Advanced Asset Management is a specific form of asset management implementing an amalgam of tools in order to achieve success. Some of the tools used include:
Failure prediction patterning
Economic investment analysis methods.
Together these aid in the analysis of alternative options and greatly aid in the development of long term plans for offering a specific degree of service.
Advanced Asset Management Strategy
The strategy of advanced asset management is backed up by:
Correct and complete asset data, both financial and physical.
Clear and pre-determined degree of performance benchmarks and services
A reliable communication system for collecting and exchanging both financial and physical data with sophisticated capability. The combination of risk-analysis with predictive patterning, along with modified decision making capacity and failure mode assessment are what define Advanced Asset Managements ability to master intricate patterns.
Decisions are accurately relayed and applied along with necessary administration assure the investment portfolio is adeptly handled.
Requirements for Application
Requirements for the application of Advanced Asset Management Strategic Model
The following capacities and skills are essential for the purpose of applying the strategic model.
Posses a familiarity of proprietorship of assets
Must have a solid grasp on degrees of service
Capacity to anticipate future demands of the clients
Exhibit awareness of asset flexibility
Develop understanding of asset performance (dependability)
Be knowledgeable of present usage and maximum capability
Have the capacity to anticipate any assets’ mode of failure
Demonstrate clear capacity to assess other choices available for handling
Earn ability to grade functions on the basis of economic assessment
Be receptive to justifying functions in order to fit available budget
Have the aptitude to formulate and reorganize strategic goals for every asset
Be ready to modify procedures and maintenance functions as needed.
These qualities are mandatory for modern commercial enterprises to grow and assure the best practice in asset management.