In light of growing demand of consumers for most effective and more functional physical infrastructure, environment industry is facing different challenges. The built environment mean the man-made environments that import human activities. The quality built is considered to be a necessity in the same way the asset management is way too important. Their discussion is holistic in nature. The two major subjects that have been discussed when it comes to building environment are asset management and facility management. Asset management is a broad concept (Vanier, 2001). This essay is focusing only on infrastructure asset management and facility management. It is a pluralistic concept, and it exists in different concepts like finance and engineering. It is an important contributor to corporate productivity and good governance (Bolton, Lemon, and Verhoef, 2004). The present essay aims to analyze the key criteria of asset management along with the provisions of assets according to the Creek Road Project. Moreover, a methodology is designed for provision of asset management (Jones, et. al., 2006).

Main Body

The term asset management is both tactical and strategic in nature. Depending on the orientation, the asset management concept in engineering, crafting, designing aims to maximize the returns and minimize the cost. The asset management includes the maintenance and improvements of the infrastructure to prevent the failure. It proves that the assets are completely reliable and can use for the long run. The community get benefits with the delivery facilities, economic development, and mobility all because of the key elements of the asset management. The elements of the assets management include the development of the investment programs, identification of the requirements of the asset, implementation of the work program, and formulation of the asset strategies, audit, and review (Hastings, 2015). Now after knowing all the basic terms the discussion is moving towards given scenario which has been given (Royal, Watkins, and Gilbarco., 1999).

According to the given scenario is that there is a project manager and working for the multi-disciplinary consultancy. There is a Family Mosaic who owns a lot of different assets, and now they have come to meet as they are in need of advice regarding asset management. The meeting got fixed, and they need an advice about how can they manage their asset and later on provide facilities as well. Each of the assets they own is discussed separately.  The list of the assets they own contains houses flats, shared owner and community (rented) flats, gym and fitness facilities at ground level (Saunders, Cornett, and McGraw, 2006).

The assets are all built, and they are satisfied with the procurement material. Owing to it, they need to manage their assets. The flats that they have may contain numerous of items to be maintained. The list includes fire alarms, sewerage, electricity, gas, water facility and many others. Moreover, the rooftops should be properly sealed so that in the case of heavy rain it may not face the leakage. The leakage of the gas is also the risk that they can face. If there is anything which is to repair, repair it as soon as possible which includes cement broken out and withering. This may cause serious consequences afterward if they are not treated in time. The building can become nonfunctioning (Bolton, Lemon, and Verhoef, 2004).

The other major thing on which they have to work is on the lifts. The analysis is about the flats and there are several houses on one floor and the building itself contain many floors. For the convenience of the residents, it is necessary that the lifts should be properly checked on the routine basis. It's all wiring and electricity connections should be checked, time to time. Moreover, in the case of flats, the fire alarms have to be in proper functioning. There will be hustle and bustle if the fire breaks out in any flat. The good instruments should be placed (Musmanno, Leftly, Fong, and Kane, 1999). The CCTV cameras should work all the time so that there won't be any robbery case, and people should remain safe from any incident. These all assets are needed to be managed very carefully. The maintenance of the building should take place from time to time. The building maintained includes the paints, the plasters, floor marbles, door paints, and locks. The mentioned things are related to the building directly. So they need to be fixed if there's any problem with any of them without any delay. The building is the major assetwhich has huge costs. So money should be spent on its maintenance as well. Moreover, all the electricity connections, telephone lines, and gas meters must be functioning properly. The firm must buy the high quality goods and equipment, which are to be installed if the previous ones are expired (Hastings, 2015).

The gym and the fitness club need all of its equipment to be managed in a proper way. It includes the fitness machine like a runner, treadmills, etc. Their electricity wiring should be maintained in a proper way. Moreover, its building and all of its equipment should be working properly. Gym equipment is highly expensive so it must be insured. So if any of them stops working, then it may be readily fixed by implementing the strategy which is getting the new one or exchange the damaged equipment with the new one or owner will be paid for it. Fitness club is regarded building as an important asset. So the building should be managed in a fine way (Easty, A.D., Wagner, B.D., Wendt, et. al., 2001). For example the full proof security checks, the fire alarms, an emergency exist must exist. Moreover, paint of the building must be fine and if there is any breakage, it must be get cemented. If the building gets any breakage on its wall then repair it immediately because it can cause a serious problem later on and may have very bad consequences. It may lead to a serious disaster. So the building should be managed properly. The proper check and balance must take place (Ang, 2014).

