Home        About         Contact
1

Asset Management Objectives
An objective is "a result to be achieved" (ISO 55000)

Objectives set the context and direction for an organization’s activities. They are established through the strategic level planning activities of the organization.


The formalization of the desired future state (to-be) for the organization.

Form part of the Asset Management System (AMS).



A.  Political Goals
These goals are driven by primarily to external factors such as labour laws, tax laws, environmental laws and political stability in the region in which the organization is located. example of a political goal at Amiable Housing Society: “To enhance the organization’s reputation in the local community.”

      Goals to be achieved
      Physical Consequences to be avoided
  • Greater nuisances from noise, vibrations, smells, etc. that affects the quiet use and peaceful enjoyment of the property.
  • Increased outages associated with power supply, water supply, gas, and other utilities.
  • Increased downtime and disruptions with essential services, such as elevators, etc.
  • Reduced reliability of systems and assets.
  • Collateral damage to finishes and substrates from water ingress and water escape conditions.
  • Unsightliness that detracts from the exterior and interior aesthetic appearance of the building. (aesthetic deterioation)
  • Accelerated deterioration of some assets requiring earlier renewal.


B.  Economic Goals (Profit)
These types of goals are influenced by external factors such as local interest rates, local inflation rates and internal factors such as staff efficiencies. For example, interest income earned on the organization’s replacement reserve can be optimized by selecting appropriate financial instruments. Example of an economic goal at Amiable Housing Society, “To maximize interest income in the organization’s reserve fund and to ensure adequate cash flow by purchasing the appropriate investment vehicles with timeframes that match the remaining useful life of the assets identified in the capital plan.

      Goals to be achieved:
  • To achieve fiscal stability and fiscal health
  • To strengthen the local economy
  • To invest in effective infrastructure
  • To achieve improved financial performance
  • To reduce lifecycle costs of the organization's assets
  • To achieve the best Return on Investment (ROI)
  • To preserve the investment
       Consequences to be avoided:
  • Increased costs due to lack of planning, reactive/crisis planning, accumulation of deferred maintenance, unnecessary repairs, shortened service lives, greater project scopes, etc.
  • Greater financial hardship through special levies, demand loans, etc.
  • Diminished marketability of the assets due to stigmatization, etc.
  • Lower resale value of the property.
  • Inefficiencies in the use of energy, coordination of people and other resources
  • Missed opportunities for leveraging economies of scale, etc.
  • Waste and ground contamination
  • Increased contingency allowances for substrate repairs



C.  Social Goals (People)
These types of goals relate to external factors, such as cultural and community factors, population growth rates, age distributions and staff career attitudes. An example of a social goal at Amiable Housing Society, “To develop a succession plan for senior members of staff who may retire over the next five years.”

     Goals to be be achieved:
  • To develop liveable and vibrant communitiies
  • To celebrate our heritage
  • To protect our people and properties
  • To provice adn support community based leisure opportunities
  • To nurture a mindset of sustainability
  • To provide staff with the necessary knowledge and skills to manage assets effectively
      Consequences to be avoided:
  • Increased stress and frustration of individual owners/guests due to unresolved business and limited peace of mind.
  • Potential for conflict between owners due to unresolved isssues, greater time at general meetings, etc
  • Residents may have to vacate the premises during emergency repairs




D.  Technological Goals
These types of goals relate to internal factors such as hardware and software to empower the organization’s team towards improved efficiencies and effectiveness. An example of a technological goal at Amiable Housing Society, “To equip all staff with appropriate technology supported by a central database of all the organization’s asset records.”

     Goals to be achieved


     Consequences to be avoided




E.   Legal Goals
These types of goals relate to external factors, such as labour laws and internal factors such as active warranties on some of the assets (eg. new roof with 5-year labour warranty).

     Goals to be achieved


     Consequences to be avoided

  • Potential for fines and penalties due to non-compliant conditions.
  • Potential accidents and Injuries to owners, guests and invitees due to unsafe slip, trip and fall conditions.
  • Increased insurance deductibles due to failure to mitigate
  • Increased risk exposure to individual owners and the organzation from failure to do the necessary due diligence.
  • Jeopardizing of warranties due to failure to meet duty of care
  • Litigation
  • Fire watch



F.  Environmental Goals (Planet)
These types of goals relate to external factors, such as global warming and internal factors such as any water features on the site (eg. streams). An example of a legal goal at Amiable Housing Society, “To protect all onsite water sources from pollution from resident’s vehicles.

