Fundamentals of Asset Management
Background: Optimized Investment Decision 
Making
A Hands-On Approach
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Investment Decision-Making
Root Cause;
RCM; PdM;
ORDM
Confidence Level
Rating; Strategic
Validation;
ORDM
View 6: AM plan 10-step process
Develop
Asset
Registry
Assess
Condition,
Failure Modes
Determine
Residual
Life
Determine
Live Cycle &
Replacement
Costs
Set Target
Levels of
Service (LOS)
Determine
Business Risk
(“Criticality”)
Optimize
O&M
Investment
Optimize
Capital
Investment
Determine
Funding
Strategy
Build AM
Plan
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Three fundamental management decisions
1.
What are my work crews doing, where are they 
doing it—and why?
2.
WhatCIP projects should be done—and when?
3.
When should I repair, when should I rehab, when 
should I replace?
These decisions typically account for over 80% of a 
utility’s annual expenditures
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Asset decision framework
Big picture
z
Whole portfolio 
perspective
• Trends
• Macro forces
z
Policy framework
z
Budget arena
Micro view
z
Event based
z
Specific asset focus
z
Case-by-case decision 
points
Repair?  Refurbish?  Replace?  Augment?
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Option 3 Replace
Option 2 Refurbish
Option 1 Repair
Preventive Maintenance
Maintenance/repair
Rehabilitation
Replace
Managing the “asset consumption” process
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There exists for every asset, a theoretical “best”
investment
O
p
t
i
o
n
1
O
p
t
i
o
n
2
O
p
t
i
o
n
3
O
p
t
i
o
n
4
O
p
t
i
o
n
5
2
0
0
2
T
o
d
a
y
2
0
0
5
2
0
1
5
2
0
2
5
2
0
3
0
2
0
3
5
Treatment options
M
M
RH
RP
RP
Direct Cost
270
72
360
610
630
Indirect Cost
0
10
20
40
130
Benefit
200
75
480
780
320
Option Ranking
4
3
1
2
5
Decay Curve
Catastrophic Failure
100% Level of Service 
Minimum Level of Service
Benefit/Cost Ratio
0.7
0.9
1.3
1.2
0.42
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Bringing it all together
Repair-refurbish-replace decision
1.
Fix when broken (run to failure)
2.
End of prescriptive life
z
12 years old
z
3,000 run-time hours
z
35,000 miles
3.
Rule of thumb
z
3 breaks per mile or in 24 hours
z
Poor condition (and worst first)
z
FCI > 6% (Facility condition index—O&M as a 
percentage of replacement cost)
4.
Optimized renewal decision making (ORDM)
What is optimized decision making?
z
Systematic search for lowest-cost renewal 
investment
z
Based on interaction of
• Cost trends (direct O&M, indirect)
• Condition trends (decay/survivor curve)
• Risk-consequence trends
z
Three major approaches
• Valued expert judgment
• Lowest projected average life-cycle cost per year of 
residual life; 
Operational costs
Risk-weighted, full economic costs
• Intervention factors; condition, performance, reliability, 
Business Risk Exposure, etc.
Three levels of ORDM
z
Level 1 Decision tables/trees
• Structured, often substantially qualitative, value 
judgment-based
• Event-focused, scenario-based
z
Level 2 Lowest average PV life cycle cost scenario 
analysis
• Specific decision event-focused
• Spreadsheet-driven
• Can be used to refine decision tables/trees
z
Level 3 Integrated intervention and full economic 
life cycle cost optimization
• Sophisticated modeling
• Objective function-driven
• Both portfolio-and event-driven
So, what to we mean by…
Minimum life cycle cost strategies
z
Fundamental asset management options available to the 
management team are
z
Do nothing (zero-based strategy)
z
Status quo
z
Operate differently
z
Maintain differently—run to failure, preventive-based, 
predictive-based (condition, usage)
z
Repair
z
Refurbish/rehabilitate
z
Replace
z
Decommission
z
Non asset-based
z
Which strategy for each asset?
z
Combinations over life cycle
It’s allinvestment!
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