If any of the machines got damaged, then firstly budget must be observed and then check how the machine costs. If it's an expensive machine and there is a doubt about it that it can go out of form again, then it is a risky investment and then don't waste your money on it and go for a lease. The lease is for risky investments. Make the insurance of that equipment so that the loss would be recovered (Michaud, and Michaud, 2008). In the case of the risky investments, the funding is maintained properly. The money must has to be spent on the right thing at right time. For the planning, risk evaluation must be done. By seeing the risks and the risk effects create the scale and give the numbers according to the type of risk. There is certain type of risk evaluators which have different scales. The required scale can be used at the right time to fix the problem. And then place the budget according to that risk.  And when the risk which was once calculated occurs, do what have been decided, before. Spend the money to overcome the risk and take all the preventive measures (Szegö, 2014).

In the case of repairing the wiring of the flat and the gas connections it is recommended to make contracts with the line men. Ask them to be in time whenever anything wrong will happened so that they can fix the things.  But also make an inspection team who do the regular inspection whether the things are working properly and they are in good state or not. All of above which has discussed up till now are all planned management. It is explained that how they can provide the building services. It comes under the strategic facilities management (Brunetto, Xerri, and Nelson, 2015).

The best strategies which the facility management should take into account are: they should provide the proper environment, they must be cost effective which means that the facilities provided by them must not cost too high. They must have the potential to add the value in the asset (Klingebiel, 2000). These facilities are to be provided to the flats and the gym and service clubs. The services which are provided by the facilities management included the building maintenance, real estate, financial management, health and safety, domestic services and utilities. But the services which are required by the Mosaic family is only limited to building (Hastings, 2015).

Furthermore, as said by Johnson et al., (2014), the firm needs to cope with the facility management to revamp the strategies. The first is to make the strategic analysis. In strategic analysis it is recommended to assess the objectives, make the audit of the portfolio, do the resource audit whether they have enough resources to facilitate the consumers or not. After doing the strategic analysis, develop the solutions.  The solutions to a particular problem can be made through a number of ways. The firm have to select the options initially for the required assets. Generate the options as much as per needs. Then rate those options and evaluate them and after the complete evaluation select the best of them (Schneider, et. al., 2006).

After, developing the solutions, it's time to implement the strategy. First, procure it then check out the resources whetherthere are enough resources or not to facilitate them. Afterward, make a consultation with the human resource department. The human resource department will tell organization about what type of person is needed for the particular job. Then communicate it to the relevant stakeholder. After selecting the right strategy, implement it. Now coming back to the scenario, the mosaic family's assets may need the facilities to be provided in a tangled situation. For example, the lift of the flat has collapsed, and it is now in need to change.  But to buy the whole lift system, they need a lot of money. So what they have to do is they should first analyze what is the cause of this problem (Szegö, 2014). If it's on the machine then they should not make any compromise while taking the new lift as it is very expensive item and they can't afford it to take after every 5 years. But if the problem is with the electricity wiring that it got burnt and overheated and because of it the whole system collapsed. So first investigate why this has happened. After discovering that, suppose in given case this is the failure in electricity wiring. Make the resource analysis whether the finance budget allows to take the lift in a single payment or we first have to make the down payment, and it is more appropriate to go for a lease. It is a risky investment so definitely, it is recommend to go for a lease. After, this starts generating the solutions. Make the options and deal with the different suppliers. According to the performance of the equipment select the most appropriate andafter selection buy that equipment (Love et al., 2014).

