Asset Management Practices A Practical Approach for Both Basic and Advanced Practitioners

Overview of Asset Management

• Discussion of participant objectives
• Asset management principles and fundamentals

Asset Registers

• Asset data considerations
• Inventories, hierarchies, and registers
• Gathering and assembling the data - how to get started
• Class exercise

Asset Condition and Remaining Life

• Determining asset condition scores
• Typical failure modes
• Asset physical effective life and remaining life
• Class exercise

Levels of Service

• Internal and external level of service targets
• Triple bottom line LOS statements
• Key performance indicators
• Balancing future demand with current capabilities

Risk as a Component in Asset Management Decision Making

• Implementing a risk framework
• Business risk exposure
• Probability of failure x consequences of failure
• Class exercise

Case Studies in Asset Management

• Examples of larger and smaller utilities
• Water, wastewater, and combined utilities

The Reinvestment Decision: Business Case Evaluation

• Life cycle cost analysis
• Risk reduction
• Strategic level – how many assets will fail
• Tactical level – which assets will fail
• Class exercises

Asset Management Plans and Risk Mitigation

• Putting it all together
• The role of redundancy
• Defining tolerable risk
• Decision-making tools
• Class exercise