What is Asset Management?

The term Asset Management applies in some industries as “life cycle management of tangible physical assets” and to others as “management of intangible assets” such as financial assets. In this article, and all other NAPES Solutions articles, the relevant application of Asset Management is for tangible physical assets.

Asset Management is:

The life cycle management of physical assets to achieve the stated outputs of the enterprise

Asset Management Council (AMC), Australia

Breaking this definition down gives:

  • Life Cycle Management. Management over the entire life cycle of the physical asset, from concept to retirement.
  • Physical Asset. A physical asset by definition is a tangible physical item which has value.
  • Enterprise Stated Outputs. These are state requirements placed by the enterprise (organisation) which the services or products need to output. Typically for financial goals but also include outputs related to social responsibilities such as environmental goals.

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Useful Asset Management resources:

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Nicole Andrews

Nicole Andrews

Nicole has been providing value to Australian companies and government for over 20 years. A mechanical engineer by degree, Nicole cut her teeth in the marine engineering field where she got the opportunity to maintain one of her favourite machines – the gas turbine. In 2003, Nicole decided to consolidate her mechanical engineering training with design in a large industry project. Once consolidated she then worked on growing her maintenance engineering experience to other areas of asset management, logistics engineering and information systems. With this foundation of knowledge and experience, she then went into business for herself as a professional consultant and ultimately led to NAPES Solutions being created in 2014.

Over her career, Nicole has worked hard to add value in development of new contracts (acquisition and support), establishing support arrangements, determining supportability needs, advice in life cycle engineering and sustainable manufacturing (including disposal), development of and review of engineering changes, establishing and auditing configuration baselines, development and implementation of various information systems (maintenance, configuration, inventory, financial etc), studies and reports including reliability based (such as spares analysis) and data analysis based, development of and conduct of and review of training, development of and review of technical publications, and much more.

Throughout these 20 plus years, Nicole has been driven by the desire to minimise waste and maximise value. This has led to her signature 3 pillars of enduring, support and sustainable.