Asset Lifecycle Analysis
Make your assets last longer
Do you find it hard to take a risk-based approach to asset lifecycle analysis?
Determining the remaining life of an asset is technically challenging - it's hard to know what's appropriate considering the range of analytical options and costs. ISO 55000 has provided us with good definitions of what is meant by 'asset life' or 'asset lifecycle'.
An asset could consist of an entire building, or simply be a component within that building. Determining the right level of detail is one of the first challenges to overcome. And this is the easy part of fixed asset lifecycle management.
The hard part is to then determine each asset’s life, and calculate the overall lifecycle costs – for individual assets, for groups of assets, and for your overall portfolio of assets.
Common issues faced in asset lifecycle planning:
What is an asset?
In asset management, an asset is “an item that will be renewed, replaced or maintained over time.”
What's the best approach to lifecycle planning?
What is asset lifecycle management?
Asset lifecycle management includes acquisition, operation, maintenance, renewal, replacement and disposal.
How does lifecycle planning fit into an AMP?
The lifecycle planning section of an AMP shows the potential lifecycle costs beyond 20 years regardless of funding.
How are the remaining lives calculated?
Remaining lives are calculated with condition grades, age, useful lives, deterioration functions, risk factors, and levels of service standards.
Where can I find an example of a lifecycle plan?
The NAMS.Property eManual has practical worked examples on how to calculate the remaining life of building components.
How to collect the asset data?
Use inspectors to collect information on the assets for analysis rather than telling you their opinion of the remaining life - it is calculated.
How is risk-based analysis determined?
Components need to have an assessment of criticality for 'consequence', and an analysis of remaining life for 'likelihood'.
Here's your asset lifecycle planning solution
We have a wealth of asset lifecycle planning experience for you to draw on and use. We datatize the lifecycle planning process through our software to make assets last longer by providing your team the ability to better assess, analyse and plan. Here’s how our risk-based approach makes asset planning easy for you:
Plan your expenditure in a way that makes sense to you
Create a 20 to 100 year expenditure profile with deferred expenditure, opex/capex, and maintenance. The lifecycle costing analysis also brings together renewals, replacements, operational cost and scheduled maintenance/servicing.
Practical outcomes of the risk-based process
You will be able to apply policies and standards to produce a works program by linking components to a project. This helps you move from asset-level to project-level decision making in your asset lifecycle management.
Choice of predictive models to draw on
Choose from a combination of 5 different predictive asset lifecycle models across component types: age-based, condition-based, age/condition, assessed remaining life, and models influenced by maintenance regimes and risk.
Old data? Great!
If an inspection was done 5 years ago, the deterioration models predict what the condition would be today.
You can isolate components of certain risk profiles so that further targeted investigations and/or projects can be scoped.
Drill down to the very lowest level
View your asset lifecycle model across your whole portfolio – and drill down to a building, floor, room or space level. Fixed asset lifecycle management has never been so easy - or powerful.
How will SPM Assets’ lifecycle planning solution help you in your role?
Datatizing your asset lifecycle management process will help you in a number of ways:
Confidence in your future works program: knowing the right projects are being done at the right time, and for the right reasons.
Your future projects will be evidence based and you’ll have real numbers to support their priority, and be able to address the highest risk items first.
You will better know where your asset management risks are, and the likely cost of addressing them.
Balancing the costs and needs of predictive maintenance versus emergency repair will become easier to manage.
Know that you are planning to the right level of detail.
You’ll have the ability to interrogate your risk-based lifecycle model in a number of different ways, and create meaningful reports from it.
We provide the unknowns: all you need to do is provide the list of assets and confirm your risks – we’ll do the rest.
You will have the credibility of a risk-based lifecycle forecast that comes as standard with SPM Assets software.
Your people will be able to do their own asset lifecycle analysis – we provide the tools and training – empowering you to take ownership of the process. This means less time and costs will be spent on the asset management planning and lifecycle assessment business process.
Take the risk out of long-term maintenance planning and budgeting
The property risk management functionality within the SPM Assets platform allows you to evaluate the possible long-term consequences of actions. You will be able to create a risk matrix that covers various scenarios, which will identify your organisation’s long-term maintenance budget forecasting requirements. The resulting risk management reports are powerful forecasting and asset management tools.