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Still Using an Old Transportation Asset Management Plan? Time to Update Now

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18 April 2020

Still Using an Old Transportation Asset Management Plan? Time to Update Now

Asset management is a system that assists companies in keeping track of an asset like vehicles, investments, and equipment. It is the process which involves the development, operation, maintenance, and selling of assets in a cost-effective way. When you talk about transportation asset management, it is a systematic and strategic process of running, maintaining, expanding, and upgrading physical assets in an effective manner during their lifecycle. It concentrates on engineering and business practices for the allocation and utilization of resources with an aim to improve decision making based upon clearly defined objectives and quality information. One important term that you must know when you talk about asset management is a transportation asset management plan.

A transportation asset management plan (TAMP) is the focal point for asset information. With time, the improvement of the plan must be carried out and it should become a significant tool for an agency in showcasing how it attains its mission along with effective use of resources, robust funding justifications, and much more. It is a necessary management tool that brings together every related process of business and stakeholders to obtain a mutual understanding.

If you are using an old transportation management plan, then you should update it now. Here are the 4 key steps to update your transportation asset management plan: -

⦁ Create an outline

When you build an outline, you are able to organise content in an organized flow. When you lay things out visually in an outline, it helps you to make sure that ample research efforts are allocated to the right section of the TAMP.

⦁ Carry out a gap assessment

A gap assessment examines research diagnostics, measures desired performance vs. the actual performance and sets specific standards for capitalizing on future opportunities which are based on risk.

⦁ Make a risk log

In order to help every staff member to prepare for all kinds of risks, you should keep a central repository for every risk recognised by your organisation, which includes probability, nature, source, treatment options, current countermeasures, and recommendations.

⦁ Review your TAMP

When you review your TAMP, take out the time to recognise the “to be” vision vs. the “as is” situation in a clear way. Your TAMP must document existing processes of asset management as well as the implantation plan to address all gaps in the current or existing process.

TAMP is not merely a plan, but a method of telling how an agency will execute its mission. If you are on the lookout for transportation asset management software solution, you should approach expert asset management services which offer software-based solutions that help an enterprise in enhancing the productivity of important transportation assets.

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