The different strategies have to be made before time so that in need of the time they can be implemented readily.  The assets can be managed and can be insured. The assets are well insured so that if they suffer from any disaster it will help them in saving their time. The pre-made strategies are applied at the time of the need (Ma, and Fung, 2002). The customer requirements are taking first into consideration. What does the customer need is their priority to be checked at first and facilitate them according to that. The effective cost and the greater productivity, the more will be the customer satisfaction, and it gives the best value out of it. The addition of value to the asset increases its value in the market. Before spending the money on anything, check the seriousness of the matter whether the problem which has arrived is serious or not. The money which is spending to fix it, is sufficient or not. After taking all of these into consideration, take the decisions (Brunetto, Xerri, and Nelson, 2015).

Conclusion

In the light of the above discussion it can be concluded that as a pluralistic concept, assets management is taken from the constructive perception, infrastructure asset management. Infrastructure asset management involves in managing the physical assets. The scope of the asset management includes from decision making to the strategic, operational, resource and functional matters.  So the mosaic family should adopt the different strategies to manage their asset. For example, if they face the electricity failures then the desired equipment must be present in their stock that there will not be any delay in fixing a problem. Similarly, the fire alarms and the security checks must be in working conditions. By taking into account, all of these strategies recommended in this essay, they can manage their assets in a fine manner and facilities can be provide at a right time.

References

Ang, A., 2014. Asset management: a systematic approach to factor investing. Oxford University Press (UK).

Bolton, R.N., Lemon, K.N. and Verhoef, P.C., 2004. The theoretical underpinnings of customer asset management: A framework and propositions for future research. Journal of the Academy of Marketing Science, 32(3), pp.271-292.

Brunetto, Y., Xerri, M.J. and Nelson, S.A., 2015.Examining organizational culture within professional engineering asset management firms: the competing values framework.In Proceedings of the 7th World Congress on Engineering Asset Management (WCEAM 2012) (pp. 117-124).Springer International Publishing.

Easty, A.D., Wagner, B.D., Wendt, T.C., McConaughy, J., Baskin, A.R., Taplin, J.T. and Chechik, J., Intertainer, Inc., 2001. Dynamic digital asset management.U.S. Patent 6,189,008.

Hastings, N.A.J., 2015. Asset Management Information Systems.In Physical Asset Management (pp. 223-235).Springer International Publishing.

Hastings, N.A.J., 2015. Physical Asset Management: With an Introduction to ISO55000. Springer.

Johnson, M., Brewer, T., Hill, A. and Moore, R., 2014. Recognizing the Distribution System Asset/Water Quality Management Nexus (PDF).Opflow, 40(12), pp.10-13.

Jones, K.C., Aggson, C.K., Rodriguez, T.F., Mosher, B., Levy, K.L., Hiatt, R.S. and Rhoads, G.B., Digimarc Corporation, 2006. Digital asset management and linking media signals with related data using watermarks.U.S. Patent 7,095,871.

Klingebiel, D., 2000. The use of asset management companies in the resolution of banking crises cross-country Experiences. World Bank Policy Research Working Paper Series.

Love, P.E., Matthews, J., Simpson, I., Hill, A. and Olatunji, O.A., 2014.A benefits realization management building information modeling framework for asset owners. Automation in construction, 37, pp.1-10.

Ma, G. and Fung, B.S., 2002. China's asset management corporations(No. 115). Bank for International Settlements.

Michaud, R.O. and Michaud, R.O., 2008. Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation Includes CD. Oxford University Press.

Musmanno, T.E., Leftly, S.C., Fong, R. and Kane, P.K., Merrill Lynch & Co., 1999. Securities brokerage-asset management system.U.S. Patent 5,940,809.

Royal Jr, W.C. and Watkins, R.O., Gilbarco., Inc., 1999. Internet asset management system for a fuel dispensing environment.U.S. Patent 5,980,090.

Saunders, A., Cornett, M.M. and McGraw, P.A., 2006. Financial institutions management: A risk management approach (Vol. 8). McGraw-Hill/Irwin.

Schneider, J., Gaul, A.J., Neumann, C., Hogräfer, J., Wellßow, W., Schwan, M. and Schnettler, A., 2006.Asset management techniques. International Journal of Electrical Power & Energy Systems, 28(9), pp.643-654.

Szegö, G.P., 2014. Portfolio theory: With application to bank asset management. Academic Press.

Vanier, D.D., 2001. Why industry needs asset management tools. Journal of computing in civil engineering, 15(1), pp.35-43.

