Articulating the Relationship between Maintenance and Asset Management - A Visual Representation

In our Introduction to Asset Management for Senior Managers course PEMAC has defined Asset Management as:

“... the integrated, documented actions we take as an organization to assure ourselves and others that our assets are designed or selected, built, operated, maintained and retired in a way that enables us to deliver desired business outcomes with acceptable risk and minimum life cycle cost.”

The GFMAM members have agreed to the following statement and visual representations of how maintenance management fits within the context of asset management:

"Maintenance and strategic maintenance management is critical to value delivery during the operations phase of the asset life cycle. ‘Minimum life cycle cost’ is unachievable unless the maintenance requirements, based on an analysis of criticality, are fully included in decision-making during the demand analysis and system design phases of the asset life cycle."

The Asset Management Council and the Institute of Asset Management have each created visual conceptual models to represent the scope of asset management activities of an orgnaization. The red-circle areas superimposed on the models below attempt to illustrate what the above statement means in a conceptual way. 

Example 1: Asset Management Council    

Example 2: Institute of Asset Management

Does this statement and representation help to clarify the relationship? Would you add or subtract anything? We invite your comments on our LinkedIn discussion group. (Find the link on the right hand side bar of this newsletter.)