Designing SNAKES AND LADDERS: An Analogy for Asset Management Strategy Development. (October 2015)

• Record Type: Journal Article
• Authors: Hodkiewicz, Melinda
• Other Names: Bekebrede Geertje guest-editor.; Lo Julia guest-editor.; Lukosch Heide guest-editor.
• Is Part Of: Simulation & gaming. Volume 46:Number 5(2015:Oct.)
• Page Start: 455
• Page End: 470
• Publication Date: 2015-10
• Subjects: asset management -- board game -- change management -- consquences -- executive education -- impact -- ISO 55001 -- life cycle -- peer-mediated -- risk -- SNAKES AND LADDERS -- strategic planning -- strategy -- strategy development; Social sciences -- Study and teaching -- Periodicals; Simulation methods -- Periodicals; Game theory -- Periodicals; Sciences sociales -- Étude et enseignement -- Périodiques; Simulation, Méthodes de -- Périodiques; Jeu de rôle -- Périodiques; Éducation; Jeu d'entreprise; Jeu de simulation; Méthode de simulation; Sciences sociales; Théorie des jeux; Périodique électronique (Descripteur de forme); Ressource Internet (Descripteur de forme); 003.3
• DOI: 10.1177/1046878115590208
• Languages: English
• ISSNs: 1046-8781

Abstract

Background .Asset Management improvement initiatives often fail to deliver the intended value. Poorly developed strategy contributes to these failures. Aim . To assist managers indeveloping skills in Asset Management (AM) strategy in order to meet the requirements set out in the newISO 55001 Asset Management Standard. Method . Managers develop the layout for a SNAKES AND LADDERS (S&L) game board. This involves managers deciding whatstrategic activities to pursue (ladders) and where to place them on the board. Other considerations include the sequence of the ladders and their length, where the length is a proxy forimpact of the activity. Managers also need to identify whatrisks (snakes) are associated with each activity and whatimpact they have (the length of the snake). Results . The board development process helps managers to identify factors crucial to effectivestrategy development such as limiting thenumber of activities, sequencing these activities over an appropriate time scale, assessingrisks of each activities and theconsequence of risks being realized on subsequent activities. Conclusion . The S&L training is an accessible and time-efficient way to get managers toengage with each other and with crucialconcepts instrategy development in the asset management context.