#26 - David McKeown - From Data to Actionable Decisions: Unpacking Holistic Asset Management
Guest: David McKeown TD, BSc (Tech), CEng, MIEE, FIRSE, FRSA, Life FIAM
Honorary Vice President, The Institute of Asset Management (IAM)
David's Biography:
David McKeown is a Chartered Engineer and experienced manager with experience in commercial, military and volunteer organisations. He was a Founder Member of the Institute of Asset Management in 1994 and was appointed the first CEO: 2009 to 2019.
He led the UK contribution to the ISO 55000 suite of asset management standards. He believes strongly that good people, culture and leadership are critical to successful Asset Management.
Note - In this podcast David is speaking personally and not on behalf of the IAM.
David's Full Biography: https://bit.ly/497w3pl
Episode Overview:
In this podcast episode, electrical engineer David delves into the world of asset management. He discusses his shift from engineering to the Institute of Asset Management and his dedication to bettering public sector projects. Beyond tangible assets, David touches on the subjective nature of value and introduces the "Six Capitals" framework. Through real-world examples, he highlights the importance of considering non-financial aspects and consequences in asset management decisions.
Some of the main talking points are:
Asset Management Beyond Physical Assets: Asset management extends beyond physical assets and involves coordinating activities to extract value from assets throughout their life cycles, from acquisition to disposal or repurposing.
Value in Asset Management: Value in asset management is subjective and multifaceted, encompassing various forms of value beyond just financial considerations.
Measuring Value and The "Six Capitals" framework, which includes:
1) Manufactured Capital: Physical and man-made assets.
2) Natural Capital: Natural resources and ecosystems.
3) Social and Relationship Capital: Social aspects and stakeholder relationships.
4) Human Capital: Workforce skills and capabilities.
5) Intellectual Capital: Intangible assets and intellectual property.
6) Financial Capital: Monetary resources and investments.
Considering Consequences: It's important to consider both intended and unintended consequences of actions in asset management decisions to optimize outcomes.
Real-World Application: Real-world examples demonstrate how asset management principles can be applied in projects and infrastructure management to enhance decision-making and achieve better outcomes.
Holistic Approach: Taking a holistic approach when managing assets and large-scale projects involves considering various interconnected factors and the bigger picture. Knowledge Management (KM) being part of the wider approach.
Management Systems and Standards: Management systems and standards like ISO 19650 for information management and ISO 55000 series for asset management provide frameworks and guidelines for effective decision-making and governance.
Links / Resources:
The Institute of Asset Management (IAM): https://theiam.org/
Asset Management Standards (ISO 55000 series): https://tidd.ly/46FUaKd
The Big Picture (from the IAM): https://theiam.org/knowledge-library/...
The Big Picture (Video only): https://www.youtube.com/watch?v=DDEJv...
'Six Capitals' - The International Financial Reporting Standards Foundation: https://www.integratedreporting.org/w...
The Integrated Reporting Framework: https://www.integratedreporting.org/
Definition of an ASSET "item, thing or entity that has potential or actual value to an organization" taken from the ISO 55000 series: https://tidd.ly/46FUaKd
Information Management Standards for the Built Environment Assets / Construction (ISO 19650 series): https://bit.ly/uk-bim-framework-solut...
Car park doubles as a flood defence - NL: https://bit.ly/40hl74D
Data to Knowledge Management: https://en.wikipedia.org/wiki/DIKW_py...
Knowledge Management (KM): https://en.wikipedia.org/wiki/Knowled...
Asset Management - An Anatomy (from the IAM: https://theiam.org/knowledge-library/...
Excellence & Maturity (from the IAM): https://theiam.org/knowledge/hot-topi...
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