MANAGING ASSET MANAGEMENT
Abstract:As a result of regulatory changes (GASB – 34 and CMOM), pressures to privatize to become more competitive, and growing concern over the condition of public assets and the lack of funding provided to maintain infrastructure, utilities and public sector organizations are focusing more attention on asset management of public utilities. Regulatory changes encourage the development of a management approach that is based on extending the life cycle of assets while controlling maintenance and repair costs through efficient maintenance techniques. Privatization emphasizes improving productivity by taking advantage of technology where it makes sense, reducing staff size, and managing staffing requirements through extensive facility maintenance planning. Finally, a lack of available funding needed to maintain high quality utility infrastructure is a concern for utilities as well as the various boards, commissions, and councils that must justify funding of projects.
Successful asset management requires a leadership strategy to manage the complex relationships of board oversight, communication, vision, long-term strategic thinking, staff development and motivation, and funding. In addition, this paper will address two distinct implementation elements: (i) creation of an overall management philosophy, and (ii) rolling out a technologyenhanced asset management model.
Document Type: Research Article
Publication date: January 1, 2002
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