Six key characteristics of an effective asset management framework

US Government identified six key characteristics of an effective asset management framework

The US Government Accounting Office (GAO) identified six key characteristics of an effective asset management framework that can help federal agencies manage their assets and resources effectively.

GAO identified these key characteristics through reviews of the International Organization for Standardization (ISO) 55000 standards—an international consensus standard on asset management—studies and articles on asset management practices, and interviews with experts.

GAO reviewed the asset management practices of six federal agencies, many who work with Reliabilityweb.com such as the U.S. Coast Guard (Coast Guard); U.S. Army Corps of Engineers (Corps); General Services Administration (GSA); National Park Service (Park Service); National Aeronautics and Space Administration (NASA); and U.S. Forest Service (Forest Service). Each of the six federal-agency frameworks GAO reviewed included some of the key characteristics.

Key Characteristics of an Asset Management Framework

1) Establishing formal policies and plans: Define a governance regime and identify staff responsibilities.

2) Maximizing an asset portfolio’s value: Develop a policy to identify the value of assets and to derive the greatest value.

3) Maintaining leadership support: Articulate leadership support and provide necessary resources.

4) Using quality data: Collect, analyze, and verify accuracy of asset data.

5) Promoting a collaborative organizational culture: Promote a culture of information sharing and enterprise-wide decision making.

6) Evaluating and improving asset management practices: Evaluate the performance of the asset management system and implement necessary improvements.

Each of these recommendations are a direct match for Uptime® Elements Reliability Framework and Asset Management System (see below)

gao-19-57.pdf