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How do you prioritize critical assets and facilities in your FM practice?

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As a facility manager, you have to deal with various assets and facilities that require different levels of maintenance, repair, and replacement. How do you decide which ones are more critical than others and allocate your resources accordingly? In this article, we will explore some of the factors and methods that can help you prioritize critical assets and facilities in your FM practice.

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Facilities Management & Sustainable Innovations Leader | PMP ?, ACP ?, CFM ? Certified | Delivering Excellence in…

1 Define criticality

Criticality is the degree to which an asset or facility is essential for the performance, safety, and reliability of your organization. It depends on the impact and likelihood of failure, as well as the availability and cost of alternatives. You can use a criticality matrix to rank your assets and facilities based on these criteria, assigning them a score or a category from low to high.

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Facilities Management & Sustainable Innovations Leader | PMP ?, ACP ?, CFM ? Certified | Delivering Excellence in Efficiency, Quality, and Cost Optimization
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Once the critical assets and facilities have been identified, perform a criticality analysis to determine ?the level of criticality for each asset or facility. This analysis should take into account factors such as ?safety implications, regulatory requirements, financial impact, and operational dependencies.?

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2 Assess condition and performance

Another way to prioritize critical assets and facilities is to evaluate their current condition and performance, using data from inspections, audits, surveys, and monitoring systems. You can use a condition index to measure the physical state of your assets and facilities, comparing them to a standard or a benchmark. You can also use a performance index to measure how well they meet the functional and operational requirements of your organization, such as efficiency, quality, and compliance.

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Facilities Management & Sustainable Innovations Leader | PMP ?, ACP ?, CFM ? Certified | Delivering Excellence in Efficiency, Quality, and Cost Optimization
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Evaluate the performance history of critical assets and facilities to understand their reliability and ?maintenance requirements. This information can help in prioritizing maintenance activities and ?resource allocation.?

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3 Estimate lifecycle costs

A third way to prioritize critical assets and facilities is to estimate their lifecycle costs, which include the initial acquisition, operation, maintenance, and disposal costs. You can use a lifecycle cost analysis to compare different options and scenarios for your assets and facilities, taking into account their expected lifespan, depreciation, and residual value. You can also use a lifecycle cost index to measure the ratio of the present value of the lifecycle costs to the replacement value of your assets and facilities.

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Y?A?S?S?E?R? Z?A?K?A?R?I?A?

Facilities Management & Sustainable Innovations Leader | PMP ?, ACP ?, CFM ? Certified | Delivering Excellence in Efficiency, Quality, and Cost Optimization
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Consider the lifecycle costs associated with maintaining and operating critical assets and facilities. This ?analysis can help in determining the long-term costs and benefits of prioritizing certain assets over ?others.?

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4 Align with strategic goals

A fourth way to prioritize critical assets and facilities is to align them with the strategic goals and objectives of your organization, such as growth, innovation, sustainability, and customer satisfaction. You can use a strategic alignment matrix to map your assets and facilities to the key drivers and outcomes of your organization, identifying the gaps and opportunities for improvement. You can also use a strategic alignment index to measure the degree of alignment between your assets and facilities and your organization's vision and mission.

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5 Apply risk management

A fifth way to prioritize critical assets and facilities is to apply risk management principles and practices, such as identification, analysis, evaluation, treatment, and monitoring of risks. You can use a risk matrix to classify your assets and facilities based on the level of risk they pose to your organization, considering the probability and consequences of adverse events. You can also use a risk index to measure the exposure and vulnerability of your assets and facilities to potential threats and hazards.

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6 Optimize decision making

By using these methods and tools, you can prioritize critical assets and facilities in your FM practice more effectively and efficiently. You can also optimize your decision making by integrating these methods and tools into a holistic framework or a software system that can help you balance the trade-offs and uncertainties involved. You can also communicate and justify your priorities to your stakeholders and partners, demonstrating the value and benefits of your FM practice.

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7 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?

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Y?A?S?S?E?R? Z?A?K?A?R?I?A?

Facilities Management & Sustainable Innovations Leader | PMP ?, ACP ?, CFM ? Certified | Delivering Excellence in Efficiency, Quality, and Cost Optimization
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Prioritization Framework Develop a prioritization framework that takes into account the results of the ?risk assessment, criticality analysis, and other factors mentioned above. This framework should help in ?ranking critical assets and facilities based on their importance to the overall facility operations.?

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How do you prioritize critical assets and facilities in your FM practice?

1

2

3

4

5

6

7

1 Define criticality

2 Assess condition and performance

3 Estimate lifecycle costs

4 Align with strategic goals

5 Apply risk management

6 Optimize decision making

7 Here’s what else to consider

Facility Management (FM)

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How do you prioritize critical assets and facilities in your FM practice?

1

2

3

4

5

6

7

1 Define criticality

2 Assess condition and performance

3 Estimate lifecycle costs

4 Align with strategic goals

5 Apply risk management

6 Optimize decision making

7 Here’s what else to consider

Facility Management (FM)

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