In light of growing demand of consumers for most effective and more functional physical infrastructure, environment industry is facing different challenges. The built environment mean the man-made environments that import human activities. The quality built is considered to be a necessity in the same way the asset management is way too important. Their discussion is holistic in nature. The two major subjects that have been discussed when it comes to building environment are asset management and facility management. Asset management is a broad concept (Vanier, 2001). This essay is focusing only on infrastructure asset management and facility management. It is a pluralistic concept, and it exists in different concepts like finance and engineering. It is an important contributor to corporate productivity and good governance (Bolton, Lemon, and Verhoef, 2004). The present essay aims to analyze the key criteria of asset management along with the provisions of assets according to the Creek Road Project. Moreover, a methodology is designed for provision of asset management (Jones, et. al., 2006).

Main Body

The term asset management is both tactical and strategic in nature. Depending on the orientation, the asset management concept in engineering, crafting, designing aims to maximize the returns and minimize the cost. The asset management includes the maintenance and improvements of the infrastructure to prevent the failure. It proves that the assets are completely reliable and can use for the long run. The community get benefits with the delivery facilities, economic development, and mobility all because of the key elements of the asset management. The elements of the assets management include the development of the investment programs, identification of the requirements of the asset, implementation of the work program, and formulation of the asset strategies, audit, and review (Hastings, 2015). Now after knowing all the basic terms the discussion is moving towards given scenario which has been given (Royal, Watkins, and Gilbarco., 1999).

According to the given scenario is that there is a project manager and working for the multi-disciplinary consultancy. There is a Family Mosaic who owns a lot of different assets, and now they have come to meet as they are in need of advice regarding asset management. The meeting got fixed, and they need an advice about how can they manage their asset and later on provide facilities as well. Each of the assets they own is discussed separately.  The list of the assets they own contains houses flats, shared owner and community (rented) flats, gym and fitness facilities at ground level (Saunders, Cornett, and McGraw, 2006).

The assets are all built, and they are satisfied with the procurement material. Owing to it, they need to manage their assets. The flats that they have may contain numerous of items to be maintained. The list includes fire alarms, sewerage, electricity, gas, water facility and many others. Moreover, the rooftops should be properly sealed so that in the case of heavy rain it may not face the leakage. The leakage of the gas is also the risk that they can face. If there is anything which is to repair, repair it as soon as possible which includes cement broken out and withering. This may cause serious consequences afterward if they are not treated in time. The building can become nonfunctioning (Bolton, Lemon, and Verhoef, 2004).

The other major thing on which they have to work is on the lifts. The analysis is about the flats and there are several houses on one floor and the building itself contain many floors. For the convenience of the residents, it is necessary that the lifts should be properly checked on the routine basis. It's all wiring and electricity connections should be checked, time to time. Moreover, in the case of flats, the fire alarms have to be in proper functioning. There will be hustle and bustle if the fire breaks out in any flat. The good instruments should be placed (Musmanno, Leftly, Fong, and Kane, 1999). The CCTV cameras should work all the time so that there won't be any robbery case, and people should remain safe from any incident. These all assets are needed to be managed very carefully. The maintenance of the building should take place from time to time. The building maintained includes the paints, the plasters, floor marbles, door paints, and locks. The mentioned things are related to the building directly. So they need to be fixed if there's any problem with any of them without any delay. The building is the major assetwhich has huge costs. So money should be spent on its maintenance as well. Moreover, all the electricity connections, telephone lines, and gas meters must be functioning properly. The firm must buy the high quality goods and equipment, which are to be installed if the previous ones are expired (Hastings, 2015).

The gym and the fitness club need all of its equipment to be managed in a proper way. It includes the fitness machine like a runner, treadmills, etc. Their electricity wiring should be maintained in a proper way. Moreover, its building and all of its equipment should be working properly. Gym equipment is highly expensive so it must be insured. So if any of them stops working, then it may be readily fixed by implementing the strategy which is getting the new one or exchange the damaged equipment with the new one or owner will be paid for it. Fitness club is regarded building as an important asset. So the building should be managed in a fine way (Easty, A.D., Wagner, B.D., Wendt, et. al., 2001). For example the full proof security checks, the fire alarms, an emergency exist must exist. Moreover, paint of the building must be fine and if there is any breakage, it must be get cemented. If the building gets any breakage on its wall then repair it immediately because it can cause a serious problem later on and may have very bad consequences. It may lead to a serious disaster. So the building should be managed properly. The proper check and balance must take place (Ang, 2014).

