Asset Management Primer: Creating an Asset Management Plan in 9 Steps

Asset Management Primer: Creating an Asset Management Plan in 9 Steps

There are nine steps to creating an asset management plan:

  1. Determine the status of all sources of utility system data
  2. Design a new GIS database or update an existing database to capture utility system data
  3. Perform field data collection
  4. Create GIS connectivity
  5. Perform a utility condition assessment
  6. Complete a risk matrix
  7. Complete a decision matrix
  8. Determine financial viability and plan
  9. Write the asset management plan

Determine the status of all sources of utility system data

Data may take the form of maps, lists, tables, work order tickets or histories, photos, or narratives. Data may be stored in hard copy, digital format, or both. Data may also exist anecdotally in the memory of long-serving utility employees. This is also called the gathering of institutional knowledge.

Design a new GIS database or update an existing database to capture utility system data

A thorough design process enables all relevant utility system data to be captured from historical records and/or in the field on the first pass. It also ensures deliverables such as maps or models can be created from the data. WithersRavenel uses industry-standard ESRI Modes as the foundation of its GIS geodatabases.

Perform field data collection

Survey crews use GPS devices to obtain or verify the precise location of above-ground utility assets such as hydrants, valves, blow-offs, storage tanks, wet wells, and access covers.

Create GIS connectivity

Hard copy records such as maps and as-built drawings are scanned and the resulting images are linked to the corresponding entry in the GIS database in a process called georeferencing. The locations of utility system meters are similarly linked with the help of the utility owner’s billing address list. We are also integrating the latest cloud software platforms for clients’ ease of access.

Perform a utility condition assessment

Assessment takes on many different forms depending on the utility involved. The sanitary sewer can use NASSCO based CTV rankings. The water system can use age and pattern of line breaks and the stormwater system can use physical inspection of outfalls as examples. Asset condition is categorized based on industry standards for that particular utility.

Complete a risk matrix

Determine the criticality of each asset.

Complete a decision matrix

List asset improvement projects based on their priority rating.

Determine financial viability and plan

Evaluate the list of projects and work to determine a funding strategy that attains the level of service.

Write the asset management plan

Compile the information collected from the utility inventory, utility condition assessment, risk matrix, and decision matrix. Add cost estimates and schedules for completing asset improvement projects.

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About Asset Management Planning at WithersRavenel

Asset management planning at WithersRavenel is provided by our Funding & Asset Management team, who focus on creating, managing, and funding utility systems as well as other kinds of projects. For more information or to start your asset management project, contact Funding & Asset Management Director Seth Robertson today.