Asset Managers, or merely Asset Owners?

Asset Managers, or merely Asset Owners?

International Infrastructure Management

A world best practice publication has just been released that provides the toolkit necessary to effectively manage both public and private infrastructure assets.

This industry-led initiative in infrastructure management is a combination of two years work by the Institute of Public Works Engineering Australia (IPWEA), and the New Zealand National Asset Management Steering Group. It outlines a systematic process for infrastructure asset management to move beyond basic financial reporting and provides a rational approach for linking service standards to lifecycle management options.

The Manual is of relevance across the full spectrum of assets. This includes transportation networks (road, rail, ports, airports), community facilities, energy supply systems (gas, electricity), water utilities, solid waste, telecommunications networks, and education and health sector utilities.

A highlight of the manual is some 40 how to" case studies to illustrate key concepts.

Chris Champion, National CEO of IPWEA says the basic approach to asset management in many cases only provides a snapshot view of our assets due to current practices and strategies. More advanced asset management is required to identify strategies that reduce lifecycle costs through improved practices and the use of technology.

The Manual recognises that the degree of complexity of asset management employed will differ according to an organisations need - and the benefits it can derive. It assists managers to set the right level taking into account legal requirements, customer expectations, the nature of the assets, exposure to risk and availability of resources.

In Australia, major infrastructure failures (such as Sydneys water, Melbournes gas and Auckland's power) have highlighted the need to understand, avoid and manage the consequences of such events. These lessons and the prnciples apply across the world. The Manual responds to growing awareness and public concern about risk management of essential services.

An outline of the contents and benefits of the Manual are available through the IPWEA Website at www.ipwea.org.au,
or by contacting the National Office of IPWEA on ph +61 2 8267 3001.

[Further information: Chris Champion, CEO, IPWEA +61 2 8267 3001, or e-mail cchampion@ipwea.org.au]