Reflective Journal Part A: Strategic Asset Management (MNG92100)

Past papers and solved assignments for students. This reflective journal covers strategic asset management.

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
Work Shop 1....................................................................................................................................4
Topic 1 – What is Strategy? (SP)................................................................................................4
Topic 2 – What is Asset Management and Asset Management Strategy? (LM).........................5
Workshop 2......................................................................................................................................6
Topic 5 – Site Visit to observe assets protected by the Gold Coast Sea Wall.............................6
Topic 8 – MIT Fish banks Simulation Revisited.........................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
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Introduction
In this reflective journal, I will share my experience from the workshop one and two. From the
workshop, I have gained knowledge about numerous topics. This reflective journal is about the
course lectures, experience, which were part of the workshop. Various topics covered in the
workshops such as their characteristics and deficiencies covered. In this reflective journal, Four
topics of workshop one and workshop two will be discussed.
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Work Shop 1
Topic 1 – What is Strategy? (SP)
I have selected “Strategy”. This topic will help me out to understand the strategy, characteristics
of effective strategic vision statements, and shortcomings of strategic vision statements. The
strategy is an outline of guiding principles to achieve overall objectives and goals. The strategy is
a plan of action that describes the actions to be taken in the future for the attainment of the aims
of the goals. Every company has a vision and objectives and a strategy is needed to accomplish
the goals. Strategy plays an important role in accomplishing the objectives. There are two types
of strategy
1. Pro-active
2. Reactive
Pro-active strategies are future-oriented and involve continuous assessment of future events and
uncertainties. Although it is difficult to adopt, proactive strategy enables the organisation to be
ever ready to face an uncertain situations and take timely corrective actions (Yuan, et. al., 2018).
And reactive strategies come into action on materialization of a certain event and then corrective
actions are taken accordingly.
A vision statement is a future path to attain the objectives of the company and it never gets
changed. Vision statement makes an identity of a business and unique itself nevertheless it is
rigid and it cannot be changed according to the requirements of the business. For a successful
strategy, proper execution of the strategy is necessary.
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Topic 2 – What is Asset Management and Asset Management Strategy? (LM)
The second topic I have selected from the workshop is “Asset Management and Asset
Management Strategy “.This topic will help me to understand the concept of asset management.
Assets are the properties of the resource owned by the company which will enable them to earn
future economic benefits and which can be measured in quantitative terms.
Asset management strategy is a strategy to manage the asset of the company. It is a strategic
approach to manage the asset and for an organisation proper management of assets is important.
Asset management strategy portrays guidelines how to manage the asset of the company. Asset
management strategy is required in every business as every business has its assets and they must
be managed in an appropriate way to stay in the competition (Ngo, et. al., 2018).
An asset management standard helps in developing and maintaining strategic asset management.
Asset management involves proper coordination among the assets whether the assets are in the
form of physical, financial and intangible.
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Workshop 2
Topic 5 – Site Visit to observe assets protected by the Gold Coast Sea Wall
I have chosen “Sea Wall Site Visit. Gold Coast sea wall is a very famous sea wall of the Gold
Coast. This topic will help me in building knowledge about the sea wall. Gold Coast is in
Australia. Gold Coast sea wall is famous for its beaches and infrastructure. Every year many
visitors come to see the beaches and infrastructure. The Gold Coast currently has an extra of
550,000 citizens and had about 5.2 million guests spending around $4.4 billion in the year
September 2017. Protection of beaches and infrastructure was the main concern of the Gold
Coast City Council and the State of Queensland. In the year 1967, the chain of the storm caused
corrosion of the beaches. Broad damage occurred to beaches and infrastructure and mankind
(Tomlinson et. al., 2016). To protect the beaches and infrastructure in 1970 engineers built a sea
wall to protect the purpose. Sea walls have four distinct functions.
The first one is to outline the boundary among land and ocean; the second one is to preserve the
ground land ware of the structure, third is to preserve the ground from wave and current
destruction and forth one is to provide protection to beaches from wave inundation.
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Topic 8 – MIT Fish banks Simulation Revisited
I have selected MIT Fish banks Simulation Revisited. This will help understand the strategies to
develop the fish market. Fish banks is a web-based simulation in which participants play the role
of fishers and try to compete in the market to increase the net worth. The net worth of a fishing
company is directly related to the availability of fish stocks (Arantes do Amaral, & Hess, 2018).
The Fish banks Simulation software is a planned supervision simulation device that allows bulky
groups, to know strategic management within a competitive atmosphere in a realistic situation.
Strategy development for fish banks includes Guidance on fleet acquisition and divestment,
Guidance on the fleet operation and Guidance on fleet maintenance. A game has been conducted
in the workshop to reorganise the strategy in order to maximise the net worth of the company.
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Conclusion
In this self-reflection journal, I have successfully reflected the knowledge I have gained from
workshop one and workshop two. I have used literature to provide a solution to the problem. I
have understood the asset management, strategies of asset management. In the workshop, I
learned the strategies to maximize the net worth of the company and the knowledge about the
Gold Coast sea wall.
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References
 Arantes do Amaral, João Alberto & Hess, Aurélio 2018, ‘The WEBSIM FISHBANKS
Simulation Laboratory: Analysis of Its Ripple Effects’, International Journal of
Instruction, vol. 11, no. 2, pp. 369–384. Accessed from -
http://web.a.ebscohost.com.ezproxy.scu.edu.au/ehost/detail/detail?vid=0&sid=275b3338-
8e5f-4c24-9724-904ba533b52c%40sdc-v-
sessmgr01&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=129554388&db=ehh
 Ngo, Huan Hoang, Shah, Rohan & Mishra, Sabyasachee 2018, ‘Optimal asset
management strategies for mixed transit fleet’, Transportation Research Part A, vol. 117,
pp. 103–116. accessed from -
https://www-sciencedirect-com.ezproxy.scu.edu.au/science/article/pii/
S0965856417313174
 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
 Yuan, Y., Lu, L.Y., Tian, G. & Yu, Y. 2018, ‘Business Strategy and Corporate Social
Responsibility’, Journal of Business Ethics, p. Accessed from - https://link-springer-
com.ezproxy.scu.edu.au/article/10.1007/s10551-018-3952-9
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