Asset Management for Engineers Unit 4: Finance and Asset Management Including Business Impact
This unit has been designed to develop your understanding of finance in the context of Asset Management. This unit aims to provide an overview of the important interface between Asset Management and finance. It provides an introduction to the wider context of finance in relation to managing the business, external stakeholders and compliance, and provides a foundation for later units where specific tools and techniques are explored.
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The Woodhouse Partnership Ltd (TWPL) is a world-leading authority on asset management, risk management, operational excellence, life-cycle costing, risk and performance optimisation.
TWPL has led and facilitated the development of BSI PAS 55 and ISO 55000 standards, the IAM Competency Requirements Framework and Asset Management Maturity guidance.
TWPL operates on a global basis with its head office based near Newbury, Berkshire in the UK with regional offices in North America and Latin America and has been providing education, training and workplace mentoring in asset management for 20 years in 28 countries and most industry sectors.
TWPL’s own Asset Management Academy offers asset management training to individuals and corporate clients at all levels of asset management expertise. The training portfolio includes courses that are aligned to ISO 55000 and the IAMs Competences Framework.
TWPL was one of the first Asset Management training organiSations to be endorsed by the Institute of Asset Management for professional Asset Management competency development.
• Understand the respective roles of finance and Asset Management in relation to the management of the business and delivery of strategic objectives.
• Understand the finance principles and terminology relevant to Asset Management.
• Understand the basics of how businesses are financed, business plans and budgets.
• Understand the requirements of finance management including governance and compliance.
• Understand the concept of total business impact including handling value which is not expressed in financial terms.
• Understand how information uncertainty relating to Asset Management is handled in finance.
Typical roles in an organisation include:
· Engineering and technical managers
· Project managers and engineers
· Operations managers and staff
· Maintenance managers and staff