Reflective Journal Part A: Strategic Asset Management (MNG92100)

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Akhil Gowravani
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Student Name: Akhil Gowravani
Student ID No.:
Unit Name: Strategic Asset Management
Unit Code: MNG92100
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Assignment No.: 2
Assignment Title: Reflective Journal Part - A
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MNG92100
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Akhil Gowravani
Table of Contents
Introduction....................................................................................................................................................3
Workshop 1....................................................................................................................................................4
Workshop 2....................................................................................................................................................5
Conclusion.....................................................................................................................................................6
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Introduction
It can be seen that the use of asset management is a crucial part of every organisation. Without
proper implementation and understanding of asset management, an organisation cannot function
and manage its assets properly. Businesses today have made it mandatory that they need to imply
the factors and techniques that are related to asset management.
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Workshop 1
Topic 1 – What is a strategy?
Strategy according to me is the guiding principles that help in developing and managing the
plans that a business makes. Without a proper strategy, a business cannot run its course over
time. There are many changes that occur throughout the business need to have proper strategic
management. It can be seen that a plan and strategy are often confused together. But a strategy
helps in the guidance of the plan made by businesses. To communicate a business strategy is
usually done through the businesses vision so it can be easily communicated and the future of the
organisation is defined. According to El-Akruti et al. (2013), it is seen that the lifecycle of
engineered assets needs to be properly handled. For this asset management is required to see how
much the performance of the asset can be utilised. For all of this to occur a proper strategy needs
to be implemented so that a plan can be made and put into action. The research discusses how
the collaboration of the asset management and strategy is important to understand how the
expenses and quality of the product are delivered by the business.
Topic 2 – What is asset management and asset management strategy?
Asset management is the proper strategy in infrastructure is applied to the products and services
so that they can be made better. It would seem that the strategic asset management is important
for a business because it will make sure to give quality products to the customers. I think that if a
business uses strategic asset management, then they will have a clear view of the assets life cycle
or how long an asset will run its course. Strategic asset management is associated with
environment and sustainability so that nature is kept healthy. According to Norinder (2011), it is
seen that the use of a plant asset management strategy can be used to manage the life cycle of an
asset. This strategic asset management strategy can help in increasing the output and efficiency
of the products that are sent to the customers. As the name suggests that this type of strategic
asset management is used in manufacturing and helps in deciding the critical assets that are
needed to run the business. The use of proper strategic infrastructure asset management can show
the life cycle and product of each asset available.
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Workshop 2
Topic 8 - FishBanks Simulation
I would recommend that most of the business use the simulation which is FishBanks. This
simulation will help in providing a trainee with actual real-world problems that a business might
face and make them take a critical decision in its regards. This name is given because it can be
seen that the fishes represented the stocks that are available for the business. Asset management
strategy is used in this sector as it applies to Fishbanks because it helps in managing the assets
that are available with the business. According to Ruiz-Pérez et al. (2011), it can be seen that the
simulation game which is for management shows how to understand the use of strategic asset
management. A research was conducted of twenty-five undergraduate students who would
understand resource allocation. By this research, I understood that by understanding resource
allocation then proper asset value can be determined between our company and the competitions.
Topic 5 – Sea wall site visit
I understood that the decisions which are involved in being taken in accordance with asset
management are very difficult as they involve a number of factors. This is a critical decision
because it involves the shareholders as well as the need to solve two or more problems instantly.
I have also seen that there are a number of external factors that impact the decision making such
as political, economic or even social. The Sea Wall context which was taken showed me how the
decision made in regarding asset management is seen to be made in collaboration with all of the
other factors. According to Van Riel et al. (2016), it is seen that decision made for the operations
in the assets used has not yet been researched. I think that if critical decisions are made in this
sector, then certain aspects could cost inexpensive for the sector of drainage. I saw how in the
research that by taking the decision of making the expenses incurred transparent business can
make itself cost effective.
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Conclusion
The understanding and usage of various asset management aspects have become a need for
business in most every industry. I understood that by applying decision-making techniques and
Fishbanks simulations, a business could grow and develop better than its competitors. I would
like to conclude this paper by saying that strategic asset management is a vital part of a business
if they want to manage their assets efficiently.
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Akhil Gowravani
References
1. El-Akruti, Khaled, Dwight, Richard & Zhang, Tieling 2013, ‘The strategic role of
Engineering Asset Management’, International Journal of Production Economics, vol.
146, no. 1, pp. 227–239.
2. Norinder 2011, ‘How to properly apply a plant asset management strategy’, Hydrocarbon
Processing, p. n/a, accessed from .
3. Ruiz-Pérez, Manuel, Franco-Múgica, Fátima, González, José A., Gómez-Baggethun, Erik
& Alberruche-Rico, Miguel A. 2011, ‘An institutional analysis of the sustainability of
fisheries: Insights from FishBanks simulation game’, Ocean and Coastal Management,
vol. 54, no. 8, pp. 585–592.
4. 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.
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