Reflective Journal Part A: Strategic Asset Management (MNG92100)

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ASSIGNMENT COVER SHEET
Student Name:
Student ID No.:
Unit Name: Strategic Asset Management
Unit Code: MNG92100
Tutor’s name:
Assignment No.: 2
Assignment Title: Reflective Journal Part - A
Due date:
Date submitted:
Declaration:
I have read and understood the Rules Relating to Awards (Rule 3 Section 18 – Academic
Misconduct Including Plagiarism) as contained in the SCU Policy Library.
I understand the penalties that apply for plagiarism and agree to be bound by these rules. The
work I am submitting electronically is entirely my own work.
Signed:
(please type
your name)
Date:
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Table of Contents
Introduction......................................................................................................................................3
Workshop 1......................................................................................................................................4
Topic 1 – What is strategy?.........................................................................................................4
Topic 2 – What is Asset Management and Asset Management Strategy?..................................5
Workshop 2......................................................................................................................................6
Topic 5 – Site Visit to observe assets protected by the Gold Coast Sea Wall.............................6
Topic 8 – MIT Fishbanks Simulation Revisited..........................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
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Introduction
In this reflective journal, I will incorporate the knowledge I have gained from the workshop one
and workshop 2.This journal is about the course lecture, learning from the workshop. In this
reflective journal, I will incorporate the learning and topics covered in the workshop one and
workshop two. In this reflective journal in total 4 topics related to the course will be covered.
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Workshop 1
Topic 1 – What is a strategy?
The first topic selected for workshop one is a strategy. This topic will help me to know about the
concept of strategy. Strategy is a plan designed to meet the future target and desired goals.
Strategy is an outline of the future steps of an organisation to be taken in order to achieve the
objectives of the company. Proactive and reactive are the two types of strategy. A proactive
focus on the future and reactive strategy focus on the future and past. Strategy is very important
to achieve organisational goals, and without an appropriate strategy, the end to end objectives of
a company cannot be achieved.
A strategic vision statement is a future way of a company. It cannot be changed. The Strategic
vision statement of every company is fixed. The vision statement establishes a standard of
excellence. It connects the present and future (Year et al., 2017). A good statement clarifies
purpose and direction. Each company has its vision statement as every organisation established
for a purpose.
It is important for every company to have a good and strong vision statement; otherwise the
objectives and goals of the organisation will not be clear, and the goals will not be
communicated to the employees significantly. The shortcoming of a vision statement is that a
vision statement cannot be changed according to the requirement vision statement that is rigid in
nature.
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Topic 2 – What is Asset Management and Asset Management Strategy?
The second topic is Asset Management and Asset Management Strategy for the. This topic will
contribute to enhancing my knowledge in understanding the asset management and asset
management strategy (Riposo, 2018). An asset is a valuable thing and precious thing of a
company. An asset can be intangible and intangible form.
The asset management process starts with procurement and ends with the disposal. Asset
management focuses on whether allow the assets are functioning properly or not. Asset
management is important for every organisation as each organisation has assets and they have to
be managed suitably.
Asset management strategy is a strategy designed to manage the asset of the company. Asset
management strategy sets a clear track for the implementation of asset management.
Asset management standards are a collection of standards that states the requirement of asset
management and provides guidance on how to accomplish the requirements.
For the introduction and derivation of the asset management strategy, Firstly analysis of external
and internal factors should be done, and then the strategy should be formed meeting the
expectation of the customer.
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Workshop 2
Topic 5 – Site Visit to observe assets protected by the Gold Coast Sea Wall
The first topic selected for the workshop two is Sea Wall Site Visit. This topic will enhance my
understanding of the asset management strategy of beaches and infrastructure. Gold Coast is
located in Australia and is very famous for the beaches, seas, and infrastructure. Every year
numerous visitors come at Gold Coast to visit the beaches and infrastructure (Tomlinson et al.,
2016). Gold Coast is earning a lot from the visitors; however preserving beaches and
infrastructure was the main concern of the Gold Coast City Council and the State of Queensland.
In the year 1967, due to a bunch of storms infrastructure and beaches got damaged. In the 1970
engineers built a rock sea wall and that was made up of clay, rock, and boulders with sand filling
the voids.
The purpose behind the sea wall was to delineate the boundary, retain the ground landward of the
structure, and preserve ground from wave or current erosion and wave heap.
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Topic 8 – MIT Fishbanks Simulation Revisited
The second topic chosen for the workshop two is MIT Fishbanks Simulation. This topic will help
me to increase my knowledge about the competitive environment. The Fishbanks Simulation
software is a tool that enables the participant to experience strategic management. For the
sustainability of the business in the competition formulation of good asset management strategy
is important.
Fishback related to fishing, and their business depends on the availability of fishing stock. In the
workshop a game has played under which participants have to prepare a strategy for the
maximization of the net worth of the company (Garcia, et al., 2016) Asset management strategy
gets affected from the competition hence the strategy must be flexible so that changes can be
implemented according to the requirements of the business in order to maximise the net worth.
An asset management strategy includes fleet procurement and divestment, fleet operation and
fleet conservation.
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Conclusion
In this self-reflective journal, the topics covered in the workshop one and workshop two have
been covered. In this journal asset management, strategies for asset management, Strategy,
strategies for competing in a competitive environment has been explained with the help of
various journals to support my solutions to the problem.
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References
 Garcia, Claude, Dray, Anne & Waeber, Patrick 2016, ‘Learning Begins When the Game
Is Over: Using Games to Embrace Complexity in Natural Resources Management’, Gaia,
vol. 25, no. 4, pp. 289–291, accessed from.
https://search-proquest-com.ezproxy.scu.edu.au/docview/1852744230?
accountid=16926&rfr_id=info%3Axri%2Fsid%3Aprimo
 Riposo, Julien 2018, ‘Some Spectral Asset Management Methods’, Wilmott, vol. 2018,
no. 98, pp. 58–69.
https://onlinelibrary-wiley-com.ezproxy.scu.edu.au/doi/abs/10.1002/wilm.10724
 Snider, Barry 2016, ‘Failure prevention--The ultimate asset management
strategy’, Hydrocarbon Processing, pp. 47–52, accessed from.
https://search-proquest-com.ezproxy.scu.edu.au/docview/1792333460?
accountid=16926&rfr_id=info%3Axri%2Fsid%3Aprimo
 Yera, Ainhoa, Arbelaitz, Olatz, Jodra, José L., Gurrutxaga, Ibai, Pérez, Jesús M. &
Muguerza, Javier 2017, ‘Analysis of several decision fusion strategies for clustering
validation. Strategy definition, experiments, and validation', Pattern Recognition Letters,
vol. 85, pp. 42–48.
https://www-sciencedirect-com.ezproxy.scu.edu.au/science/article/pii/
S0167865516303324
 Tomlinson, Rodger, A) Jackson, Angus & Bowra, Kim 2016, ‘Gold Coast Seawall:
Status Investigations and Design Review’, Journal of Coastal Research, vol. si, no. 75,
pp. 715–719, accessed from.
https://search-proquest-com.ezproxy.scu.edu.au/docview/1816602284?
accountid=16926&rfr_id=info%3Axri%2Fsid%3Aprimo
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