      Goals to be achieved
:
  • To eliminate/reduce dependence on fossil fuels
  • To promote green building design and construction
  • To make walking, cycling and public transit the preferred transportation options
    • Improve walking and cycling infrastructure
    • Implement a bike share program
    • Provide more buses and station upgrades
  • To reduce carbon
  • To reduce waste / create zero waste
  • To reduce water use
    • reduce instittional, commerical and industrial (ICI) water use
  • To enhance the quality of drinking water
  • To provide access to nature
  • To encourage local food production
    • Adopt urban farming policy
  • To maintain healthy ecosystems
  • To increase biodiversity and and natural capital
  • To reduce energy cosumption
  • To promote stewardship

Measurement

reduce community-based greenhouse gas emissions by 33% from current levels
      Consequences to be avoided:
  • Inefficiencies in the use of energy, coordination of people and other resources

G.  Other Goals


  • To ensure compliance with regulatory requirements
  • To ensure organizational sustainability
  • To improve the organization's efficiencies
  • To improve the organization's outputs
  • To ensure the organization makes informed decisions
  • To manage the organization's risk
  • To ensure the organization is socially responsible
  • To transfer knowledge of aging workforce
  • To achieve increased system reliability
 
  • To link asset (Infrastructure) investment decisions to service outcomes
  • To make stakeholders aware of the true cost of managing the organization’s assets necessary to meet agreed LOS
  • To strive to deliver services at approved LOS while minimizing life cycle costs
  • To allocate limited resources based on lifecycle modeling, multi-criteria prioritization (triple bottom line concept) and risk management
  • To capture relevant asset information and manage this information to enable decision making
  • To provide sustainable service to our customers
  • To optimizing asset value while minimizing lifecycle costs
  • To manage risks to service delivery
  • Striving to deliver services at approved levels of service;
  • Improving decision-making accountability and transparency;
  • Better demonstrating the long term consideration of short term decisions;
  • Improving customer service;
  • Reducing the life cycle costs while maintaining acceptable levels of service; and
  • Linking infrastructure investment decisions to service outcomes.
  • To mitigate risk to the organization
  • To help the organization balance supply and demand
  • To help the organization supplements its competencies and capacities.
  • To unlock/create value for the organization
  • To ensure quality in the delivery of services for which the organization is not qualified to deliver itself
  • To manage productivity
  • To ensure compliance with regulatory authorities


     P h y s i c a l:




Forms of Goals/Objectives
NOTE: Refer to the Glossary page GOALS for details on the forms of goals.



Attributes of Goals & Objectives
NOTE: Refer to the Glossary page GOALS for details on the attributes.

 

Goals within the Hierarchical Context
The organization's goals and objectives occupy one of the base layers of the inspirational-and-aspirational hierarchy
Without adequate goals and objectives the organization will encounter difficulties when developing some of the other layers of the aspirational-inspirational hierarchy.



The Process of Establishing Goals
NOTE: Refer to the Glossary page GOALS for details on the process.




How to achieve the goals
  • Advocacy - 
  • Education - 
  • Regulation - 
  • Investement/Upgrades - eg. fix roads



Management of Goals
Listed below are some techniques to help manage the organization's goals:


The hierarchy of organizational purpose with goals represented as one of the layers
Fig. The hierarchy of organizational purpose with goals represented as one of the layers.


Stakeholder requirements converted into value
Fig. Stakeholder requirements converted into value.


The many benefits of implementing an asset management system in accordance with the requirements of ISO 55001
Fig. There are many benefits to implementing an asset management system in accordance with the requirements of ISO 55001.



ISO 55000 ISO 55001 - It all starts with people
Fig. Goal setting starts with people.


1
Fig. SMART goals help the organization to meet its targets.


Analyzing the words inside ISO 55000/55001 to reveal patterns in the requirements
Fig. Analyzing the approximate 27,0000 words inside ISO 55000/55001 to reveal patterns in the requirements.
A word cloud  indicating the prevalence of the word "objective".


People + Planet + Profit is the triple bottom line of sustainability in ISO 55000 ISO 55001
Fig. People + Planet + Profit is the triple bottom line of sustainability.


Alignment is required between all levels of the organization - such as, from top management to line staff
Fig. Alignment is required between all levels of the organization - such as, from top management to line staff


The journey to asset management maturity may sometimes feel like a maze
Fig. The journey to asset management maturity (including the development of appropriate goals and objectives) may sometimes feel like a maze.


1
Fig. The journey to asset management maturity (Including the development of appropriate goals and objectives) may sometimes feel like a knot that needs to be untied.


Workshops help to elicit qualitative data within the organization
Fig. Workshops are a useful method to gather the organization's knowledge resources to help develop goals and objectives.


Making inevitable trade-offs and finding consensus with different stakeholder groups
Fig. Making inevitable trade-offs and finding consensus with different stakeholder groups.




 I. Care is attempting to target certain projects / goals on the facility
Fig. I. Care is attempting to target certain projects / goals on the facility but must be careful of the "collateral damage" from missing the target.

See also:



(c) Copyright Asset Insights, 2000-2013, All Rights Reserved - "Insight, foresight and oversight of assets"