What's your process for prioritizing facility asset management projects?

1 Assess your facility condition

The first step is to conduct a comprehensive and objective assessment of your facility condition, including the current state, functionality, and performance of your assets. You can use various tools and methods to collect and analyze data, such as condition surveys, inspections, audits, benchmarks, or software applications. The goal is to identify and quantify the gaps between your current and desired facility condition, as well as the risks and costs associated with them.

2 Define your facility goals and criteria

The next step is to define your facility goals and criteria, which are the standards and measures that guide your decision-making process. Your goals and criteria should align with your organization's mission, vision, values, and strategic objectives, as well as the expectations and needs of your stakeholders. Some examples of facility goals and criteria are safety, compliance, reliability, efficiency, sustainability, functionality, accessibility, aesthetics, and customer satisfaction.

3 Prioritize your facility projects

The third step is to prioritize your facility projects based on your facility condition assessment and your facility goals and criteria. You can use various techniques and tools to rank and score your projects, such as weighted scoring, matrix analysis, decision trees, or software applications. The goal is to create a prioritized list of projects that reflects your facility's most urgent and important needs, as well as the potential benefits and impacts of each project.

4 Validate and communicate your priorities

The fourth step is to validate and communicate your priorities to ensure that they are realistic, feasible, and supported by your stakeholders. You can use various methods to validate your priorities, such as sensitivity analysis, scenario planning, or risk assessment. The goal is to test the robustness and validity of your priorities under different conditions and assumptions, and to identify and mitigate any potential issues or challenges. You also need to communicate your priorities to your stakeholders, such as senior management, staff, customers, or regulators, to gain their buy-in and feedback.

5 Monitor and review your priorities

The final step is to monitor and review your priorities regularly to ensure that they are still relevant, accurate, and effective. You can use various tools and methods to monitor and review your priorities, such as performance indicators, dashboards, reports, or audits. The goal is to track the progress and outcomes of your projects, as well as the changes and trends in your facility condition, goals, and criteria. You also need to review and update your priorities as needed, based on new information, feedback, or circumstances.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?