Asset Management Primer: Introduction

Asset Management Primer: Introduction

As utility infrastructure ages, workforces retire, and utility system data quickly becomes outdated or lost, the unknowns associated with operating a utility system grow significantly. How can utility operators begin to understand and address these mounting challenges? The solution is an asset management plan.

An asset management plan is a long-range planning document that accomplishes five goals:

  1. Identifying the assets in a system
  2. Evaluating their current condition
  3. Determining the likelihood and consequences of their failure
  4. Estimating the cost and schedule of rehabilitation or replacement
  5. Establishing a schedule for performing maintenance and upgrades

Modern asset management plans achieve much more than the plans of the past, which tended to sit on shelves unread.

In this series, we’ll explore why an asset management plan is important, what elements make up an asset management plan, how an asset management plan is created, and how to secure funding to develop and implement an asset management plan.

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.