Project Management for Large Assets

Question: In this course you are required to complete a weekly portfolio. A portfolio provides evidence of previous experience and presents a dynamic record of your growth and professional learning over the duration of this course. Your portfolio provides an account of your learning based on your prior and current learnings and your critical reflection. A portfolio is increasingly being used in Universities as a means of: Being able to tell much more about you than exam results; As a means of reflecting your development through the course; To reflect your attitude and values as well as your skills and knowledge. (Race 2010, p. 58) Timmins states that A portfolio is a cohesive account of work based learning that contains relevant evidence from practice and critical reflection on this evidence. Its primary purpose is to display achievement of professional competence or learning outcomes and knowledge development (Timmins 2008: p. 115). Youll find much more information about the use and application of portfolios on the Internet. However, it will need you to take some time to think through how you are going to complete the portfolio on a weekly basis. It is very easy to trivialise the portfolio and write nearly the same thing each week. But that wont gain you many marks. Instead you should try to focus on the topic and learning outcome for the week and your reflections regarding them. Task Your task is to write a weekly portfolio reflecting upon your learnings from the prior week. In your portfolio you will identify: The learning outcomes and module/topic of the course; A description of your experience, including reading samples or records; Your learning from your experiences; Answer: Weekly Portfolio Learning Reflection Particulars Description Learning experiences Topic of the Discussion- Project Management of Large assets 1. Assets are physical, human, financial or intangible. Project management of larger assets include system integrated manufacturing process, equipments and many others. The approach to the larger assets management has been specifically designed in this course to put one in the position to proactively manage and reduced the risks, while cost optimization activities and managing the performance improvement activities associated with each asset. By going through the underlying concepts, the practical implications and business benefits, this main elements of these assets are as follows: Leadership- The asset management objectives suppose to be tied with the strategies of the organization. It is not just about to provide all the important resources for the management of larger assets but I need to be dedicated one within the associated business. Planning: Planning for a good asset management policy by defining, designing, building and maintaining large assets, I can efficiently manage assets management information Support: Having the right support in place can help in defining the resources for accomplishing the objective of large asset project management. Furthermore, the management must identifying the changes and associated risks which impacts the achievement of the assets management objectives. Additionally, the operation needs to incorporate organizational performance monitoring process and outsource the management activities. Operation: Here the common feature should enable the direction, implementation and control of the entire asset management. Evaluation: Another common feature of the large asset management is to monitor and review the performance. Improvement: The pro-actively promote and continual improvements for ensuring the end results to the stakeholders is last element of the large asset management. Being participated in this course, I have learned how to define, build and maintain large assets of the organizations while associated with the key project process related to the identification, justification, and selection of projects. This content of the course is indeed useful for exploring the means by which assets can ensure its profitability. While undergoing the course module, I understand that organizations generally followed five processes to design the framework of project management. For instance, I would initiate a budget considering the market demand. The course gives me the idea that in the project planning process I need to know the organizational objectives for implementing an effective asset management policy. During the process of project execution, the operational effectiveness, the most vital part of the asset management is to identify the risks and thus early and appropriate decision needs to be taken by myself. Moreover, the evaluation of the project is another responsible part for plan, establish, implement and maintain the audit programs. 2. The things that owners of large assets needs to do are: i) Determination of assets to be monitored and evaluated on frequent basis. ii) Monitor and ensure that assets are in good considered and function properly. iii) Record the assets performances 3. The problem with assets is that they: a. improper operation: organizations may suffer from lack of understanding of inherent design capabilities of their larger assets b. ineffective risk management: default in identification of assets performance and ineffective management and control often create risks c. over or under maintenance: Maintenance is often considered as the expense of the business and thus results ineffective assets management system. References: Hastings, N.A.J., 2015. Asset Management Personnel. In Physical Asset Management (pp. 43-57). Springer International Publishing. Turner, R., 2016. Gower handbook of project management. Routledge.