Asset life cycle management describes the best practices regarding life cycle decisions about assets. It explains how to develop life cycle plans for critical assets in terms of their expected economic life, mid-life overhaul plan, maintenance approach, suitability of the technology and life cycle costs. This process aims to realise and optimise the value of assets and assists asset managers in making repair/replace decisions.
Another focus area is the organisation’s whole asset portfolio. It considers the life cycle plans and replacement cycles of individual assets, as well as the demand forecast for products and services to optimise the composition and location of the asset portfolio. This process is supplemented by capital investment decisions based on the ROI of the proposed assets.
Once the capital projects for new assets have been approved, the asset acquisition process kicks off. The training covers the asset creation and acquisition process, in conjunction with the analytical systems engineering process. Old assets need to be disposed of in a structured way at the same time. The last step is to commission and hand over the new asset to Operations and Maintenance.
This training course is aligned with the GFMAM’s 39 Subjects with a specific focus on the following subjects: demand analysis, capital investment decision-making, life cycle value realisation, asset creation and acquisition, systems engineering, asset decommissioning and disposal.