2009 Corporate total asset management plan
Darwin City Council
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56 Corporate Asset Management Plan CCoorrppoorraattee AAsssseett MMaannaaggeemmeenntt PPllaann 7.4 Asset Management Data and Knowledge Improvements Asset management data and knowledge is defined as appropriate, accessible and reliable data for manipulation by information systems to produce outputs required for effective asset management. This includes this following asset management functions: Asset classification / identification; Asset physical attributes; Condition; Cost and maintenance histories; Benchmark data; Valuation; and Lifecycle costings. Weaknesses in the current asset management data and knowledge will be identified in the sub-plans. These weaknesses will be clarified by each sub-plan assigning a confidence level in the data used for the financial forecasts. A common weakness across all asset classes has been the availability of accurate and useful financial and asset data. Various examples are available showing where the operational and maintenance costs cannot be disaggregated to an asset group. This makes the analysis of the current operations difficult. Similarly limited condition data exists for some Councils assets, consequently making it difficult to analyse if the amount of funding allocated to maintenance and rehabilitation/renewals is increasing, decreasing or maintaining the overall condition of the asset class. As a consequence of these weaknesses, incomplete data sets are being utilised to prepare the financial forecasts, impacting the reliability of these forecasts. The improvements identified and prioritised in Table 10 below will seek to improve the quality of Councils asset data and knowledge.