Asset Life Cycle Management

• Asset management professionals and engineers

• Maintenance and reliability managers

• Operations, project, and finance managers involved in capital planning

• Consultants and auditors focused on ISO 55000 or asset performance improvement

Basic understanding of maintenance or asset management principles is recommended. Experience in plant operations, engineering, or project management will be beneficial but not mandatory.

• Introduction to Asset Life Cycle Concepts

  • Definition of asset life cycle and its relationship to asset management frameworks

  • Overview of ISO 55000 family and its relevance to life cycle planning

  • Key stakeholders and roles across the asset life cycle

• Life Cycle Phases and Decision Gates

  • Concept, design, acquisition, operation, maintenance, renewal, and decommissioning

  • How decisions at early phases affect long-term cost and performance

  • Gate reviews, asset registers, and handover documentation requirements

• Life Cycle Costing (LCC) and Financial Evaluation

  • Components of total cost of ownership (CAPEX, OPEX, risk cost, disposal)

  • Applying net present value (NPV) and discounted cash flow (DCF) techniques

  • Sensitivity analysis and cost-benefit comparison between options

• Risk and Reliability Integration

  • Risk-based decision-making principles for asset investments

  • Failure mode and effects analysis (FMEA/FMECA) in life cycle planning

  • Reliability modeling and probability of failure over time

• Performance and Degradation Modeling

  • Understanding asset degradation curves and condition profiles

  • Predictive modeling using inspection and maintenance data

  • Setting intervention thresholds and renewal triggers

• Sustainability and Circular Asset Management

  • Embedding sustainability and ESG criteria into life cycle decisions

  • Extending asset life through refurbishment and reuse strategies

  • Managing carbon footprint and waste reduction in asset renewal

• Governance, Information, and Decision Support Systems

  • Building and maintaining asset information systems and digital twins

  • Role of CMMS/EAM and analytics in life cycle tracking

  • Data governance and performance reporting

• Case Studies and Application Tools

  • Life cycle optimization examples from oil & gas, utilities, and transport sectors

  • Using LCC software and decision models for scenario evaluation

  • Group exercise: developing a sample life cycle plan and justification report