Asset and FM lecture for The University of Sydney

AuthorUjwal Lakra

Justin Noakes and Ujwal Lakra were pleased to present to University of Sydney students who are undertaking the Core Advanced Unit, DESC9194 Asset and Facility Management, as part of their post grad coursework for a Certificate in Architectural Science (FM).

The structured lecture and Q & A session was received well by students via online conference. Ujwal and Justin covered topics including strategic asset management, asset feasibilities and audits, life-cycle and asset management planning, asset performance evaluation, strategic sourcing and procurement, transition and change management and contract management.

Key points include:

  • Strategic asset management is critical to deliver business outcomes
  • Asset condition data against a consistent benchmark is essential in being able to analyse deterioration and accurately forecast risk and budget costs
  • Criticality of an asset is essential in determining cost benefit analysis of lifecycle works and consideration of fix when fail, refurbish or replacement decisions
  • Performance evaluation and analysis provides the basis for which asset performance can be determined
  • The Asset Lifecycle Model for Total Cost of Ownership Management aims to “define the cradle to grave responsibility for measuring and managing a physical asset’s useful life”
  • Strategic souring sets out the objectives, the need, the approach, key risk and mitigation considerations, market overview including market participants or suppliers, the target outcomes, timing, communications protocols, contract management approach
  • Transition is a key change management activity that needs to be managed appropriately and is one of the key success determinants of a contract and a manner in which a contractor’s performance may be initially viewed
  • Contract management is generally a operational task, but needs to move a tactical or strategic level where optimised value can be derived

It was great to see students getting involved and working towards a successful career in Asset and Facilities Management.

Ujwal Lakra