Implementing airport strategic asset management for short-term gains and long-term benefits

Jeffrey W. Fitzgerald and Emily Seamster
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Jeffrey W. Fitzgerald: Director of Strategic Consulting, 1135 Crespi Drive, Pacifica, CA 94044, Woolpert, USA
Emily Seamster: Consultant, Woolpert, 1135 Crespi Drive, Pacifica, CA 94044, USA

Journal of Airport Management, 2019, vol. 14, issue 1, 25-37

Abstract: The International Organisation for Standardisation (ISO) defines asset management as the coordinated activity of an organisation to realise value from assets. This simple and elegant definition might lead airport managers to conclude that the individual activities of their financial, planning, infrastructure development, properties development, and operations and maintenance departments constitute asset management. Before drawing that conclusion, airport executives should re-examine how much coordination within these departments currently takes place and explore what asset value means within their organisation. Also, airport executives should weigh the investment of a full-scale asset management programme implementation with short-term actions that can create immediate benefits for the organisation. This paper presents the current evolution of the asset management profession, specifically within the aviation industry, and suggests tactics to balance long-term programme development with immediate activities that prove value to the organisation. It also suggests balancing the priorities of different internal departments and increasing interaction for an improved physical environment.

Keywords: asset management plans; asset management strategy; risk; total cost of ownership; life-cycle analysis (search for similar items in EconPapers)
JEL-codes: M1 M10 R4 R40 (search for similar items in EconPapers)
Date: 2019
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