Lifecycle Asset Management
Florida International University (FIU) takes a very proactive approach to managing their facilities portfolio. Faced with declining funds from both the state and from academic operations, the Facility Operations team decided to adopt a “lifecycle asset management” approach to justify year-over-year funding needs. This meant establishing baseline condition data in 2011 for their entire 8.1 million square feet portfolio and then putting a program in place to sustain this data for optimal decision-making. Today, an internal FIU team refreshes more than 2 million square feet of facility condition data annually – data that’s used in support of building an annual facilities capital plan. The key benefits are better decisions and a greater share of funding. In this session, you’ll hear about FIU’s four-year path to “lifecycle asset management,” the challenges encountered in finding and truly engaging the right internal team, and the benefits, including cost savings, that FIU gained by taking this approach.
1. Participants will hear of how an Asset Lifecycle Management approach works, including the path to get there.
2. Participants will disucss the challenges and benefits of using internal staff to keep condition data up-to-date.
3. Participants will learn how an Asset Lifecycle Management approach helps justify funding requests and save money.
Marco Benitez, Florida International University; Susan Irving, VFA, Inc.