Asset Lifecycle Process

4.2 Asset Management

A good process produces good results

What is asset lifecycle process?

Definition

The actions, and order of the actions, taken from an assets idea to its decommission

Purpose

To achieve desired outcome value of an asset with effective and efficient use of resources during its lifecycle

The Asset Lifecycle Process defines the actions and the order of the actions to be performed during an assets lifecycle to ensure efficient and effective use resources and wanted outcome value. The purpose of this process is to make the lifecycle more practical and easy to utilise in real life.

Identify & Design

During the identify & design stage, opportunities for improvement identified and reviewed and the idea of an asset is discussed, designed and decided upon to be established and maintained.

Maintain

Once decided, the asset is put in practice and maintained as long as it servers a purpose and adds value.

Decommission

At some point, the asset might not add any value anymore and a decision is made to decommission it.

The process is defined according to the Process document type, with the exception of roles & responsibilities as this may vary for each organisation.

Next Step

Next, read about the Prioritise process…

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