Successful asset management depends on making good decisions: decisions about where to apply limited resources, about setting priorities for maintenance and reliability, about managing risk and more.
Good asset management decisions should:
- be transparent, consistent and documented.
- be risk-based and supported by solid asset knowledge.
- be in alignment with both organizational and stakeholder objectives.
- connect the long-term strategic view to daily tactical execution.
Here are ten practical tips for making excellent asset management decisions:
- Understand the aim and objectives of your organization.
- Secure executive sponsorship for your program.
- Use the right decision support tools for what you need to accomplish.
- Make sure a criticality analysis is one of the first steps in your asset management planning.
- Get the right people involved.
- Cultivate cross-functional communication and collaboration.
- Make sure you have complete asset information – include ALL of your assets in your register.
- Design your asset type codes carefully.
- Invest in getting your asset hierarchy set up properly.
- Use risk rankings and criticality data to set priorities.