Impact of asset management on council's service delivery, service planning and long-term financial planning. (24th April 2023)

• Record Type: Journal Article
• Authors: Kumar, Dhirendra; Patnaikuni, Indubhushan
• Is Part Of: International journal of the built environment and asset management. Volume 2:Number 3(2023)
• Page Start: 246
• Page End: 255
• Publication Date: 2023-04-24
• Subjects: service planning -- financial planning -- asset management; Real estate development -- Periodicals; Commercial real estate -- Periodicals; Leisure industry -- Management -- Periodicals; Construction industry -- Management -- Periodicals; Retail trade -- Periodicals; Transport planning -- Periodicals; 333.3387068
• Languages: English
• ISSNs: 2046-4533

Abstract

Asset management is a systematic process of maintaining, upgrading, and operating physical assets cost-effectively. The aim is to provide cost-effective services while managing risks and costs over the entire service life of assets. Effective asset management can provide a flow-on effect on an organisation's service delivery and long-term sustainability. It can also improve financial accountability, regarding the effective use of capital for new projects, redeployment and ensuring long-term low running costs (Kumar et al., 2010). Crucial community services delivered by local government are through infrastructure assets. These services should be affordable and should meet the ambitions of residents throughout their lifespan (DLGWA, 2011). To make this a reality, asset management should be practiced and utilised during councils' planning process (DLCV, 2003). The objective of this study is to explore the concept of asset management and how such systems can impact council's service delivery and long-term financial planning.