The paper "Asset Management Fundamentals" is an outstanding example of a management assignment. “ Whole-of-life approach is defined as planning maintenance based on the total estimated cost that will be incurred over the anticipated useful life of the facility or asset, covering the initial creation, ongoing operation and management, as well as the final disposition at the end of its life” (Ellmore 2011). It is very common for infrastructure assets to be in an operate-maintain phase of their life cycle with no probability of closure, decommission and demolition. However, at times the infrastructure needs to be upgraded and improvements need to be made, for this the whole life costing is required. Transfield Services manages a multitude of infrastructures such as It provides services to the water, railway, maritime, telecommunications, public transport, roads, transmission and distribution and road industry.
However, this question shall only deal with one of the infrastructure i. e. railways. Keeping this in mind Transfield Services uses a whole of life approach for the asset management of railways. the approach is discussed below: According to Burns (1999), as infrastructures like railways have an indefinite life span the strategy they follow is based on analysis of the long term view i. e.
over the time period. From the time which it came into being till the date of the analysis. Apart from this Transfield Services should maintain the client service and asset performance according to legislative and stakeholders requirements. Transfield Service’ s management has to use a longer-term view as it is very important for railways. this is due to the fact that railways have long service lives and may also be old and require urgent maintenance.
Thus, the strategy they adopt for the whole of life approach needs to be based on long term variations as the service level may need to be changed according to the demand of factors like climate, legislative changes and if the extreme is considered, then the change in the use and kind of railways (Adjo & Sue p34). In order to carry out a risk assessment while using the whole of life approach Transfield Services ensures and will have to continue to ensure that the critical assets related to railways are identified and treated accordingly.
Apart from this Transfield Services takes under consideration time based, risk-based and condition-based intervention for the maintenance for their railways. Risk assessment of the asset in question is important for Transfield Services, as the safety regulation in the country in which the company is operating requires that asset management and whole life approach be carried out using sound risk approaches to safety decisions (Sullivan & Steven p474). Thus, while analyzing the whole of life approach of an asset the company must keep in mind that strategy they will use is according to the safety regulations Transfield Services stores the information about the condition of the railways and data by a method which supports asset management.
the data and information are stored in registers as well as in documents on the computer system. Back up a document of the data and information is also stored in usbs and drives on other systems as well (Fulme p30). The storing of information indeed is the most important part of the whole life approach as without it the asset’ s lifecycle can not be calculated or assumed.
Adjo Amekudzi and Sue McNeil. infrastructure Reporting and Asset Management. Best Practices and Opportunities. Infrastructure Systems Committee of the Transportation and Development Institute of ASCE. 2008 :p18
Burns, P. “Managing Infrastructure for the Next Generation,” Automation in Construction, Elsevier, 1999: 8, 689-703.
Cagle, R. F. Infrastructure Asset Management: An Emerging Direction. AACE International Transactions, 2003 p15-26
Ellmore Rae Vicky . “Why is whole-of-life asset management not working? “ . 2011: p1 . March 13 2012. < http://www.fmmagazine.com.au/property-watch/why-is-whole-of-life-asset-management-not-working>
Fulmer, Jeffrey . "What in the world is infrastructure?". PEI Infrastructure Investor . 2009: 30–32.
Heller S Peter , Do demographic factors influence investment in infrastructure? . SAIS Washington DC. 2008:p23 March 13 2012. < http://www.cgdev.org/doc/events/12.15.08/Heller_Presentation_Demography_and_infrastructure.pdf>
Ogard, E., Pagano, A.M., and McNeil, S. “A Model for Linking Asset Management to Strategic Planning,” 83rd Annual TRB Meeting, Washington, DC. 2004 p54-60
Sullivan, arthur; Steven M. Sheffrin . Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. 2003: pp.460- 474.