Woolworths Asset Management: Industry Analysis and Recommendations

This report provides a detailed analysis of Woolworths' asset management practices. It begins by identifying the company, its industry, and key contact information. The report then explores the function of asset management within Woolworths, highlighting its role in managing external agent statements, forecasting, and project progression. It examines operational and performance requirements, including quality services, demand management, and safety standards. The key physical assets are identified, along with their operational needs. A review of ISO55000, ISO55001, and ISO55002 standards is included, detailing their application to Woolworths' asset management. The report covers various aspects such as the context of the organization, leadership, planning, support, operations, performance evaluation, and improvement. Finally, it identifies a major requirement for improvement and develops an action plan to address cultural and ethical issues. The report concludes with a bibliography of cited sources.

woolworths

CONTENTS
1 Identify your employer, the type of industry, and your position contact numbers and email
address at work................................................................................................................................2
2 function of asset management..................................................................................................2
3 Operation and performance requirements for the plant/assets.................................................3
4 Key physical assets and their operation and performance requirements..................................5
5 Review ISO55000, ISO55001, ISO55002...............................................................................6
6 Explain......................................................................................................................................8
6.1 4. Context of the Organization..........................................................................................8
6.2 5. Leadership.....................................................................................................................8
6.3 6. Planning........................................................................................................................9
6.4 7. Support..........................................................................................................................9
6.5 8.Opertions........................................................................................................................9
6.6 9.Performance evaluation................................................................................................10
6.7 10.Improvement..............................................................................................................10
7 Identify 1 Major Requirement (or a specific sub-requirement), or improvement..................11
8 Develop an action plan...........................................................................................................12
9 Bibliography...........................................................................................................................14

1 IDENTIFY YOUR EMPLOYER, THE TYPE OF INDUSTRY,
AND YOUR POSITION CONTACT NUMBERS AND EMAIL
ADDRESS AT WORK.
Woolworths Stores, Ltd. has Federal EIN 71-0415188 (taken randomly), where Woolworths is
one of the biggest retail store for the grocery and other operations. The company focus on the
high-income earnings with the living standard measures grouping 8 to 10 people. The position
contact numbers and the email address are [phone] [e-mail]
2 FUNCTION OF ASSET MANAGEMENT
The asset management helps in the management of the external agent statements, processing,
reconciliation and then reporting of the external agent statements. This helps in proper delivery
of the forecasts, adhoc analysis and the monthly KPI reporting. The shape of the progression of
project is ensured through the defined processes which includes the effective governance
frameworks, policies and the processes. The management of the direct reports and building all
the important capabilities, coaching and the performance reviews will help in providing the
vision and direction. The project support is in relation to governance where the support is for the
wider Project Management activities. 1The asset management for Woolworths is a planned
alignment which is set for the physical assets with service demands. The systematic management
1 Brain, E. and Garrett, C. Case Study: Using Direct Condition Assessment to Improve Your Infrastructure
Asset Management Plan. (Journal of the New England Water Works Association, 130(2), p.91., 2016.)

with decision making processes are taken in an effective manner through the life of asset, where
the assets are the platforms for better services. In context to the investors point, there are
different objectives which could be used for addressing the competitive pressure with the focus
on minimized costs and ensuring the competitive advantage. The achievement of the assets with
the service delivery strategies is important as it includes the ensuring of the assets with the match
to the needs of the owner. Along with it, there is a need to reduce the demands for any of the new
assets with adopting the strategies that result mainly in the non-asset solutions to pursue the
avenues before financing new assets. 2It leads to the minimization of the costs with the needs to
maximize the potential of the existing assets. This is important for the investors to minimize the
costs with the focus on recording the costs and making use of the management that is
coordinated in context to a proper service delivery. The lowering costs of the assets come
through the effective life cycle costing techniques which is imperative when it comes through the
investor point of view to maintain the clear accountability and responsibility.
3 OPERATION AND PERFORMANCE REQUIREMENTS FOR
THE PLANT/ASSETS.
The operational requirements of Woolworth focus on the quality services to the customers where
there are responsibilities to serve the different customers in different communities of Australia.
The standards are set to affect the shareholders, customers and the supply chain, where there is a
2 Campbell, J.D., Jardine, A.K. and McGlynn, J. eds. Asset management excellence: optimizing
equipment life-cycle decisions. (CRC Press., 2016.)

