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Strategic asset management plan Solved

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  1. Strategic asset management plan or SAMP- SAMP is defined as the strategy plan, which is used to set the strategic objectives for asset portfolio. It outlines the program that will be delivered, the program delivery methods, which include the non-asset solutions and resources and assets required. A SAMP is a practical implementation of the strategic goals of the entity. It helps in detecting the maximal asset base, which is required to support the requirements of program delivery. The SAMP comprises of plans that show the entire details of the method by which the assets are used by the company in an effective and efficient manner (Connor, 2011). The program delivery is supported by using each of the assets and life cycles of each asset groups is shown. A SAMP usually covers the implementation and development of programs and plans for the creation, maintenance, operation, rehabilitation, disposal, performance monitoring and replacement of assets to guarantee the desired program level delivery (David, 2011). The operational objectives of the assets are attained at optimal cost.

Objectives and roles of SAMP-

The objectives of the SAMP are to assist the company to carry out the management of assets throughout the asset’s life cycle. Some of the objectives of the SAMP are-

  • Clarifying the present situation of the company;
  • Identifying the financial goals;
  • Identifying the financial opportunities and problems;
  • Developing a written strategy or plan;
  • Implementing the solutions and strategies;
  • Carrying out the revision and review (Frynas and Mellahi, 2011);

SAMP is mainly classified into four different types of plans that can be implemented by the companies. The four types of Strategic asset management plan-

  • Operations plan- This kind of SAMP complements the maintenance, disposal and acquisition plans and describe the operational features of the asset based on its life cycle. Operation plans set the responsibilities and roles of the asset managers as well as assign responsibility certain responsibility for accounting and asset performance for the costs of life-cycle, which are-
  • Asset condition;
  • Finance costs;
  • Physical safeguarding and security;
  • Asset performance procedures;
  • Depreciation;
  • Operating costs like cleaning and energy costs;
  • Maintenance costs;
  • Employee costs;
  • Disposal costs like demolition and restoration costs (García-Merino and Santos-Álarez, 2011);
  • Acquisition plan- This type of SAMP is an important document, which links requirements of program delivery and major assets acquisition. The plan is directly connected with the planning process of capital management. Some of the types of acquisition are the purchase, development, construction and financial lease. A detailed acquisition plan is prepared for important acquisitions either in respect complexity or price. Some of the parts included in the acquisition plans are-
  • Need as well as acquisition rationale statement;
  • Responsibilities and roles that are required for managing the acquisition;
  • Activities needed in an acquisition, which contracts management, management, technical and legislative considerations.
  • Main decision points and timeframes of acquisition;
  • Control and monitor the acquisition process (Hill and Jones, 2012)
  • Disposal plan- This type of SAMP is an assimilated part of the strategy of asset management, which leads to planning method for replacement or new assets. It is a vital management tool, which is used to assess the performance of assets and detect the reason for the performance failure of some assets. Assets are disposed due to following reasons, which are-
  • Under-utilized;
  • Unfit for use;
  • End of valuable life;
  • Unserviceable;
  • Fail to meet legislative needs (Hitt, 2011);
  • Maintenance plan- This is one of the important SAMP, which shows the maintenance of the asset throughout its life cycle. Often poor maintenance results from the shorter life of the assets and functionality loss. Thus, an effective maintenance plan is required which serves the following purposes-
  • Restoring the asset to the prescribed benchmark;
  • Increasing the potential of the service of an asset

Maintenance is usually done in two ways, which are planned and unplanned maintenance. The planned maintenance ensures preventive, cyclic and deferred maintenance. Unplanned maintenance ensures replacement & repair and corrective maintenance (Hitt, Ireland and Hoskisson, 2013).

