Asset Management

Overview

The team within this project is developing approaches for optimising asset management decisions throughout the life cycle of civil assets, to help guide maintenance investment and prioritise activities.

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Approach

The project is split into four themes:

Whole life decision making approaches What to do now to get the best value in the future?
Information requirements for asset management What do you need to know to make the best decisions?
Information future-proofing How do you ensure your information lasts as long as your asset?
Infrastructure asset future-proofing What do you need to do today to make sure your asset will be sufficient tomorrow?

Why look at Asset Management?

Large infrastructural construction projects are frequently in the news, and represent ?£billions of investment of public money. However the ongoing cost of operating and maintaining these assets is seldom discussed. As is shown in the graph, operations costs are significant. It is therefore important to extract the best value for money possible.

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Generalised framework

Civil engineering is more fragmented than other industries, with a wide range of stakeholders. Only after understanding who benefits from actions, and by how much, can management of these assets be optimised to deliver best value to all.

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The Asset Management Pyramid

Asset management is underpinned by data – designs, maintenance history, records of failures and issues. But decisions need to be based on information – distilled data, such as trends and correlations. Making correct decisions to take the ‘right’ action at every junction is useful, but learning from these decisions allows knowledge of best practice to be improved and implemented more widely.�

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CSIC is committed to advocating this concept – collecting the right data, correctly distilling it into useful information, electing to take the best value decisions, and ensuring the industry as a whole can learn from best practice elsewhere.