This book explores the discipline of asset management and demonstrates how it can be used. Accounting for infrastructure assets david hope baacc, mba, fcpa, flgma, mipwea, pmipti principal consultant skilmar systems pty. April 27, 2009 1 1 introduction this guideline presents a methodology and guidance that agencies can use in developing and implementing the it systems asset management component of their agency information security program. Challenges in infrastructure asset management sciencedirect. Infrastructure organisations must constantly strive to. This note summarizes our key takeaways in this study and touches on a few key questions for allocators relatively new to the infrastructure asset class, and to private markets in general.
Pdf a framework for strategic infrastructure asset management. Despite its rapid development in the last decade, infrastructure asset management today suffers from an identity crisis as the definition and scope of infrastructure asset management remains a contentious issue. Of the capital raised by infrastructure funds since 2006, 48% has been by vehicles with a maturity of greater than 10 years4. Fully updated throughout, this practical resource provides a proven, costeffective infrastructure asset management framework that integrates planning, design, construction, maintenance, rehabilitation, and renovation. It is for owners, managers and operators of public water systems, local officials, technical assistance providers, and state personnel. Bankers, financiers, lawyers, insurers, investor advisers, environmental managers, industry sponsors, governments and regulators should read this guide to understand how they can fully participate in the future of infrastructure. Whether you are just beginning your asset management journey.
Pdf purpose the purpose of this paper is to develop a conceptual framework that can be used to identify capabilities needed in the management of. Infrastructure asset management is a specific term of asset management focusing on physical, rather than financial assets. It includes management of the whole lifecycle of a. Nikko asset management recently conducted an asset class study of private infrastructure investing. Asset management creates this holistic focus, viewing our economic. Generally, the process focuses on the later stages of a facilitys life cycle, specifically maintenance, rehabilitation, and replacement. Public infrastructure asset management, second edition.
Asset management 101 a step by step asset management plan a. They maintain the technology that supports the daily operations, such as internet, email, and data accessibility. With this paper, our goal is to provide a comparative analysis of. In the past, the capital cost of an item may have been the only cost that. Asset management for water and wastewater utilities. Highways infrastructure asset management plan highways. Guidelines for infrastructure asset management in local government iii dplg. Development of young asset management professionals. An introduction to asset management a simple but informative introduction to the management of physical assets by robert davis we are all asset managers. However, asset management as a discipline is still relatively new and as such lack well grounded theories. Public infrastructure asset management,second edition, describes the most current methodologies for effectively managing roads, bridges, airports, utility services, water and waste facilities, parks, public buildings, and sports complexes.
Infrastructure asset management planpdf, 3mb shire of toodyay. A best practices guide pdf 4 pp, 242 k, about pdf this guide explains what asset management means, the benefits of asset management, best practices in asset management, and how to implement an asset management plan. Asset management planning is a comprehensive process to ensure delivery of services from infrastructure is provided in a financially sustainable manner. The benefits of an improved asset management process envisaged by ipwea 1 are enhanced customer satisfaction. Recognising that the iso standards are very much the what to do, the iimm provides the how to do it in terms of applying the standards for. Infrastructure asset management with power system applications is about infrastructure asset management, which can be expressed as the combination of management, financial, economic, and engineering, applied to physical assets with the objective of providing the required level of service in the most costeffective manner. A specific investment approach geared towards longterm essential assets the infrastructure investor community brings a longterm mindset towards asset ownership. International infrastructure management manual iimm. Your comprehensive guide to an asset management plan that works the canadian institutes infrastructure asset management conference vancouver, june 2728 will help kickstart or refine your asset management plan using keynotes, case studies, handson presentations, and practical panels designed specifically with you in mind. Infrastructure gap analysis 30 years epa development of financing programs ba, ma, mpa. For this reason, external investors and operational due diligence. Beginners guide to it infrastructure management smartsheet. In this guide, youll find a broad overview of asset management for local, state and federal organizations. For two years now, rijkswaterstaat, an agency of the dutch ministry of transport, public works and water management, is required to have a financial administration, which is based on accrual accounting principles.
The infrastructure of an asset management firm can be highly complex, especially if the firm offers a wide variety of products and maintains a global footprint see figure 1 for an illustration of the operational and control functions in asset management organisations. Organisations owning and managing infrastructure assets are constantly striving to obtain the greatest life time value. Asset management maturity level, funding, resources and user demands on infrastructure vary from organization to organization. Infrastructure, asset management, strategic, performance 1. The last time you had your car serviced or decorated your house, you were managing an asset. Many utilities use asset management to pursue and achieve sustainable infrastructure. Russo, leed ap managing editor donna laquidaracarr, ph. Asset management is the management of the physical components of a drinking water or wastewater system and can include. Characteristics of civil engineering infrastructure assets. Best practice in infrastructure asset management pei books. Example roadmap for establishing a comprehensive iam system for a large municipality. Best practice in infrastructure asset management pei. Infrastructure asset management is a multidisciplinary journal publishing articles on the major aspects of asset management providing an invaluable source to those researching, practising or learning about infrastructure asset intensive industries. Infrastructure asset management for strategic planning iaarc.