If any of the machines got damaged, then firstly budget must be observed and then check how the machine costs. If it's an expensive machine and there is a doubt about it that it can go out of form again, then it is a risky investment and then don't waste your money on it and go for a lease. The lease is for risky investments. Make the insurance of that equipment so that the loss would be recovered (Michaud, and Michaud, 2008). In the case of the risky investments, the funding is maintained properly. The money must has to be spent on the right thing at right time. For the planning, risk evaluation must be done. By seeing the risks and the risk effects create the scale and give the numbers according to the type of risk. There is certain type of risk evaluators which have different scales. The required scale can be used at the right time to fix the problem. And then place the budget according to that risk.  And when the risk which was once calculated occurs, do what have been decided, before. Spend the money to overcome the risk and take all the preventive measures (Szegö, 2014).

In the case of repairing the wiring of the flat and the gas connections it is recommended to make contracts with the line men. Ask them to be in time whenever anything wrong will happened so that they can fix the things.  But also make an inspection team who do the regular inspection whether the things are working properly and they are in good state or not. All of above which has discussed up till now are all planned management. It is explained that how they can provide the building services. It comes under the strategic facilities management (Brunetto, Xerri, and Nelson, 2015).

The best strategies which the facility management should take into account are: they should provide the proper environment, they must be cost effective which means that the facilities provided by them must not cost too high. They must have the potential to add the value in the asset (Klingebiel, 2000). These facilities are to be provided to the flats and the gym and service clubs. The services which are provided by the facilities management included the building maintenance, real estate, financial management, health and safety, domestic services and utilities. But the services which are required by the Mosaic family is only limited to building (Hastings, 2015).

Furthermore, as said by Johnson et al., (2014), the firm needs to cope with the facility management to revamp the strategies. The first is to make the strategic analysis. In strategic analysis it is recommended to assess the objectives, make the audit of the portfolio, do the resource audit whether they have enough resources to facilitate the consumers or not. After doing the strategic analysis, develop the solutions.  The solutions to a particular problem can be made through a number of ways. The firm have to select the options initially for the required assets. Generate the options as much as per needs. Then rate those options and evaluate them and after the complete evaluation select the best of them (Schneider, et. al., 2006).

After, developing the solutions, it's time to implement the strategy. First, procure it then check out the resources whetherthere are enough resources or not to facilitate them. Afterward, make a consultation with the human resource department. The human resource department will tell organization about what type of person is needed for the particular job. Then communicate it to the relevant stakeholder. After selecting the right strategy, implement it. Now coming back to the scenario, the mosaic family's assets may need the facilities to be provided in a tangled situation. For example, the lift of the flat has collapsed, and it is now in need to change.  But to buy the whole lift system, they need a lot of money. So what they have to do is they should first analyze what is the cause of this problem (Szegö, 2014). If it's on the machine then they should not make any compromise while taking the new lift as it is very expensive item and they can't afford it to take after every 5 years. But if the problem is with the electricity wiring that it got burnt and overheated and because of it the whole system collapsed. So first investigate why this has happened. After discovering that, suppose in given case this is the failure in electricity wiring. Make the resource analysis whether the finance budget allows to take the lift in a single payment or we first have to make the down payment, and it is more appropriate to go for a lease. It is a risky investment so definitely, it is recommend to go for a lease. After, this starts generating the solutions. Make the options and deal with the different suppliers. According to the performance of the equipment select the most appropriate andafter selection buy that equipment (Love et al., 2014).

