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Manage Physical Assets Add in library

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Discuss about the Manage Physical Assets.


Manage Physical asset

The physical asset is known as an item of economic, marketable or substitute value that has a substantial or material existence. However, in most of the businesses, physical asset means cash, inventory, equipment and properties that are owned by the organization. Physical assets are actually the opposite of insubstantial assets including leases, agreements and computer programs. These are also known as non-physical assets.

It is highly important to make sure that industrial health and safety issues are not ignored. That is why; employees should adopt a systematic approach to managing their health and safety. It is no easy to establish a management system that can work effectively to solve health and safety problems. In order to implement such a system, it is essential to include health and safety as an integral part of the management function. Some elements are highly important that will make a system effective. The elements that are discussed below were gathered from AS/NZS 4804, occupational health and safety management system and systems and supporting techniques.

  • obligation and policy of management
  • planning
  • execution
  • measurement and assessment
  • examination and enhancement


In order to manage and handle health and safety policies, managers of an organization play a major role.  They have their responsibilities, by which they can control to make sure that,

  • proper roles and responsibilities are carried out in detail so that health and safety policies and procedures are maintained
  • they can execute effectively and relevant health and safety rules and regulations

Normally, companies follow two types of monitoring activities to figure out how satisfying its performance is. These monitoring systems also help them to recognize the areas that need further consideration. These two types of monitoring systems are known as compliance monitoring and performance monitoring.

Compliance monitoring

The definition of compliance is stated as a bonding between necessities of law, business and organizational principles and codes, rules and regulations of good authority and accepted community and ethical principles.

The primary objective of conformity monitoring and compliance auditing is to develop whether a method or practice will be carried out in conformance with applicable external requirements or will be set through legislation, system and directions. In includes investigating at a reasonably uncomplicated level. The goal of the investigation is to find out how companies “do something” and confirm “compliance” with criteria.


Performing monitoring

The characteristics of this type of monitoring are mentioned below,

  • This type of monitoring helps to gain uninterrupted enhancement that in turn serves an organization to achieve its business objectives
  • It helps to figure out achievements and successes
  • Deals with the standards issued by State Records
  • It not only helps to develop new services but also to enhance existing tools and services


Asset management

Asset management is known as a scheme that observes and supports things of value to an individual group. It applies to both substantial assets like buildings and insubstantial assets like human capital and monetary assets. Asset management can be defined as an efficient process, by which assets are allocated, operated, enhanced, maintained and disposed of cost effectively.  Asset management is generally used in the world of finance to demonstrate people and organizations that supervise funds on behalf of others. Investment managers are the biggest example of this who supervises the possessions of a pension fund.

Substitute views of asset management in the engineering background are the practice of supervising assets in order to attain maximum return. It also helps in the method of monitoring and maintaining facilities systems. Asset management is mainly useful for prolific assets like plants and equipment.

Conversation with team

It is highly important to play to individual strengths in order to figure out strengths of each member. This will help to place them in the perfect place so that they can perform productively. It is not possible that an employee can get better upon an insufficiency. Especially, if that insufficiency is a part of their nature, then it becomes more difficult to manage it. It is said that, if a person is not good at something, he will never be good at that thing.  You will have to decide whether that person is good at completing other responsibilities or not. If he is able to complete other tasks, then he should be assigned to someone who will help him to overcome the deficiency. I recruited an account manager who had the skill to handle customers brilliantly. She was able to handle our most difficult customers. However, she was not good at details. That is why; I assigned another team member with her who used to review the documents for her.

Persuade transparency

Teams are like families and that is why; they should get the chance to work things out on their own. In the case of issues and challenges, you will have to bring together the team members who are not getting along. You should not allow them to put you in the middle of he said/she said condition. The primary job for you is to make the team members know each other well. There is no doubt that this approach is highly uncomfortable. However, if the employees can understand that the main goal of this strategy is to bring them together, then they will start to respond slowly but steadily. As a result, they will start working with each other and will involve you only when it is necessary.

Develop ground rules

It is obvious that your team needs to know the method and process you follow while operating. I am a solution related manager, and I feel good while interacting about problems of a project or an approach. However, I would also like to see everyone contributing ideas in order to figure out a solution to those problems. I know that problems will create obstacles; however, I do not like to waste time discussing whose fault it is and why it took place.  These things can be discussed later at an appropriate time. The foremost thing would be to find a solution for the problem.

Grant an incentive

It is important to set a goal for your teams such as a day off, in the end, suppleness in their working time or an incentive or bonus. You should understand that like different skills set, each employee will respond to different incentives. Therefore, you will have to rotate the types of inventive you want to provide.

I have some team members for whom a time off or experience matters more than money. Providing bonus program is a positive move; however, providing an extra day off or a gift card to a nice restaurant will cultivate better results. That is why’ every employee is different from each other.



It is important to collect feedback on some important subjects such as,

User attitude: You will have to find out how users are thinking about an issue. For example, if you ask a customer what a button color should be, the response will not help you to evaluate anything. However, his impression will allow you to change features, which will help to address the problem.

Use critical incident process: In this process, it is important to conduct one to one communication with the consumers. You will have to ask the consumers to recall particular times when they faced challenges while using your product, or they felt satisfied while using your product.

Find out habits: You should ask your consumers about their habits. For example, what is the most common method they use to do a task? This will disclose many problems they never knew were there. For example, if one of your users is doing something using a long process that they could do with a short cut, then you will have to fix it accordingly.

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