Infrastructure Asset Management

Overview

Infrastructure asset management is the integrated, multidisciplinary set of strategies in managing infrastructure physical assets and infrastructure systems, such as structures, processes, and technologies. The primary objective of infrastructure asset management is to maintain a desired level of service in the most cost-effective manner. It includes the management of the whole life cycle (design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal) of physical and infrastructure assets. Operational and performance data are important in predicting the status and needs of the assets.

Principles of Infrastructure Asset Management

Infrastructure asset management involves the balancing of costs, opportunities, and risks against the desired performance of assets to achieve an organization's environmental and social goals. This is achieved through the application of management, financial, economic, engineering, and other practices to physical assets with the objective of providing the required level of service in the most cost-effective manner. It includes the management of the whole life cycle (design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal) of physical and infrastructure assets.

A modern cityscape showcasing various types of infrastructure such as roads, bridges, and buildings.

Asset Management Plan

An asset management plan (AMP) is a tactical plan for managing an organization's infrastructure and other assets to deliver an agreed standard of service. Typically, an Asset Management Plan will cover more than a single asset, taking a system approach - especially where a number of assets are co-dependent and are required to work together to deliver an agreed standard of service. The AMP is to be updated and revised as required to maintain the currency, relevance, and accuracy of the information within.

Risk Management in Infrastructure Asset Management

Risk management is a key aspect of Infrastructure Asset Management. The standard ISO 55000 recommends the use of risk management and it is often at the heart of the most common methodologies in this field, such as PAS 55 or the '4 steps' methodology. The use of risk management in this field allows for the optimal use of resources to maintain the infrastructure, the best strategies for renewal and the best strategies to increase the service level.