Types of Maintenance

  1. Maintenance process focuses on keeping a machine or a property in proper working order and is classified in different types. Some of the types of maintenance are-
  • Preventive Maintenance:It is a type of maintenance, which is carried on a daily basis, and it involves functions like inspection, cleaning, re-tightening and oiling of the machines. It is a design to maintain the healthy condition of the machines and equipment as well as help in preventing failure. It prevents the failure by periodic inspection and equipment diagnosis and measure and prevents any further deterioration. Examples, in Toyota Company, the preventive measures are taken to inspect the tires, engines, accelerators, brakes and steering of the vehicles and prevent any possible failure before launching in the market (Hunger and Wheelen, 2011).
  • Corrective maintenanceThis kind of maintenance involves a task set that is used rectify the defects, which are found in different machines and equipment. It helps in improving the maintainability and reliability of the equipment, which have weak design and require being re-designed. It helps in improving the equipment, machines and their components, which can help in carrying out the preventive maintenance to ensure viability. For example, in Cement Company, corrective maintenance is taken to correct the welding machine, measuring transport services, developing the machines, improving employee skills and ensuring work safety (Lasserre, 2012).
  • Predictive Maintenance:This kind of maintenance can constantly report and know the operational capacity and status of installations by understanding the values of specific variables. It helps in representing the operational ability and status of the machines. This maintenance can be applied, to identify the physical variables, which are vibration, power, temperature, consumption, etc. The predictive maintenance is the most practical, and it requires certain technical resources as well as strong physical, technical and mathematical knowledge. It is used to manage the trend values, analyze, measure the data about asset deterioration, and design a surveillance system, which is designed to control conditions using an electronic system. For example, oil analysis, analysis of wear particle, measurement of the surface temperature, detecting cracked rotor bars in electrical tests and measuring electrical switchgear (Lynch, 2012).
  • Periodic maintenance or Time Based Maintenance (TBM):The users of the assets make the fundamental maintenance of the machines and equipment. It includes a series of basic tasks, which are collections of data, inspections of the visual, lubrication, cleaning, retightening of the screws. This kind of maintenance is done, but it requires extensive training. This periodic maintenance is depended on Total Productive Maintenance or TPM. The maintenance is carried on a periodic basis, which help in preventing any sudden process problems and failures. For example, in a rice packaging company, measuring the employee performance, the machine performance, the total input used, the stock in the warehouse and total finished goods (Moutinho, 2011).
  • Zero Hours Maintenance or Overhaul Maintenance:This kind of task involves certain task sets, which aim to review all the machines and equipment at specific time intervals before the occurrence of any failure. This happens when the equipment’s reliability has reduced significantly thus making it risky to build any production capacity forecasts. For example, in a project of developing a new project, the performance of the chief engineer, the plant manager, the supervisor, the accounts manager and the general workers are measured (Moutinho, 2011).
  1. Maintenance Manuals- A maintenance manual is defined as an important tool, which is used in the entire maintenance process of the company. It defines all the procedures and requirements for effective maintenance, operation, demolition and decommissioning of building. It also includes the details of construction, maintenance and history of a building and carries out the rules for its effective maintenance. In a construction company, it is necessary to have a maintenance manual that will summarize the following-
  • Keeping the accurate data and records of the buildings;
  • Complying with the prescribed safety, environmental and health legislations;
  • Limiting the costs (Murphy and Murphy, 2014);
  • It includes the description of all the process that are carried in the business and all the systems that are installed along with the drawings.
  • It includes all the information for efficient, correct and safe operation of the equipment and services.
  • It maintains and operates the services and plants with relation to the manufacturers’ recommendations.
  • It complies with the safety and health regulations as well as local and statutory regulations.
  • It maximizes the economic sustainability of all the machines.
  • It helps in minimizing the running costs of all the machines.
  • It helps in minimizing the energy consumption.
  • It helps in providing guidance on disposal of waste related to equipment and plant (Nolan, 2011).

Role of the maintenance manuals are-

It helps in identifying the main design elements, materials and systems that are important to ensure long run performance and quality of the project. For example, windows, exterior wall, exterior doors, mechanical equipment, landscaping, etc

         It helps in collecting and developing all the available maintenance and operation manuals and information on each of the components. All the information are collected and assembled.

