Welcome to the home page for the Waves of Asset Management.
In 2018, Penny Burns and Jeff Roorda wrote “The Third Asset Management Revolution” looking at the three stages in AM so far. https://talkinginfrastructure.com/2018/05/24/the-third-asset-management-revolution/
On further consideration, we realised that ‘revolution’ which suggests discarding of what went before, was an inappropriate concept for Asset Management since each stage has, and retains, its own purpose. ‘Evolution’ also did not seem quite right for stages that both refined as well as progressed. So we adopted the idea of ‘waves’. https://talkinginfrastructure.com/2020/06/15/not-a-revolution/
In Wave 1 we moved beyond the maintenance of individual assets to understanding the size, and condition of the entire portfolio. This is basic asset information available elsewhere.
In Wave 2 we use the information we collected in Wave 1 to improve portfolio performance. Resources for Wave 2 can be found in Wave 2 Strategic Asset Management
In Wave 3, we evaluate portfolio performance in the light of desired outcomes. We move from a focus on efficiency to one on effectiveness. Resources for Wave 3 can be found in Wave 3 Infrastructure Decision Making
Understanding the nature of these three waves is essential to know where we are going - it provides direction and guidance. Listen to three discussions on the Waves between Penny, Ruth Wallsgrove and Lou Cripps https://talkinginfrastructure.com/2020/07/
An article on why we need to move beyond Wave 2 here https://talkinginfrastructure.com/why-we-need-another-wave-or-two/
For more on the history of Asset Management, see the AM Story wiki, The Asset Management Story, and the publication in parts of Penny’s major The Story of Asset Management starting with Volume 1, 1984-93 https://talkinginfrastructure.com/wp-content/uploads/2021/07/AM-as-a-Quest-Part-One.pdf. New chapters uploaded every fortnight.