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Critical Components of Asset Management

We see 4 components of property asset management which establish cost transparency, without which benefits cannot be achieved. They are:

  • Agreed Asset Naming Convention (so, metaphorically, everyone is speaking the same language).
  • A Detailed Asset Register where assets are clearly defined in terms of detail, location, cost, etc, at a level which is transparent.
  • A Life Cycle Model to plan out the types and scale of operational costs into the future, and
  • A means of recording actual costs for specific asset transactions.

From a bottom-up perspective these components are fundamental and should be utilised in everyday processes.

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