need magnify the quality goods and services for the different locations. 3The performance is also
based on the refurbishment of the supermarkets in the effort to retail and bring in change for the
new customers. There are different issues that are identified for the decline in the personal
performance that results in the service quality and for the demand forecasting, designing
processes and human resource management. In the operations of the retail, demand management
is also created for the goods and the services at the store. Here, the customer is intended to
purchase the goods and work on the capacity management. The customers visit the store and
consumer the services. There are certain constraints on the time, labor, equipment and the
facilities. 4
For the maintenance of the high-performance management, there is a need for the employees to
work on a quality control factor for the retail outlets. The quality and then minimizing the errors
for the Six Sigma can help in improving the control tool with the action plans that focus on
minimizing the efforts. The performance is based on the incentive system and working schedule
that helps in improvising the performance standards of the staff. The safety performance is to
monitor and include the all the hazards, incidents which are including the audits as well as other
safety observations. 5Woolworths need to work on the integrated document management, with
3 Manase, D. Asset Management Plan. Public Sector Property Asset Management, (pp.151-170., 2016.)
4 Hein, D., SCHAUS, L., Jones, R., Querengesser, D., Francisco, W., Chang, E. and CHOW, K.
(Synthesis of Transportation Asset Management Best Practices for Canada., 2016).
5 Woodhouse, D., Bale, M., Palmer, S. and Tocher, W. An evolution in cost effective power utility
grounding asset management: Plan, design, build, assess & operate. (In Transmission and Distribution
Conference and Exposition (T&D), 2016 IEEE/PES (pp. 1-5). IEEE. 2016, May.)

food quality audits and sustainability processes to report about the centralized framework. Here,
the users can easily manage, view and keep a track of the food quality and the safety data.
4 KEY PHYSICAL ASSETS AND THEIR OPERATION AND
PERFORMANCE REQUIREMENTS
The key products of Woolworths are the people, property, products and the reputation with
providing a clean and well-maintained product. The company also try to recognize certain secure
and the beneficial solutions which come with the customer interaction and recognizing the
secured solutions from the commercialized real estate.

The people, products and the reputation, is important where their operations are based on the
enabling of collaborative policy and the guideline development. It helps in providing a controlled
and central repository for the documents, which leads to the improvement of the document
management, control and the retrieval. 6The schedule, tracking and improving the auditing
management is considered to be the major activity for driving compliance with the policies and
the guidelines that help in providing a complete evidence with the simplified measuring and
reports.
6 Thompson, P.D. Geotechnical Asset Management Plan: (Technical Report, 2016.)

5 REVIEW ISO55000, ISO55001, ISO55002
ISO55000 for Woolworths focus on the financial constraints and the regulatory requirements
with the effective control and governance. It is important to realize the value through the
management of risks and opportunity to achieve the desired balance of cost. The value depends
on the improved performance of finance with preserving the asset value and without sacrificing
any of the short or the long-term realization of the organizational objectives. The managed risks
could be interpreted with improved services and outputs. This ensure the performance could lead
to the demonstration of social responsibility with other demonstrated compliance for the legal,
statutory and the regulatory requirements. 7The improved organizational sustainability is also to
manage the short and the long-term effects, which can lead to the improvement in the operations
of sustainability and the organization development.
ISO55001 works on the management of policy with setting the asset management objectives.
This includes the commitment to the continuous improvement of the system along with ensuring
the proper integration of the assets. The communication is set with the effective management of
the assets that ensure of how the systems are able to achieve the outcomes. Through this, there
are reports on the performance, ensuring the suitability, adequacy and effectiveness of the asset
management system. 8Here, the organization need to achieve and work on the financial, human
resources and other support functions to handle the prioritization of the activities.
7 El-Diraby, T.E., Kinawy, S. and Piryonesi, S.M. A comprehensive review of approaches used by Ontario
municipalities to develop road asset management plans (No. 17-00281)., 2017.)
8 Ang, A. Asset management: A systematic approach to factor investing.( Oxford University Press. 2014.)

