Reflective Journal: Strategic Asset Management, MNG92100

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MNG92100- Strategic asset management
Assignment -2 Reflective Journal

Contents
MNG92100- Strategic asset management.......................................................................................1
Introduction......................................................................................................................................3
Workshop 1......................................................................................................................................4
Topic 1: What is asset management strategy?.............................................................................4
Topic 2: Asset Management Framework.....................................................................................5
Workshop 2......................................................................................................................................7
Topic 1: MIT Fishbank simulation revisited...............................................................................7
Topic 2: Asset management Life-Cycle “The beginning” – Phases of the Feasibility study......8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10

Introduction
The assignment is based on the views and the experience that was acknowledged by me by
considering the information that was provided to me in the workshops during my academic
sessions. I was provided various opportunities which included attending a number of the classes
and the workshops which helped in analysing the way of thinking process (Arantes do Amaral
and Hess, 2018). This was seen that through this assignment the thoughts and the knowledge that
was gained would be showcased in this assignment. This assignment would help in evaluating
the concepts in a more accurate way which would help in increasing the efficiency of the report
that is made on this assignment.

Workshop 1
Topic 1: What is asset management strategy?
It is considered that workshops are one of the important parts of the academic sessions that are
held during the period. It is considered that by attending the workshops the students are able to
utilise the shape and different areas of thinking which helps in learning the new approaches and
the new subjects that adds to their knowledge. By the process of attending the workshops during
the academic sessions, I was able to learn more specifically. During week 2, I came across the
term asset management strategies which helped in increasing the knowledge regarding the asset
of the company (Benjamin L. and David G. 2017). This was seen that for understanding the
concept of asset management the idea of strategies has to be considered for the purpose. The
teacher told that the strategy is a plan or an approach that is utilised by the organisation which
helps in maintaining the process and the resource that can be used in an effective manner. This is
considered as an approach that is used by the owners of the company which helps in taking the
fruitful decisions.
This study helped in understanding the asset and what it means for the organisation. The assets
for the company are considered as the tangible item which holds a significant value in the
balance sheet of the company. This is considered as the process which helps the managers of the
company to coordinate the effect of the company and also helps in realising the value of assets
for the company as a whole (Chansa-Ngavej, 2010). The asset management strategies are
considered as the process for the company which helps in analysing the structure of the company
and this also leads to an increase in efficiency of the company. Finally, this is considered that the
formulated plans are used in an effective manner so that the assets of the company realise the
best value for the investment that is made by the company.
This workshop helped in grasping the best knowledge regarding the terminologies which
included the strategic asset management methods and the integrated strategic asset management
strategies. This was seen that all the concepts that were developed helped in making the
professional identity and would help in making the professional growth for the company.

Topic 2: Asset Management Framework
Workshop is considered as one of the most important platforms which helps in increasing the
development in the skills of students to make them future ready. The theories and the lectures
that are used by professionals of the company helped in building the identities of the students.
The teacher in this week helped in making us understand the term asset management framework
(Giglio, Friar and Crittenden, 2018). The students were told to analyse the knowledge that relates
to asset management and the related components.
While there was various discussion done for achieving assistance on the significant framework
of the term that was used by different organisations. The tutor showed us different designs and
frameworks that helped us achieve the objective of enhancing the areas and the knowledge which
relates to the framework. The design and the framework helped in understanding the terms and
presenting the clear picture of the components that helped in gaining knowledge of the
framework. The study that is given in the report helped in understanding the term in more
implied and the practical manner.
The workshop helped in presenting an analogy for the framework that was presented for the
purpose of the study. We were shown a building which was under construction and would take
about 144 days more to complete the transaction. The designs that were given to us were given
so that we were able to understand the framework more precisely and effectively (Jaime Campos
et. al., 2017). This study helped in understanding the frameworks and also provided the standard
solution for every solution that is done by the organisation for achieving the objective of
maximising the sales. The framework helped in implementing the approach of the organisation
through which the management of the company is done. The teacher also helped in explaining
the purpose of the framework that is used by the companies to achieve the objective maximising
the profits and achieving the strategies that are framed by the managers of the company.
This was seen that the industry was affected by the boom that came in the industry of
infrastructure in the year 1951-1980. This initially was adopted by the western countries in the
world such as Europe, Australia, USA and Canada. Hence this is considered as the reason for the
post-war economic growth that occurred in the world. However, after this period, it was seen that

