Advanced Asset Management program is focusing on enhancing the service delivery through an improved application of Asset Management (AM) techniques and methodologies. The global financial crisis left the world wondering what is next for the markets. Uncertainty means we have to rethink our investment strategies. How can we do things better? How do we balance risk…View Details
Asset Lifecycle & Lifecycle Cost Management
Asset Lifecycle & Lifecycle Cost Management
Asset Lifecycle & Lifecycle Cost Management.
When questioned about their operations, too many executives believe that maintenance is the primary, if not sole, the driver behind chronic reliability problems, high capital replacement costs and the excessively high life-cycle costs of their physical plant.
They point to variances in maintenance budgets, excessive downtime and a myriad of other factors that on the surface appear to be the result of the ineffective maintenance.
But in most cases, a closer look reveals an entirely different story. Maintenance is responsible for repair and recovery following unplanned or unexpected asset-related events that occur regardless of the forcing function that caused the game. Granted some of these events are maintenance-related, but the majority are not.
How do you separate maintenance-driven from non-maintenance driven issues?
Asset life cycle cost is a real variable and can only be controlled when all of the external and internal forcing functions are minimized. It starts with a best-practice design that eliminates inherent reliability issues, followed by the vendor’s adherence to best practices, and universal adherence to business practices that enable best life-cycle cost in all of the organization’s functional groups—starting with sales/marketing and production planning/scheduling. As a holistic issue, asset reliability and the life-cycle cost is an executive level issue and must be driven at that level. The key is best practices, defined by standard work and universally enforced by executive management.
Modern process and manufacturing industries are complex and capital intensive. Today competitive global marketplace requires them to be maintained so as to maximize uptime and minimizing operational costs. This course is designed to provide pertinent information and practical insight into Best Practices concepts about Maintenance; Reliability management to improve the performance of machines and enhance their reliability.
Don’t miss this comprehensive demonstration of the best use of asset management plans & lifecycle management methodologies & techniques applied to new & aging assets; to improve optimal life, productivity, risk exposures & life-cycle.
This program is designed to advance IAM courses objectives.
You might be interested in another Asset Management programs as a next step.
- COURSE TYPE Practitioner
- COURSE NUMBER
- DURATION 2 days
- COURSE ACCREDITED BY IAM
YOU WILL LEARN HOW TO
This course is designed to bring all these elements together to demonstrate the practical applications of asset management plans, equipment productivity, life cycle and life cycle cost management concerning relevant case studies to reflect on these critical issues and its use to new and aging assets.
Process, methodology and tool information will be provided electronically to assist participants in their efforts to manage their critical equipment.
By attending the participants’ will:
Learn how to develop and maintain effective asset management plans to take control of asset life events
Apply the most appropriate analysis and modeling methodologies to present life cycle forecasts, maintenance activity selection, and optimal life determination
Master the process of developing useful zero-based budgets, focused on reliability improvement of critical equipment
Ability to align the focus to be applied to new assets in support of operational readiness as opposed to aging assets
Realise the importance of master data to support lifecycle management and continual improvement
IMPORTANT COURSE INFORMATION
Training is recognized by the IAM – Institute of Asset Management as an approved provider of continuing education and training aligned with crucial subject areas related to asset management.
Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.
Module 1: Introduction to asset management and asset life cycle management
Asset Management and Business Performance
ISO 5500X framework for managing assets
Asset Management Plans as a mechanism to support Asset
Module 2: Life Cycle Management
Developing and maintaining Asset Management Plans
Life cycle phases and definition of asset life
Factors impacting on asset life
Failure behavior and asset life
A risk-based approach to focus on the right assets
Module 3: NPV Processing and financial principles to asset
Components of Life-Cycle Cost
Book value and depreciation policies
Life-cycle cost modeling and simulation
Event base budgeting and zero-based budgeting principles
Case studies and exercises – Maintenance life-cycle costs and budgeting
Module 4: Condition assessments and asset life progression
Maintenance and asset condition
Mechanisms to determine and assess asset condition
The relationship between asset condition and remaining life
Effective reporting on asset health and situation
Optimal life determination principles and modeling
Life Span Scenario Modelling
In The Classroom
Private Team Training
Indiviual Private Session
Please Register for More Information