Case for Asset Management

What is Asset Management?

It's a balancing act between cost, risk and performance. We invite you to watch this 5 minute video for a great overview:

Case Studies that highlight the benefits of Asset Management

Self-Assessment Questions for Leaders to Ask

Questions on the topic of "Assurance"

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Do we use data (financial, asset performance and risk data) from our systems and software to inform all or most asset lifecycle decisions, from replacement to operations and decommissioning?
Do we regularly monitor the performance of our assets against specifications, benchmarks or through health monitoring, and do we use that data to inform our future decision-making?
Do we consider the long term ramifications of the decision we make regarding the assets we have at our disposal?
Do we have the right assets to deliver the services we promise our community at the lowest possible cost and risk?

Questions on the topic of "Alignment"

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Do departments understand their impact and influence on all other departments and how other departments impact and influence them?
Do we have a vision that is aligned with good AM practices such as ISO 55000?
Do we have a working strategy and roadmap that is moving us towards our vision that aligns with our strategic objectives?
Do our employees understand asset management and the role they play in ensuring the organization operates efficiently while making good asset management decisions to deliver value?
Does our staff have the correct skills & competencies required to operate and maintain the assets we use in ways that maximizes their service life at the lowest cost possible?
Do we have standard policies and procedures around how to best manage, operate and maintain our organizations assets?

Questions on the topic of "Value"

Do we understand what represents value to the stakeholders, do we review this on a frequent basis?
Do we have an Asset Management Plan/ Program?
Do our departments gather and summarize asset performance data that shows our teams and all other internal and external stakeholders how are assets are performing by separate levels of service - service level performance trends, unit service delivery costs and expected risks for what customers are paying for ?
Do we consider how each of the decisions we make related to our assets impacts the value we deliver to those we serve?
Are our policies and procedures based on deriving long term value or are they focused on short term solutions?

Questions on the topic of "Leadership"

Does our leadership ensure appropriate measure and goals to support proper asset management?
Does leadership provide guidance and support collaborative decision-making processes across departments, including all relevant stakeholders?
Are leadership roles and responsibilities clearly defined to allow everyone involved to clearly know how they contribute to deriving value from the assets we utilize to achieve our goals?
Do we have the required resources and competencies available to succeed in deriving value for all departments, allowing use to derive the greatest value from our human assets?
Do our leaders hold themselves and our people accountable for meeting our goals?

This initiative was delivered through the Municipal Asset Management Program, which was delivered by the Federation of Canadian Municipalities and funded by the Government of Canada.

Funding for this initiative was provided through FCM’s Municipal Asset Management Program (MAMP), an eight-year, $110-million program, delivered through the Federation of Canadian Municipalities and funded by the Government of Canada.