisted me to understand the manner in which an asset is required to be managed and how it has
to be evaluated for operations. Through the particular study, I came to the realization that, the
strategic asset management can be considered to be an important aspect because it enables the
firm to keep a track on all its assets. I understood that the value of the different assets keeps
changing throughout its lifetime and in line of this, it needs to be reflected that as this value
undergoes a considerable change, the strategic management tools and techniques assist in the
recovery of the assets and leads to higher returns on the firm’s side. Moreover, I also learnt that,
the Strategic asset management leads to the guarantee of accuracy relating to the amortization
rates. This means that, as the procedure of strategic asset management tends to recommend the

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checking of the different assets regularly it leads to, the statements and their related values being
updated. After attending the second workshop on the strategic asset management, it was
understood that, the procedure of strategic asset management goes a long way in assisting the
firm to identify as well as manage the different risks as present. Very often when certain assets
are utilized during the lifetime of their tenure in the firm, it leads to certain risks for which the
firm needs to be adequately aware of. In line of this, it can be rightfully mentioned that, the
process of strategic asset management helps in identifying them at an earlier stage and then
overcoming these risks. Through the process of strategic management of asset I was able to
understanding the importance of risk identification and management at an earlier stage.
Workshop 2
The second workshop which I attended followed a more holistic approach and laid down
the different activities which we were required to undergo before proceeding with the, next half
of the study. Having understood the overall important of strategic asset management in the
previous workshops, the workshop 2 gave me an opportunity to identify the risks in the business
environment which come in the way of successful implementation of the overall goals and
objectives of the firm and also go a long way in assisting the firm to manage its risks efficiently.
The workshop gave me an opportunity to apply this knowledge in the real life working of the
firms and hence, in the particular workshop, we were made to undergo various case studies and
real life games which helped us to gain an experience about the experience of working to an
asset management strategy and gain real life experience in the same domain. In addition to this,
we also learnt how to explain the dynamics of cooperation as well as negotiation in the
competitive business environment and analyze the impact of this learning on the asset
management strategy planning as well as implementation.

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One of the most learning experiences of the particular workshop has been the MIT Fish
bank Simulation. The game was unique in nature and they had provided us with 3 boats and then
we were provided with 3 dynamics like the harbor, deep and coasts where we could have more
fishes. We could have the maximum fishes in the deep, followed by the number of fishes in the
coast and lastly, we could not have any fishes in harbor. This was followed by the sale of boats
and auctioning of the other boats for a period of 10 years. We were required to earn a
considerable amount of profit and loss in this procedure and the highest earner amongst us could
be the winner. I followed the instructions and had the first 2 boats in deep and 1 on coast during
the first three years, however, in the following year, I made a purchase of 2 boats and kept 3 in
the deep and one on the coast along with one on the harbor. I sold the boat for 1900 in the 8th
year and lastly, we had 10000$ in our bank. It was a very learned experience through which I
was able to understand the integrities of Strategic Asset Management. Hence, through this,
workshop I was successfully able to apply the skills I have been able to gain in the past,
workshops in order to solve the issue of the various case studies which were given to me earlier.
In line of this, I was successfully able to apply the knowledge which I accumulated in the past
and was able to successfully resolve the particular case study in hand. Through this, I was able to
test my knowledge as well which then provided me with confidence regarding my overall
success in the long run. Moreover, it also enabled me to focus on the weak areas where I have
not been successful in learning the different details about the firm. In addition to this, it enabled
me to revise certain parts of the course again as they would go a long way in assisting me to
attain my overall course goals as well as objectives. Through this, I realized the manner in which
a firm would be required to remove the ghost assets which exist in the inventory of a company
and ensure that all the assets which exist are utilized in the right manner for the overall welfare

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of the firm. Very often, the firm is unable to utilize the overall resources efficiently and in line
of this, it becomes relatively important for them to ensure that they are able to, take considerable
measures which would then assist the, to undertake and make the utilization of the resources in
the right manner so as to ensure that, their firm can undertake capital gains. Hence, the different
case studies, fish banking game, the different proposals as well as the workshop activities went a
long way in assisting me to understand the overall importance of the strategic management of
asset as a whole and also contributed in ensuring that, if as a manger, I want my firm to gain long
term success and see to it that the assets are utilized efficiently, then I would be required to
undertake initiatives which will contribute to the same and ensure long term success.
Conclusion
Therefore, from the given , it could be largely understood that by attending the Workshop
1 and 2 I was able to gain an experience about the basic frameworks and concepts of Strategic
Asset Management along with learning about the real life application of the same. I have
described my two most learning experiences and my gains in the given report. As understood
from the reflective, I attended various workshops, undertook lessons to gain the knowledge of
the same which has enabled me to be successful in carrying out my overall duties.

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