Asset Management Fundamentals: Assignment 2
Asset Management Fundamentals: Assignment 2
Due date: 23 September 2018 Marks: 100
Question 1 (25 marks)
From the information presented in Topic 5, ‘Asset Knowledge – Data Collection and Management
a) Discuss the issues to be considered when determining the level of data detail required
for various asset management functions and comment on how a continuous
improvement approach can be employed.
b) Describe the main factors that should be considered when establishing a data
collection plan and comment on the benefits of implementing a pilot program.
c) Explain how asset hierarchies can be used in asset registers and comment on data
validity and maintenance.
Question 2 (25 marks)
Topic 6, ‘Condition Assessment’, introduces the importance of condition monitoring and its
relationship to risk management.
a) Discuss criticality of assets and comment on how risk management relates to condition
assessment and the frequency of inspections.
b) Describe how componentisation of assets is used in condition assessment and comment
on how it relates to whole-of-life analysis.
c) Explain the concept of remaining useful life of an asset and describe how it can be
determined using condition assessment.
Question 3 (25 marks)
Topic 7 presents the importance of ‘Risk Assessment and Management’ in the AM context.
a) Discuss the key concepts of asset-based risk management and comment on the
organisational framework required for a successful implementation of a risk
management program.
b) Describe how probability and consequence is used in risk analysis and comment on the
use of a qualitative matrix approach for risk assessment.
c) Explain why monitoring risk management is important and comment on how
continuous improvement relates to risk management.
Asset Management Fundamentals: Assignment 2
Question 4 (25 marks)
Topic 8 introduces Optimised Decision Making Techniques.
a) Discuss the factors that should be considered when prioritizing assets for evaluation
and comment on the reasons for undertaking a benefit cost analysis (BCA).
b) Discuss why it is important to focus on the service provided by the asset and
comment on non-asset treatment solutions that may be available.
c) Explain the benefits of using a Multi Criteria Analysis approach and comment on the
reasons for undertaking a sensitivity analysis.
Note: this assignment has a 3,000 word limit.
Notes
1. Do not exceed the word limit (3000 words). Give concise descriptions and avoid
irrelevant technical detail. In marking the assignment, attention will be paid to clear
concise expression of ideas. Do not include extensive attachments. They will not be
read.
2. Include appendices only if required to provide a clearer understanding of relevant
details.
3. A bibliography (list of references you have quoted or referred to in completing the
assignment) must be submitted. The bibliography should be properly referenced
using the Harvard system.
Assessment
The assessment task contributes 30% towards your final grade in this Unit. The assignment
will be graded according to the following criteria.
Clarity of presentation (grammar, syntax, paragraph structure),
Appropriate referencing using the Harvard Referencing System,
The evidenced comments provided to support your answers,
The logic and clarity of the assumptions made when formulating your solution,
The quality of the numerical analysis undertaken.