     It ensures that all the information are turned into a single resource that can be used by the management personnel and residents to carry out the maintenance activities.

       It also creates a checklist, which should synthesize with the vital recommendations of the maintenance manager.

       It helps in formulating effective maintenance, which are critical to the respect of the company’s viability for the long run (Olivas-Lujan and Bondarouk, 2013).

      

 

Information and instructions included in maintenance manual are-

  • Safety facts: Safety hazards are associated with system or equipment operations. These hazards are identified, and proper prevention is provided in the manual.
  • Utility structure: The utility systems of the site are discussed in relation to the facility. These systems include the sanitary waste, water supply, electrical, communications, natural gas, security, etc. The utility structure is defined in the manual.
  • Building exterior & interior: It includes general maintenance and housekeeping of facility. The significance of annual inspection and conduction will be discussed along with the forms of record keeping which is used to conduct the inspections.
  • Plumbing: It shows the details of the sanitary waste and domestic water systems.
  • Heating, Air Conditioning & Ventilating: It ensures the maintenance of the heating, air conditioning & ventilating in the building that also includes the exhaust, automated controls, space heating, and air systems (Rothaermel, 2013).
  • Electrical: It ensures the maintenance of equipment for power distribution and emergency/ backup electrical systems with generators and invertors.
  • Fire Protection: It ensures the maintenance of the protection of the building from fire with proper fire extinguishing facilities and water sprinklers.
  • Fire Detection: It ensures the detection of any outbreak of fire and installation alarm systems.
  • Conveying structure: It ensures the maintenance of conveying services like escalators, elevators, conveyors, lifts with the wheel chair, etc.
  • Other Facilities: It identifies the information related to the maintenance of the equipment necessary for safety measures.
  • Operating details: General instructions and information are used to prepare maintenance-operating details. It includes the list of maintenance responsibilities with the recommended occurrences of performance.
  • Maintenance plans: The maintenance plans include the frequency checklists, summary, of maintenance as well as the maintenance data sheet, data sheets of equipment, service contracts and recommended maintenance (Pitt and Koufopoulos, 2012).

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Connor, R. (2011). Changing change management. Strategic HR Review, 10(5).

David, F. (2011). Strategic management. Upper Saddle River, N.J.: Prentice Hall.

Frynas, J. and Mellahi, K. (2011). Global strategic management. Oxford: Oxford University Press.

García-Merino, T. and Santos-Álarez, V. (2011). Managerial cognition and strategic management. New York: Nova Science Publishers.

Hill, C. and Jones, G. (2012). Strategic management essentials. [Mason, Ohio]: South-Western.

Hitt, M. (2011). Relevance of strategic management theory and research for supply chain management. Strategic Direction, 27(7).

Hitt, M., Ireland, R. and Hoskisson, R. (2013). Strategic management. Mason, OH: South-Western Cengage Learning.

Hunger, J. and Wheelen, T. (2011). Essentials of strategic management. Boston: Prentice Hall.

Lasserre, P. (2012). Global strategic management. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan.

Lynch, R. (2012). Strategic management. Harlow, England: Pearson.

Moutinho, L. (2011). Strategic management in tourism. Wallingford, Oxfordshire: CABI.

Moutinho, L. (2011). Strategic management in tourism. Wallingford, Oxfordshire: CABI.

Murphy, P. and Murphy, A. (2004). Strategic management for tourism communities. Clevedon: Channel View Publications.

Nolan, S. (2011). Change management. Strategic HR Review, 10(5).

Olivas-Lujan, M. and Bondarouk, T. (2013). Social media in strategic management. Bingley, UK: Emerald.

Pitt, M. and Koufopoulos, D. (2012). Essentials of strategic management. London: SAGE.

Rothaermel, F. (2013). Strategic management. New York: McGraw-Hill Irwin.

 

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