Why asset management asset management is the practice of managing infrastructure capital assets to minimize the total cost of owning and operating them, while delivering the service levels customers desire. Asset management is the practice of managing infrastructure capital assets to minimize the total cost of owning and operating them, while delivering the service levels customers desire. Asset management is the practice of managing infrastructure capital assets to minimize the total cost of owning and operating these assets while delivering the desired service levels. Fundamentals of asset management 3 drawing from the am knowledge base this workshop is produced by ghd inc. Best practice in infrastructure asset management is essential reading if you invest in the infrastructure asset class. Finally, we examine conditions under which the costeffective strategy of outsourcing operational asset management functions can be successful for managers and clients. Part 1 asset and infrastructure management for airports. Adopting best practices to enable better investments smartmarket report executive editor harvey m. Highway infrastructure asset management plan for highways if this document is printed or copied it must be treated as an uncontrolled version as it will only be correct at the dates published in the document when it was printed or copied. Infrastructure asset management iam of urban water infrastructures is the set of processes that utilities need to have in place in order to ensure that infrastructure performance corresponds to service targets over time, that risks are adequately managed, and that the corresponding costs, in a lifetime cost perspective, are as low as possible. Effective infrastructure asset management arthur d little. Assetmanagement frameworks for infrastructure facilities. Explanation for the benefits of asset management slide deck.
Information technology systems asset manage ment guideline cov itrm guideline sec51800 date. The data is obtained from discussions with senior managers responsible for the management of infrastructure assets and analysis of documents. The services that the it infrastructure management team delivers are typically behind the scenes. Asset and infrastructure management for airportsa primer a.
Integrating asset management into the planning process. Road asset management 3 introduction key messages 1. Guiding principles of asset management chartered institution of. It includes management of the whole lifecycle of a physical.
Assign an executive staff member as the champion for the asset management implementation program, which is a iimm. Support a vision for asset management and provide the leadership required to get the best results out of an asset management improvement plan or initiative. Russell pell, radek svoboda, rick eagar, peter ondko, frank kirschnick. While asset management planning can also include human. A framework for strategic infrastructure asset management. Public infrastructure asset management, second edition 2nd. Existing infrastructure is ageing while demand contributions from various facets of the industry, grows for more and better roads, and improved water technical resources, the collaborative effort of.
Infrastructure asset management of urban water systems. The 5th edition of the globally acclaimed, international infrastructure management manual iimm has been driven largely by the introduction of the new iso 55000 asset management standards. Full paper a framework for strategic infrastructure asset. The purpose of this paper is to trace the evolution of infrastructure asset management and evaluate the current practices. Issue 1 page 2 of 32 document information title highway infrastructure asset management plan for highways. Transportation asset management expert task group tam etg life cycle planningan overview. A conceptual framework to identify capabilities article pdf available in journal of corporate real estate 123. Infrastructure asset management is the integrated, multidisciplinary set of strategies in sustaining public infrastructure assets such as water treatment facilities, sewer lines, roads, utility grids, bridges, and railways.
Strategic infrastructure asset management framework. This led to the development of the concept of asset management to provide a systematic approach to manage infrastructure assets. Sometimes the term infrastructure management is used to mean the same thing, most notably in title of the international infrastructure management manual 2000, first edition. There is an urgent need to document the processes involved in the management of infrastructure assets. Introduction infrastructure asset management iam has emerged as a discipline to provide a more systematic approach to the management of infrastructure assets. Asset managers in the united states are facing a crisis situation from the looming insolvency of the highway trust fundwhich provides most of the. Pdf purpose maintenance management is a core process in infrastructure asset management.
What limited partners demand from their infrastructure fund managers 27 by christoph schumacher and tobias pfeffer, generali deutschland immobilien gmbh. The team relies heavily on real or near realtime management and monitoring solutions in order to maintain productivity. The latest tools and techniques for managing infrastructure assets. Getting started with an asset management programme. Infrastructure asset management publishes articles on the strategic management, organisation. The ice recognises that core skills for effective asset management include. For more asset management strategies, visit assetworksom pt 214 ssets ts esee asset management 101. Jafari centre for smart infrastructure and construction, university of cambridge, uk tel. A step by step asset management plan 7 understanding capital costs vs life cycle costs the capital cost of an asset is how much it costs to purchase or build it. Asset management is a strategic approach that identifies the optimal allocation of resources for the management, operation, preservation and enhancement of the highway infrastructure to meet the needs of current and future customers. Infrastructure asset management ice virtual library. A highperforming asset management program includes detailed asset.
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