Setting priorities for the proactive management of longterm challenges and opportunities in Asset Life Cycle Management

Asset Life Cycle Management concerns the effective management of physical assets over their complete lifetimes, typically lasting decades. Therefore, a large number and a wide variety of challenges and opportunities may need to be dealt with proactively, using limited resources. Therefore, we developed a tool to prioritize these lifetime impacts. The test of the tool showed that by assessing the lifetime impacts on their likelihood, impact and required management effort, a list of the highest priority lifetime impacts can be generated as an input for further discussion, which allows the efficient use of limited resources in Asset Life Cycle Management.