Asset owners must manage the money in their budget in a way that gets the best system reliability results.
- Often there are budget restraints beyond the asset owners’ controls, which requires the asset owners determine where the budget is spent.
- Reduction of Budgets or Fluctuating Budgets
- Unforeseen Issues that cause reallocation of funds
- This is not always easy with an aging infrastructure!
When there is an asset failure, we often must become reactive which is a normal reaction.
- Now we must make sure we don’t have another component failure.
However, being proactive with a true understanding of the system to be managed can reduce many failures.
- Know the assets and what to fund based on asset management surveys and identified issues:
- Issues due to age
- Issues due to material types
- Issues due to environmental conditions
A proactive asset management program ensures we have a plan that will keep the assets both safe and reliable within the confines of the budget.
