From the referenced paper by Elizabeth Kelly, P.E., Director, Corporate Asset Management (SPU) - - the Australian and New Zealand processes and methods relating to asset management that influenced SPU:
- Clearly establish customer and environmental service levels (those measures important to customers) and performance indicators (internal measures created to track performance in meeting service levels).
- Assess and quantify risk and consider the likelihood and consequences of failure when making resource allocation decisions.
- Consider life cycle costs and benefits of projects and programs when making initial investment commitments.
- Assess projects and initiatives based on a triple bottom line approach (wherein we consider financial, social, and environmental costs and benefits).
- Consider the importance of asset data and data systems, and recognize the value of asset attribute and condition information as well as real time system information.
- Distinguish between specifiers and service providers within the utility.
- Begin development of short term planning documents wherein information about various asset categories is complied and capital renewal plans are developed along with maintenance strategies (these documents are called Strategic Asset Management Plans).
- Create a more explicit capital resource decision making body (the Asset Management Committee) where decisions are made based on asset management concepts and in a transparent manner.
- Track, assess, and focus improvement initiatives on efficiency and effectiveness of operations and maintenance activities (SPU uses Asset Maintenance Agreements to do this), and
- Assess our performance relative to others through benchmarking (SPU has participated in Qualserve benchmarking in the past and will continue to do so, but now adds WSAA benchmarking for specific comparison with Australian asset management practices).
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