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--- waves_of_asset_management:the_waves_of_asset_management [2022/03/17 08:17] – ruth
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 Welcome to the home page for the Waves of Asset Management.
-In 2018, Penny Burns and Jeff Roorda suggested there were phases, even revolutions in the development of Asset Management since its beginnings in mid 1980s Australia. [[https://talkinginfrastructure.com/2018/05/24/the-third-asset-management-revolution/]]\\
+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/]]\\
-Penny renamed these Waves, each building on the last, where the Asset Inventory focus of Wave 1 was joined by the more Strategic Asset Management Wave 2. [[https://talkinginfrastructure.com/2020/06/15/not-a-revolution/]]\\
-She also called for a further Wave 3, Infrastructure Decision Making, looking up and out from our organisations, not just down and in.
-  * Listen to three discussions on the Waves between Penny, Ruth Wallsgrove and Lou Cripps [[https://talkinginfrastructure.com/2020/07/]]
+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/]]\\
-  * An article on why we need to move beyond Wave 2 here [[https://talkinginfrastructure.com/why-we-need-another-wave-or-two/]]
-  * Link to //Building an Asset Management Team// by Lou Cripps and Ruth Wallsgrove [[https://talkinginfrastructure.com/publications/]], or access selected topics on our subwiki [[Wave 2:Building an Asset Management Team]]
-  * From a work in progress aimed at decision makers – CEOs, council members, boards – key topics on better infrastructure decisions [[Stewards of the 21st Century:Stewards of the 21st Century]]
-For what we need to look towards beyond this, see our subwiki, [[Fit for the Future:Assets Fit for the Future]]
+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.
-We are also collecting together useful resources on Wave 2 for Asset Management practitioners:
+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:Wave 2 Strategic Asset Management]]
-Wave 2, Strategic Asset Management resources [[Wave2:Wave2 Strategic Asset Management]]
-And for developments in Wave 3,Infrastructure Decision Making, [[Wave 3:Wave 3 Infrastructure Decision Making]]
+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: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/]]
+Related topics:
+  * Link to //Building an Asset Management Team// by Lou Cripps and Ruth Wallsgrove [[https://talkinginfrastructure.com/publications/]], or access selected topics on our subwiki [[Wave 2:Building an Asset Management Team]]
+  * From a work in progress aimed at decision makers – CEOs, council members, boards – key topics on better infrastructure decisions [[Stewards of the 21st Century:Stewards of the 21st Century]]
-For more on the history of Asset Management, see the AM Story wiki, [[Asset Management Story: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]]
+For more on the history of Asset Management, see the AM Story wiki, [[Asset Management Story: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.