Asset Management for Engineers Unit 8: Asset Life Cycle Decisions and Asset Creation
This unit has been designed to develop your understanding of asset lifecycle decision-making, showing how it is aligned to the objectives of the organisation and considers risk, opportunities and the capabilities of the assets.
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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 how the criteria for decision-making is developed for an organisation.
• Understand how decision-making relates to delivering value.
• Understand how risk and opportunity influence decision-making .
• Understand the principles of life cycle costing.
• Understand how asset creation and acquisition is linked to management plans and objectives.
• Understand the alternative ways in which assets can be acquired.
• Understand the principles of procurement, project management and handover.
• Recognise the key roles and responsibilities in creating and acquiring assets.
• Understand the basic controls in assuring that value is delivered as planned.
• Understand the importance of policies, processes and documented decision-making criteria.
Typical roles in an organisation include:
· Engineering and technical managers
· Project managers and engineers
· Operations managers and staff
· Maintenance managers and staff