the infrastructure for the period started deteriorating. So it was essential for the companies to
make the difference as this become obsolete (Lin & Qiang 2019). It was seen that with the effect
of this scenario the industry was able to generate the number of changes which helped in
evolving the concept ofcoal-fired power stations and the wireless technology. These factors
helped in the generating growth and the infrastructure in various western countries of the world.
The information that was provided in the workshop helped in the analysing the future of the asset
management framework of the organisations. The respective approach and various other
information helped in analysing the evolution and the refinement of the projects. The
development in the various field of the company helped in analysing the assistance for the
company. The development in the fields of the company helped in growing the asset of data
frameworks. This will affect the asset of governance standards. The teachers helped in
understanding the activities and also provided an example which helps in increasing the
knowledge. Through the information that was provided by the teacher, I was able to identify
various skills and was also able to improve the skills professionally and personally.

Workshop 2
Topic 1: MIT Fishbank simulation revisited
During the academic period, I was supposed to attend a number of workshops which helped in
shaping my future for growth and also helped in enhancing the position as an individual. The
second module was based on the Fishbanks simulation where my teacher tried to explain the
lecturer about functions (Tam & Price, 2008). This is considered as the strategy where major
strategies of the firm are depended upon for achieving the qualifications. This is considered that
with the help of this approach it is regarded that individuals are able to achieve themselves and
are able to use the strategies of the organisation with the help of certain experience and also
helped in the gaining the knowledge about the working style of the organisation.
As and when the workshop was used I was likewise used to expand the segment of making
thought regarding the co-operational and the competition within the organisation. There are
various factors and approaches that were used in the workshop which will help in generating
various skills and would also help in developing different capabilities.

Topic 2: Asset management Life-Cycle “The beginning” – Phases of the Feasibility study.
In the other workshop that was given by my tutor, he tried to explain the life cycle of the asset
management process. This is considered that the asset management if the most important and the
crucial part of the organisations which are working in the business environment. The activity that
was performed by the teacher helped in maintaining a good level of efficiency and the adequacy
in the organisations (Meager, 2017). The teacher also helped in delivering their thoughts
regarding the feasibility analysis that was done so as to achieve the objective of maximising the
objective of the workshop. The term feasibility means a structure evaluation that helps the
manager of the company in evaluating the different alternatives. Through this proces, the
accuracy of the organisation was delivered and it also helped in achieving the objective.
This workshop would help me in future to develop and manage the projects in the organisations.
This would also help in enhancing the skills while working as a manager of the company. Also,
this would help in building flexibility within me.

Conclusion
The assignment that is projected here helped in reflecting my own views. This assignment helped
in portraying the thoughts and opinion regarding the workshops and the lectures that I attend
during my sessions in the school. This assignment helped in bifurcating different theories and the
concepts that were related to to asset management and the simulations.

References
 Arantes do Amaral, J., and Hess, A. 2018, ‘The WEBSIM FISHBANKS Simulation
Laboratory: Analysis of Its Ripple Effects’, International Journal of Instruction, 11(2),
369–384. https://doi.org/10.12973/iji.2018.11225a
 Benjamin L. Britton, and David G. Atkinson. 2017, ‘An investigation into the significant
impacts of automation in asset management’, Journal of Economic and Social
Development (Varaždin), 4(1), 2–14. Retrieved from
https://doaj.org/article/f41254895cc4442a97dc9bab88727009
 Chansa-Ngavej, C. 2010, ‘Intangible asset management framework: empirical
evidence’, Industrial Management & Data Systems, 110(7), 1094–1112.
https://doi.org/10.1108/02635571011069121
 Giglio, J., Friar, J., and Crittenden, W. 2018, ‘Integrating lifecycle asset management in
the public sector’, Business Horizons, 61(4), 511–519.
https://doi.org/10.1016/j.bushor.2018.03.005
 Jaime Campos, Pankaj Sharma, Erkki Jantunen, David Bagley, and Luca Fumagalli.
2017, ‘Business performance measurements in asset management with the support of big
data technologies’, Management Systems in Production Engineering, 25(3), 143–149.
https://doi.org/10.1515/mspe-2017-0021
 Lin Chen, & Qiang Bai. 2019, ‘Optimization in Decision Making in Infrastructure Asset
Management: A Review’, Applied Sciences, 9(7). https://doi.org/10.3390/app9071380
 Meagre, L. 2017, ‘FSB’s asset management plans mirror AIFMD’. International
Financial Law Review. Retrieved from http://search.proquest.com/docview/1872090518/
 Tam, A., & Price, J. 2008, ‘A generic asset management framework for optimising
maintenance investment decision, Production Planning & Control, 19(4), 287–300.
https://doi.org/10.1080/09537280802034042