Whole Life Costing
The Whole Life Costing* (WLC) approach to Asset Management is a structured and integrated means by which the overall cost of an asset over its anticipated life-span can be minimised, while maximizing service to the customer. Born out of clients demanding that infrastructure and assets demonstrate Value for Money over the long-term, WLA has become a standard Asset Management requirement in many industry sectors.
The approach has shown particular relevance within Private Finance Initiative and Public Private Partnership projects in which asset owners expect the asset to perform to agreed targets and that the asset, when handed back to the client, can demonstrate minimum expected remaining life.
apm supports its client's approach to Whole Life Cycle Costing from a strategic level to the actual assessment and optimisation of Whole Life Asset Plans, by employing our Asset Modelling techniques.
Integral to the success of the WLA is the implementation of Risk Management techniques, which not only enables apm to manage risks directly related to projects, but also allows us to forecast the potential investment risks associated with each project due to variability in historical performance or asset failure data, integrated with our Asset Modelling techniques.