ASSET MANAGEMENT
Proactive asset management requires teamwork It is often assumed that public infrastructure asset management is something limited to a particular profession; however, this is a multidisciplinary function, with a shared responsibility across different professions. This enables a maximum return on investment, while also ensuring defined service and security standards are met. By Bonke Mncwango*
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s an umbrella term, public infrastructure assets may range from intricate underground networks to elaborate building structures, as well as highway systems, recreational parks, and any other equipment necessary to maintain their integrity. With public-related infrastructure, it is often difficult for the responsible asset managers to protect facilities and structures from accelerated deterioration due to overusage, geological conditions, and climatic effects. Due to inadequate funding, as well as inadequate technological support, certain infrastructure assets have also been neglected and rendered out of service. As an effective means of managing an asset, repair and maintenance expenditures must be separated from those of capital renewal. Repair and maintenance are defined as interventions that ensure that an asset
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reaches its maximum service life, whereas capital renewal is defined as the action to completely replace an existing asset. The lifespan of an asset can be regarded as the length of time it will take an asset to go through its full life cycle. This is shown in Figure 1, which depicts eight phases of an asset’s life cycle. These phases are: needs identification, procurement, construction, commissioning, maintenance, condition monitoring, decommissioning, and renewal. The various stages of an asset life cycle are briefly explained as follows: - Needs identification: Needs identification is part of the planning stage and this is when a need is identified that is currently not being met. - Procurement: Procurement is the acquisition
FIGURE 1 Detailed asset life-cycle stages
stage. This stage is only executed once the perfect asset to meet the identified need is known. -C ommissioning: It is possible that some assets may be complete and ready for use when delivered. However, many require installation/commissioning, and that process takes place during this stage, especially when assets are large and of a complex nature. -M aintenance: During this stage, the asset is operated and then maintained as necessary. -C ondition monitoring: An important stage while an asset is in use is condition monitoring. Should any adverse quality factor
