The American people expect and deserve the best from the Federal Government. The US Federal Government has over $1.5 trillion in real property assets and $1.5 trillion in personal property assets, including federally owned infrastructure, buildings, IT assets, military assets, satellites, software licenses, parks, communications assets, leased assets, energy assets, etc.
As a core part of a recent Federal Asset Management Week organized by the Asset Leadership Network at the National Academy of Sciences building and other locations, recommendations to the new Administration and Congress for improved Asset Management were drafted by work groups from a broad cross section of interests. Using a conceptual model developed by the Institute of Asset Management, recommendations were developed for each subject area covering the breadth and depth of Asset Management.
Five recommendations present the greatest potential impact:
- Initial planning, funding, and appropriations for assets should address whole life costs;
- Funding and appropriations should be tied to having a documented organizational strategic asset management plan based on ISO 55000 fundamentals and benefits;
- Feedback on project success should be required and enforced as requisite for additional projects or funding;
- Encourage the use and sharing of standards based knowledge and information management to bridge silos and fuel productivity; and,
- Update the Federal Property and Administrative Services Act of 1949 to support actions needed in the 21st century.
To read the entire report, download the document here: