| Effective Term: | 2027/20 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Asset Management Techniques |
| Unit ID: | MREGC5004 |
| Credit Points: | 15.00 |
| Prerequisite(s): | Nil |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 039999 |
| Other Change: | |
| Brief description of the Unit |
This unit covers asset management including relevant international standards such as ISO55000, ISO55002 and ISO55010 to support the application of the ISO55001 requirements. It also covers the asset management system (documented system) and the development of strategic asset management plan (SAMP), asset management plan (AMP) in-line with ISO55001 standard and the application of reliability centred maintenance processes. Analysis of costs, budgets and risks, logistic support and inventory required for maintenance management and requirements of asset information systems are also covered in this unit. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: | |
| Supplementary Assessment:Yes |
| Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment |
| Course Level: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory | | | | | | | | Intermediate | | | | | | | | Advanced | | | | | | |
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| Learning Outcomes: |
| Knowledge: |
| Skills: |
| Application of knowledge and skills: |
| Other outcomes: |
| O1. | Understand asset management to evaluate asset management needs within lifecycle frameworks to inform cost, risk, and performance trade-offs. |
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| O2. | Analyse techniques and standards used in asset management to identify implications for reliability, risk, and organisational performance. |
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| O3. | Apply appropriate tools to assess and compare asset maintenance options in developing strategic asset management plan (SAMP) and asset management plan (AMP). |
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| O4. | Interpret and structure real-world asset management problems using operational constraints and available data. |
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| O5. | Develop solutions to address performance gaps and optimise maintenance planning in accordance with organisational objectives and standards. |
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| Unit Content: |
This unit covers asset management standard in line with ISO55000, ISO55002 and ISO55010 to support the application of the ISO55001 requirements. Topics may include: 1. Introduction to asset management. 2. ISO5500x series of standards. 3. Asset information system and data management 4. Life cycle costing, budgeting and risk applicable to asset management. 5. Asset management planning |
| Graduate Attributes: |
| Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FEDTASKS (Transferable Attributes Skills and Knowledge) provide a targeted focus on five key transferable Attributes, Skills, and Knowledge that are be embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and Co-operative Learning opportunities. One or more FEDTASK, transferable Attributes, Skills or Knowledge must be evident in the specified learning outcomes and assessment for each FedUni Unit, and all must be directly assessed in each Course.
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| FED TASK and descriptor | Development and acquisition of FEDTASKS in the Unit | | Level | FEDTASK 1
Interpersonal | Students at this level will demonstrate an advanced ability in a range of contexts to effectively communicate, interact and work with others both individually and in groups. Students will be required to display high level skills in-person and/or online in: • Using and demonstrating a high level of verbal and non-verbal communication • Demonstrating a mastery of listening for meaning and influencing via active listening • Demonstrating and showing empathy for others • High order skills in negotiating and conflict resolution skills\\ • Demonstrating mastery of working respectfully in cross-cultural and diverse teams. | Y - Present | FEDTASK 2
Leadership | Students at this level will demonstrate a mastery in professional skills and behaviours in leading others. • Creating and sustaining a collegial environment • Demonstrating a high level of self -awareness and the ability to self-reflect and justify decisions • Inspiring and initiating opportunities to lead others • Making informed professional decisions • Demonstrating initiative in new professional situations. | Y - Present | FEDTASK 3
Critical Thinking and Creativity | Students at this level will demonstrate high level skills in working in complexity and ambiguity using the imagination to create new ideas. Students will be required to display skills in: • Reflecting critically to generate and consider complex ideas and concepts at an abstract level • Analysing complex and abstract ideas, concepts and information • Communicate alternative perspectives to justify complex ideas • Demonstrate a mastery of challenging conventional thinking to clarify complex concepts • Forming creative solutions in problem solving to new situations for further learning. | Y - Present | FEDTASK 4
Digital Literacy | Students at this level will demonstrate the ability to work competently across a wide range of tools, platforms and applications to achieve a range of tasks. Students will be required to display skills in: • Mastering, exploring, evaluating, managing, curating, organising and sharing digital information professionally • Collating, managing complex data, accessing and using digital data securely • Receiving and responding professionally to messages in a range of professional digital media • Contributing competently and professionally to digital teams and working groups • Participating at a high level in digital learning opportunities. | Y - Present | FEDTASK 5
sustainable and Ethical Mindset | Students at this level will demonstrate a mastery of considering and assessing the consequences and impact of ideas and actions in enacting professional ethical and sustainable decisions. Students will be required to display skills in: • Demonstrate informed judgment making that considers the impact of devising complex solutions in ambiguous global economic environmental and societal contexts • Professionally committing to the promulgation of social responsibility • Demonstrate the ability to evaluate ethical, socially responsible and/or sustainable challenges and generating and articulating responses • Communicating lifelong, life-wide and life-deep learning to be open to the diverse professional others • Generating, leading and implementing required actions to foster sustainability in their professional and personal life | Y - Present |
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| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | Professional Standards |
| 1. |
1, 2, 3 |
This assessment provides students with an opportunity to apply the principles of asset management to a real community asset. |
Presentation |
10 - 20% |
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| 2. |
3, 4, 5 |
Develop an Asset Management Plan as described by the ISO5500X asset management standard documents for your company operating physical assets |
Analysis, presentation and report |
20 - 40% |
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| 3. |
2, 3, 4, 5 |
Personal interview to evaluate student submission |
Oral online meeting |
40 - 60% |
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