Mark Ragusa, a dedicated asset management professional recently provided a large webinar audience with an interesting presentation on decision making and risk management processes within Ausgrid. Mark noted asset management must start with an understanding of the organisational objectives which are translated into asset management objectives. Creating this line of-sight will enable asset management decisions to align achieving organisational objectives. The basis for making asset management decisions must also be established so that decisions are consistent and appropriately supported.
At Ausgrid, risk management techniques have been adopted to guide the decision process. Quantitative analysis has been broadened to support maintenance and asset renewal decisions. Specifically, cost benefit analysis is being used to evaluate cost against the monetised risks and opportunities. Key performance indicators are then developed to monitor leading and lagging indicators which will inform whether the performance of asset management decisions achieve the organisational objectives.
An engaged Webinar audience provided many questions for Mark and if there are further questions, please contact Mark via LinkedIn.
Missed the webinar or want to revisit some of the content? This session was recorded and now available on our TV page*. Make sure you are logged into your AMCouncil account and then click here: https://www.amcouncil.com.au/tv?vid=418392483
*Available to AMCouncil members only. To view our affordable membership options, visit: www.amcouncil.com.au/membership.
Line of sight, Fundamentals of ISO 55000, Risk Management, Quantitative Analysis, Cost Benefit Analysis, Leading/Lagging Indicators