ISO55002 works on ensuring the alignment and the consistency between the organizational
objectives with the asset management plan. The organization need to identify and review how
the stakeholders are able to manage with the different external stakeholders with the
documentation and communication. 9The objective of the asset management is to focus on the
different levels of service that the assets delivery set against the requirements of the customers
and the users. The decision-making process is based on the forms with setting the priorities for
the allocation of resources.
6 EXPLAIN
6.1 4. CONTEXT OF THE ORGANIZATION
The building of the customer and store led culture and team, with generating the sustainable sales
momentum in food. The evolving of the drinks business help in providing more value and
convenience to the customers along with empowering the portfolio to pursue the strategies and
work on the shareholder value. The lean retailers work on the end-to-end processes and system
excellence. 10
9 Brain, E. and Garrett, C. Case Study: Using Direct Condition Assessment to Improve Your Infrastructure
Asset Management Plan. (Journal of the New England Water Works Association, 130(2), p.91., 2016.)
10 Dixit, S., Misra, S. and Sinha, S. Framework for sustainable urban asset management–assessment &
indexing of urban water utilities. Environmental Conservation, Clean Water, Air & Soil (CleanWAS),
p.250., 2017.)

6.2 5. LEADERSHIP
The company works on the grocery sales where the focus is on the greater convenience, quality,
range, and lower pricing. The focus is on building the sustainable range with offering the
rewards for the customers and lowered prices. In e-business, the online market is set with the
fulfillment of the customer’s satisfaction to understand the target audience and the needs. The
leadership is to gain and returns are built on the customer’s web experience. Woolworths include
the creation of web experiences and avoiding the irks and losing the marketing strategies. The
development of the requisite skills with delivering the strategy and setting the valued led
organization. 11The increased focus and commitment to demonstrate the increased accountability
and proactively manage, recognize and handle the reward performance. The business unit works
on the leadership team and setting the reviews and capital initiatives.
6.3 6. PLANNING
The company tries to focus on the creation of new and the innovative ways to shop and enjoy the
access to the products and the prices. The employees are working hard for the customers with the
rewards that are set for the supermarket loyalty program. Here, the personalized programs are
based on how the customers shop to help the company improve. The life cycle cost includes the
capital expenditure, financing and the operational cost for making the decisions.
11 Koksal, A. and Ozdemir, A. Improved transformer maintenance plan for reliability centred asset
management of power transmission system. (IET Generation, Transmission & Distribution, 10(8),
pp.1976-1983., 2016.)

6.4 7. SUPPORT
The resources are based on the asset management system which include the activities to
determine the gap analysis. The activities are for the organization to provide the primary asset
management where the competency is addressed at all levels of the organization. The
organization need to determine the competences that need to determine the gaps with
competency improvement.12
6.5 8.OPERTIONS
The organization works on the establishment of the procedures and resource allocation,
competency development. 13The management of change with the internal or external changes that
affect the assets, that establish the emerging risks to achieve the risks, costs and performance.
The supply chain constraints, with the demands for the products and services set with
outsourcing. The outsourcing is important for the performance and setting the assets and
handling the external or the internal service provider. 14
12 Campbell, J.D., Jardine, A.K. and McGlynn, J. eds. Asset management excellence: optimizing
equipment life-cycle decisions. (CRC Press., 2016.)
13 Kenn, G., Dane, A. and Giles, K. Network Rail: a new approach to coastal asset management–North
Wales case study.( Infrastructure Asset Management, 4(1), pp.8-18., 2017.)
14 Satchell, S. Introduction. In Asset Management (pp. 1-8). (Springer International Publishing, 2016.)

6.6 9.PERFORMANCE EVALUATION
The monitoring is based on developing the processes with the asset management system set for
the performance metrics and cost of monitoring the risks of failure. The evaluation is also based
on verifying the activities with the organizational objectives that are clearly defined and
documented for the on-going training and awareness. Here, the evaluation is also based on the
organizational asset management activities with periodic evaluations to be maintained. The
monitoring need to make sure of the of monitoring the predefined levels.15
15 Shah, S.W.A., Mahmood, M.N. and Das, N. Strategic asset management framework for the
improvement of large scale PV power plants in Australia. In Power Engineering Conference (AUPEC),
(2016 Australasian Universities (pp. 1-5). IEEE., 2016, September.)