Strategic Asset Management and Communication: Decision Analysis/Implementation Guidance

Abstract

Track 3 of WERF's Strategic Asset Management Project was developed to “provide guidance on implementing SAM… and develop analytic tools for SAM implementation” - the Decision Support Tools and Implementation Guidance goal. In Track 3, the Decision Support Tools and Implementation Guidance goal was organized around two major elements: Task Order 2 provided for the following deliverables: The materials presented in the following sections were developed as a result of executing Task Order 2 to achieve the Project goal. Each chapter details a separate deliverable. Relevant developed materials have been or are in the process of being added to SIMPLE, WERF's web-based asset management knowledge base. Asset management can be defined as a way of management thinking and a set of best practices built around a structured framework that assist asset managers in making the most cost effective investment decisions in existing and new assets to sustain long term performance of the assets in an environment of limited resources where these decisions represent an integration of operations, maintenance, and capital intervention strategies. At the heart of the framework is the concept of business risk - a metric that measures the interaction of the probability of failure, the consequence of failure, and risk mitigation strategies. This research: This title belongs to WERF Research Report Series . ISBN: 9781843393320 (Print) ISBN: 9781780403410 (eBook)