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Engineering and Operational Excellence

Management of Asset Lifecycles in Engineering

7 units

Please select a city/session before registration.

About this program

Engineering organizations rely on vital assets to achieve operational efficiency, safety, and profitability. Effective management throughout the asset lifecycle ensures that assets are designed, operated, maintained, and retired to maximize value while reducing risks and expenses. This Engineering Asset Lifecycle Management Training Course provides participants with approaches to embed lifecycle considerations into engineering practices.
The curriculum addresses asset design factors, performance tracking, preventive and predictive maintenance methods, digital asset management solutions, and decommissioning strategies. Additionally, attendees will explore how sustainability and circular economy concepts are integrated into asset lifecycle frameworks. Upon completion, participants will be equipped to create and implement asset lifecycle management plans that enhance efficiency, prolong operational lifespan, and align with organizational objectives.

Course benefits

  • Enhance understanding of asset lifecycle management fundamentals.
  • Master preventive and predictive maintenance methodologies.
  • Utilize digital technologies for asset monitoring and performance analysis.
  • Manage costs effectively throughout the asset lifecycle.
  • Promote safety, regulatory compliance, and sustainability.

Key outcomes

  • Comprehend the phases of the asset lifecycle within engineering contexts.
  • Implement risk-based methods in maintenance and operational activities.
  • Leverage KPIs and data analytics to assess asset performance.
  • Integrate sustainability principles into asset lifecycle planning.
  • Develop strategies for asset renewal and decommissioning.
  • Align asset management initiatives with corporate strategy.
  • Compare and apply industry best practices in engineering asset management.

Who should attend

  • Asset and maintenance managers.
  • Engineering and operations specialists.
  • Project and reliability engineers.
  • Technical managers overseeing capital-intensive assets.

Course outline

1

Unit 1: Principles of Managing Asset Lifecycles

  • Concept and extent of managing asset lifecycles.
  • Phases: design, operation, upkeep, refurbishment, and retirement.
  • Significance of analyzing lifecycle costs.
  • Illustrative examples from engineering industries.
2

Unit 2: Managing Asset Performance and Dependability

  • Essential performance metrics for assets.
  • Reliability-centered maintenance (RCM) methodologies.
  • Analysis of root causes in failures.
  • Evaluating asset risk and criticality.
3

Unit 3: Strategies for Preventive and Predictive Maintenance

  • Approaches to preventive maintenance.
  • Predictive maintenance using condition monitoring.
  • Implementation of sensors and IoT technologies in monitoring.
  • Evaluating the cost-effectiveness of maintenance methods.
4

Unit 4: Advanced Digital Asset Management Techniques

  • Utilization of digital twins and sophisticated analytics.
  • Enterprise asset management (EAM) and computerized maintenance management systems (CMMS).
  • Artificial intelligence applications for optimizing performance.
  • Making data-informed decisions in lifecycle management.
5

Unit 5: Incorporating Sustainability into Asset Lifecycles

  • Application of circular economy principles to engineering assets.
  • Minimizing the environmental footprint of assets.
  • Embedding ESG considerations into asset management strategies.
  • Sustainable lifecycle management case studies.
6

Unit 6: Managing Asset Renewal and End-of-Life Processes

  • Strategies for planning asset renewal and replacement.
  • Compliance and approaches to decommissioning.
  • Handling risks associated with asset end-of-life.
  • Insights from large-scale decommissioning initiatives.
7

Unit 7: Creating Strategic Frameworks for Asset Lifecycle Management

  • Formulating comprehensive lifecycle management frameworks.
  • Aligning asset management strategies with organizational objectives.
  • Incorporating resilience into lifecycle planning.
  • Emerging trends in asset lifecycle management.