Reflective Report on Strategic Asset Management Workshops 1 & 2

Desklib provides past papers and solved assignments for students. This report reflects on strategic asset management workshops.

Strategic Asset Management
1

Table of Contents
Introduction.................................................................................................................................................3
Workshop 1.............................................................................................................................................4
Workshop 2.............................................................................................................................................6
Conclusion...................................................................................................................................................8
References...................................................................................................................................................9
2

Introduction
In this report, I have discussed the learning of workshop one and workshop two. A reflection is
an observation or a learning experience. Reflective learning is intersubjective activity. It
promotes the knowledge of deeper learning. It includes continuous learning and what needs to be
done. It is a personal style of writing. In this report, there will be a discussion on reflective
learning on strategic asset management. It is the process of management of assets across the
organisation. It is a holistic approach to asset management. It determines the value of strategic
asset management to utilize over standard asset management. In addition to that, there will be a
discussion on strategic infrastructure asset management.
3

Workshop 1
Strategic Asset Management
Strategic asset management is the process of managing long term capital investment for
increasing the rate of the asset. I observed that it is the top-level function for establishing the
specification unit. It is managing the plant working towards the same goal. It is a model for
extracting value from production assets under strategic asset management (DuBois and Dubois,
2012). A strategic review process is to determine the opportunities and creation of value within
an organisation. The high-level role includes leadership skill. The strategies are maintained to
improve infrastructure assets. I analyse that it enhances the credibility of the field which has an
understanding of costing, assessment, planning, and quality. It includes the principle of life cycle
associated with maintenance, operation and infrastructure assets. It evaluates the service life
infrastructure assets. I will use the familiarization software tool for proper management.
(source – dreamstime, 2019)
Fish Bank
4

Fish Bank is the management of operations of fishing companies. As a player steps into the role
of crew members, captains, and other fish companies. I learn from fish banks that it provides
experimental and participants learning experience. As a participant of Fish Company, it is
necessary to take a decision about buying & selling of boats and where to fish in the deep sea or
coastal water. The main objective of the fishing fleet is the profitability of fishing enterprise
(Golden, et. al., 2016). It takes place in an environment for achieving the objective of an
uncertain environment and decision of competitors. I learn goals which are multifaceted. The
game material connected with historical data on available fisheries around the world. I analyse
that fish bank is the complex system of learning which includes experimental learning aspects. It
has more impact on listening to a lecture. I used this course which includes dynamics of
competition, cooperation, negotiation and resources management.
5

Workshop 2
Asset Capability Delivery
The Asset capability delivery model presents discipline areas and processes to achieve the
objectives of an organisation. It supports technical disciplines which enables effective asset
management. I observed that it provides the model in terms of delivering assets to meet the goals
of an organisation. Asset management system framework includes the key standard of asset
management. It includes demonstrated the connection between strategic planning and leadership
which helps to maintain strategy, policy, and objective to define the right system of work. All
stages of the asset life cycle include procedures, processes, and knowledge (killen, et. al., 2012).
The proficiency and competency of an asset management system define the effectiveness of asset
management capabilities. I analyse that asset intensive company face many challenges in which
need to establish accountable methodology deliver a model for risk management.
AM Decision Theory
I observed that decision theory provides mathematics account for uncertain decision making.
This subject includes rational choice theory which formulates and justify the govern optimal
decision making (Love, et. al., 2014). The objective of descriptive choice theory is to the actual
decision taken by a human. The individual decision theory focus on rational choice theory some
descriptive result declared in passing. It is an interdisciplinary approach that helps to determine
decision is given on uncertain and unknown variables of the environment. Decision theory
includes statistics, psychology, and mathematics to observe the decision-making process. This
theory is relating to game theory. Areas of decision theory are mainly divided into three parts. It
studies a different type of decision making. Irrational beings make the decision to observe the
descriptive theory. Perspective decision theory provides guidelines to associates for making the
best possible decisions. Normative decision theory includes proper guidance for taking decision
for a set of values (DuBois and Dubois, 2012). Mathematics and statistical identifies the optimal
decision-making framework. The most likely outcome is suggested by factors of philosophy and
psychology.
6

(source- outlier,2019)
7

Conclusion
I have reflected learning from workshop one and workshop two in the above report. I have
analyses different issues in both the workshop and provided the relevant solution. I have used
literature support to the given problem to resolve it. In the above report, it was discussed on the
strategic asset management their issues and benefits. Apart from that fish bank operation
strategies discussed. Workshop two includes the explanation of Asset capability delivery process
and procedures. In addition to that AM, decision theory is helpful for taking the account for
uncertain decision making of an organisation.
8

References
 DuBois, C.L. and Dubois, D.A., 2012. Strategic HRM as social design for environmental
sustainability in organization. Human Resource Management, 51(6), pp.799-826.
 Golden, C.D., Allison, E.H., Cheung, W.W., Dey, M.M., Halpern, B.S., McCauley, D.J.,
Smith, M., Vaitla, B., Zeller, D. and Myers, S.S., 2016. Nutrition: Fall in fish catch
threatens human health. Nature News, 534(7607), p.317.
 Killen, C.P., Jugdev, K., Drouin, N. and Petit, Y., 2012. Advancing project and portfolio
management research: Applying strategic management theories. International Journal of
Project Management, 30(5), pp.525-538.
 Love, P.E., Matthews, J., Simpson, I., Hill, A. and Olatunji, O.A., 2014. A benefits
realization management building information modeling framework for asset
owners. Automation in construction, 37, pp.1-10.
 Outlier,2019, Decision Theory: Decision Models,[online], Outlier, available at:
https://outlier.ai/data-driven-daily/decision-theory-decision-models/ [accessed on 15/04/2019)
 Dreamstime,2019.Asset management, [online],dreamtime, available at:
https://www.dreamstime.com/stock-illustration-asset-management-business-diagram-
illustration-strate [accessed on 15/04/2019]
9