A new college graduate aspiring for a career in Asset Management should know

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A new college graduate aspiring for a career in Asset Management should know.

29 Oct. 2023
11 min read

Asset management, reliability and maintenance are important domains for any organization that owns or operates physical assets. In this blog post, we will introduce some of the basic concepts and topics that a new college graduate aspiring for a career in these domains should know.

Asset management is the process of planning, implementing and monitoring the activities related to the acquisition, use, maintenance and disposal of physical assets. It aims to optimize the performance, value and risks of the assets throughout their life cycle. Some of the key topics in asset management are:

Asset life cycle: The stages of an asset from its conception to its retirement, such as design, procurement, installation, operation, maintenance and decommissioning

Asset portfolio: The collection of assets owned or operated by an organization, which may be grouped by type, function, location or other criteria.

Asset strategy: The long-term plan that defines the objectives, policies and principles for managing the asset portfolio.

Asset management system: The set of processes, tools and resources that enable the implementation of the asset strategy and the delivery of asset management services.

Reliability is the ability of an asset or a system to perform its intended function under specified conditions for a given period of time. It is a measure of how often an asset fails or malfunctions. Some of the key topics in reliability are:

Reliability engineering: The discipline that applies engineering principles and methods to ensure and improve the reliability of assets and systems.

Reliability analysis: The process of identifying, quantifying and modeling the factors that affect the reliability of assets and systems, such as failure modes, failure rates, failure consequences and failure dependencies.

Reliability testing: The process of verifying and validating the reliability of assets and systems by subjecting them to controlled conditions and observing their performance and behaviour.

Reliability improvement: The process of enhancing the reliability of assets and systems by implementing corrective or preventive actions based on the results of reliability analysis and testing.

Maintenance is the process of preserving or restoring the condition and functionality of an asset or a system. It aims to prevent or mitigate the effects of deterioration, wear, damage or failure. Some of the key topics in maintenance are

Maintenance engineering: The discipline that applies engineering principles and methods to plan, execute and optimize the maintenance activities for assets and systems.

Maintenance management: The process of organizing, coordinating and controlling the maintenance resources and activities for assets and systems.

Maintenance optimization: The process of finding the optimal balance between the costs and benefits of maintenance activities for assets and systems.

Maintenance types: The different categories of maintenance activities based on their purpose, timing or frequency, such as corrective, preventive, predictive or proactive maintenance.