What are the eight elements of whole life asset management?
Answer(s): A
Whole life asset management is the process of evaluating the total price and all associated costs of aproduct to make an informed decision as to which option will provide the organization with the best value for money option: To achieve this the organization works at the following eight elements.1. Identify need/objectives/risk: The first stage of the whole life asset management is the same as the first stage in the CIPS procurement and supply cycle: identify the need prior to any asset being procured; the need could be competition in the marketplace, raised/reduced demands or financial concern. Once this need has been identified, the objectives of the new assets need to be set, and this may include being more energy efficient, reducing cost or saving money. Risk also needs to be explored.When investing in a new asset there are factors to be considered that may or may not be advantageous to the investment. These include; downtime, lost sale/revenue or associated cost.2. Procurement: Procurement professional would have to source and arrange supply of the asset.3. Construction: ones the supply has being arranged, then the designing and the manufacturing of the asset begins.4. Commissioning5. Deterioration/maintenance6. Condition performance monitoring7. Decommissioning8. Renewal/replacementRefer to the question column for response
Whole life asset management is the process of evaluating the total price and all associated costs of a product to make an informed decision as to which option will provide the organization with the best value for money option: To achieve this the organization works at the following eight elements.1. Identify need/objectives/risk: The first stage of the whole life asset management is the same as the first stage in the CIPS procurement and supply cycle: identify the need prior to any asset being procured; the need could be competition in the marketplace, raised/reduced demands or financial concern. Once this need has been identified, the objectives of the new assets need to be set, and this may include being more energy efficient, reducing cost or saving money. Risk also needs to be explored.When investing in a new asset there are factors to be considered that may or may not be advantageous to the investment. These include; downtime, lost sale/revenue or associated cost.2. Procurement: Procurement professional would have to source and arrange supply of the asset.3. Construction: ones the supply has being arranged, then the designing and the manufacturing of the asset begins.4. Commissioning5. Deterioration/maintenance6. Condition performance monitoring7. Decommissioning8. Renewal/replacement
Think of a supply chain with which you are familiar and distinguish between the primary, second-ary and tertiary sector organization within it.
Supply chain involves a network of individuals, organizations, technology activities and resources to make sure goods or services flow along the chain. If one point fails, every part further along the chain fails.Fullpower projects (a flour manufacturer) supply chain begins with producers (raw materials, wheat farmers), suppliers, manufactures, distributors, retailers and end users (customer). Fullpower projects supply chain falls within the primary sector (producers of wheat), the secondary sector include the manufacturing (those that converts the wheat the suppliers brings into flour) and tertiary sector (the distributor those that takes the wheat to the end users).Refer to the question column for response
Supply chain involves a network of individuals, organizations, technology activities and resources to make sure goods or services flow along the chain. If one point fails, every part further along the chain fails.Fullpower projects (a flour manufacturer) supply chain begins with producers (raw materials, wheat farmers), suppliers, manufactures, distributors, retailers and end users (customer). Fullpower projects supply chain falls within the primary sector (producers of wheat), the secondary sector include the manufacturing (those that converts the wheat the suppliers brings into flour) and tertiary sector (the distributor those that takes the wheat to the end users).
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Napo Posholi commented on October 02, 2023 They are very helpful Anonymous upvote
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