AM Framework: MAG #4 - Risk Management & Resource Planning - Overview, Purpose, Outcomes

AM Framework Miniseries - Reloaded

This article continues the AMP Asset Management (AM) Framework miniseries and provides the first half of an overview of Management Activity Group (MAG) #4 – Risk Management and Resource Planning – Overview, Purpose, and Outcomes.  The next newsletter will cover the second half titled MAG #4 – Alignment, Scope, and Outputs.  This AM Framework is shown below and introduced in earlier newsletters titled AM Framework Overview & History and AM Framework Context.

Asset Management Framework

Overview

MAG #4 joins data and information from MAG #2 – Asset Management Objectives and MAG #3 – Capabilities Assessment.  As detailed in these linked AMP newsletter articles, the basis for this joining is Asset Management Objectives. Asset Management Objectives define both what is valuable and how value is measured related to assets, the AMS, and asset management performance.  In the context of the AM Framework, Asset Management Objectives must ascribe to the SMART (specific, measurable, accurate, relevant…