The different strategies have to be made before time so that in need of the time they can be implemented readily.  The assets can be managed and can be insured. The assets are well insured so that if they suffer from any disaster it will help them in saving their time. The pre-made strategies are applied at the time of the need (Ma, and Fung, 2002). The customer requirements are taking first into consideration. What does the customer need is their priority to be checked at first and facilitate them according to that. The effective cost and the greater productivity, the more will be the customer satisfaction, and it gives the best value out of it. The addition of value to the asset increases its value in the market. Before spending the money on anything, check the seriousness of the matter whether the problem which has arrived is serious or not. The money which is spending to fix it, is sufficient or not. After taking all of these into consideration, take the decisions (Brunetto, Xerri, and Nelson, 2015).

Conclusion

In the light of the above discussion it can be concluded that as a pluralistic concept, assets management is taken from the constructive perception, infrastructure asset management. Infrastructure asset management involves in managing the physical assets. The scope of the asset management includes from decision making to the strategic, operational, resource and functional matters.  So the mosaic family should adopt the different strategies to manage their asset. For example, if they face the electricity failures then the desired equipment must be present in their stock that there will not be any delay in fixing a problem. Similarly, the fire alarms and the security checks must be in working conditions. By taking into account, all of these strategies recommended in this essay, they can manage their assets in a fine manner and facilities can be provide at a right time.

References

Ang, A., 2014. Asset management: a systematic approach to factor investing. Oxford University Press (UK).

Bolton, R.N., Lemon, K.N. and Verhoef, P.C., 2004. The theoretical underpinnings of customer asset management: A framework and propositions for future research. Journal of the Academy of Marketing Science, 32(3), pp.271-292.

Brunetto, Y., Xerri, M.J. and Nelson, S.A., 2015.Examining organizational culture within professional engineering asset management firms: the competing values framework.In Proceedings of the 7th World Congress on Engineering Asset Management (WCEAM 2012) (pp. 117-124).Springer International Publishing.

Easty, A.D., Wagner, B.D., Wendt, T.C., McConaughy, J., Baskin, A.R., Taplin, J.T. and Chechik, J., Intertainer, Inc., 2001. Dynamic digital asset management.U.S. Patent 6,189,008.

Hastings, N.A.J., 2015. Asset Management Information Systems.In Physical Asset Management (pp. 223-235).Springer International Publishing.

Hastings, N.A.J., 2015. Physical Asset Management: With an Introduction to ISO55000. Springer.

Johnson, M., Brewer, T., Hill, A. and Moore, R., 2014. Recognizing the Distribution System Asset/Water Quality Management Nexus (PDF).Opflow, 40(12), pp.10-13.

Jones, K.C., Aggson, C.K., Rodriguez, T.F., Mosher, B., Levy, K.L., Hiatt, R.S. and Rhoads, G.B., Digimarc Corporation, 2006. Digital asset management and linking media signals with related data using watermarks.U.S. Patent 7,095,871.

Klingebiel, D., 2000. The use of asset management companies in the resolution of banking crises cross-country Experiences. World Bank Policy Research Working Paper Series.

Love, P.E., Matthews, J., Simpson, I., Hill, A. and Olatunji, O.A., 2014.A benefits realization management building information modeling framework for asset owners. Automation in construction, 37, pp.1-10.

Ma, G. and Fung, B.S., 2002. China's asset management corporations(No. 115). Bank for International Settlements.

Michaud, R.O. and Michaud, R.O., 2008. Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation Includes CD. Oxford University Press.

Musmanno, T.E., Leftly, S.C., Fong, R. and Kane, P.K., Merrill Lynch & Co., 1999. Securities brokerage-asset management system.U.S. Patent 5,940,809.

Royal Jr, W.C. and Watkins, R.O., Gilbarco., Inc., 1999. Internet asset management system for a fuel dispensing environment.U.S. Patent 5,980,090.

Saunders, A., Cornett, M.M. and McGraw, P.A., 2006. Financial institutions management: A risk management approach (Vol. 8). McGraw-Hill/Irwin.

Schneider, J., Gaul, A.J., Neumann, C., Hogräfer, J., Wellßow, W., Schwan, M. and Schnettler, A., 2006.Asset management techniques. International Journal of Electrical Power & Energy Systems, 28(9), pp.643-654.

Szegö, G.P., 2014. Portfolio theory: With application to bank asset management. Academic Press.

Vanier, D.D., 2001. Why industry needs asset management tools. Journal of computing in civil engineering, 15(1), pp.35-43.