LRQA USA - Measure the difference

Asset management

Asset management is the means used to optimally manage assets, making sure that the performance of those assets and the associated costs and risks are in line with the requirements of the business. It requires a lifecycle approach and a strong understanding of the business sector.

How we can help

With strong systems and sector knowledge often gained as a result of having been duty holders in the sector, our experts provide support through:

• Development of investment and maintenance strategies and plans across all infrastructureand rolling stock disciplines

• Development and application of decision support tools such as:
  - Signalling Infrastructure Condition Assessment (SICA)
  - Telecoms Infrastructure Condition Assessment (TICA)

• Performance of cleanliness and defect audits of in-service rolling stock using condition scoring systems, digital imaging and e-systems for data management and communication of findings

• Development and application of standards, specifications and procedures

• Records management and asset register development or appraisal

• Infrastructure criticality reviews and risk assessments

We also provide services specifically related to BSI-PAS 55, the publicly available specification relating to the management of physical infrastructure assets.

What are the benefits?

• Well designed and implemented asset management approaches lead to better control of asset performance, optimal use of resources and effective management of risk.

• Increased performance coupled with an associated reduction in resource use is a realistic - if counterintuitive - outcome

• The approach is a useful component in satisfying the scrutiny of stakeholders and regulators through the implementation of good practice.

Recent projects

• Performance Review of MTR, Hong Kong, linking asset management and output performance. A detailed study spanning all levels from strategic direction to workshop and trackside activity was presented to MTR and the Legislative Council of Hong Kong. A number of recommendations were made to assist MTR's drive for continued high levels of performance.

• Structures Condition Marking Index (SCMI) was developed as a high level asset management tool for Network Rail to enable them to objectively calculate and track the condition of their bridge stock. Working with Network Rail and their suppliers we developed:
  - Process for collecting asset condition data, based on best practice, giving consistent and objective data
  - Customised database to calculate the condition index and analyse trends
  - Code of practice, examiner training courses and competency standards

• Development of an asset management evaluation framework for the Office of the PPP Arbiter (OPPPA) in the London Underground arena. A detailed model was developed to support reviews by OPPPA of the extent of application of "Good Industry Practice" in the asset management work carried out by the Infrastructure Companies