Asset management award
Sponsored by National GRID
The Asset Management category is organised by the Asset, Management Network the IET’s joint venture with the Institute of Asset Management. The Asset Management category is open to organisations that have demonstrated innovation in the use of Asset Management tools and techniques and has delivered financial or safety benefits.
The Asset Management category would include projects such as:
- Development of Decision Support Tools to determine future asset renewal or maintenance requirements;
- Development of risk-based maintenance or inspection regimes;
- Development of innovative asset information systems to support Asset Management decisions;
- Development of risk models to quantify financial and safety risks;
- Development of whole-life cost or deterioration models to support capital investment decisions;
- Development of ‘operational readiness’ capabilities to determine incident response and emergency response arrangements;
- Innovative use of asset knowledge to improve the reliability or efficiency of assets
Judging criteria
Applications will be judged on the following criteria:
- Originality – how the project utilises established Asset Management tools and techniques in an innovative and original manner.
- Cost Optimisation – how the project contributes to the optimisation of future renewal, maintenance or operational expenditure.
- Impact on Risk – how the project quantifies and reduces financial / safety risks.
- Implementation – the extent to which the project has been successfully implemented, including evidence of actual benefits delivered.
- Impact on Employees – how the project has impacted on the company employees.
- Integration – how the project has been integrated into the organisation’s existing Asset Management systems and process.
- Asset Knowledge – how the project has contributed to the asset knowledge of the organisation.
About national grid
National grid is an international energy delivery business, whose principal activities are in the regulated electricity and gas industries. It owns the high-voltage electricity transmission system in England and Wales and operates the system across Great Britain. It also owns and operates the high pressure gas transmission system in Britain and its distribution business delivers gas to 11 million homes and businesses in Britain.
The Group has electricity transmission systems in northeastern US, and distributes electricity in the northeastern US to approximately 3.3 million customers, and gas in upstate New York to around 560,000 customers.
National Grid also has a number of businesses operating in related areas such as wireless infrastructure for broadcast and telecommunications, metering and inter connectors.
