The TEAMQF Life Cycle Processes

It is vital for all owners of assets and more particularly to those owners with large complex portfolios, to be able to paint a clear picture of their business performance. They need to be able to identify what they can produce and at what cost. This approach requires the consideration of the entire life cycle process. From the initial concept or identification of a demand for service through the creation phase, into operations, maintenance and renewal and through to disposal - all elements need to be considered. This is relatively easy for a single asset, but when organizations own a mature network or portfolio that consists of hundreds of thousands of individual assets, the task becomes complicated. It is therefore important to understand where assets are in their life cycle and what we can do about their cost and their performances. This life cycle asset management planning approach is shown below: Different types of works will provide different levels of service or benefits to the organization. Replacement will bring back full performance, whereas some renewal options may not quite restore assets to full performance, but will still provide a suitable level of service for rate payers or customers.