Module Database Search
| MODULE DESCRIPTOR | |||
|---|---|---|---|
| Module Title | |||
| Asset Life Cycle Analysis | |||
| Reference | SUM303 | Version | 5 |
| Created | January 2023 | SCQF Level | SCQF 11 |
| Approved | December 2007 | SCQF Points | 15 |
| Amended | July 2023 | ECTS Points | 7.5 |
| Aims of Module | |||
|---|---|---|---|
| To develop a good understanding of the variables affecting the acquisition, running and replacement of an asset, and how the whole-life costs can be optimised. | |||
| Learning Outcomes for Module | |
|---|---|
| On completion of this module, students are expected to be able to: | |
| 1 | Value an asset throughout its life cycle. |
| 2 | Analyse how the application of whole-life costing techniques can reduce operating costs, improve performance and hence enhance value. |
| 3 | Judge when an asset should be replaced or overhauled and how to prepare properly argued financial and technical papers for such course of action. |
| 4 | Critically appraise key contributions of the asset team in optimising whole-life costs of the asset. |
| 5 | Assess the key problems likely to arise in a whole-life costing analysis and to effectively manage those problems. |
| Indicative Module Content |
|---|
| The importance of adopting a whole-life attitude in the design and management of physical assets. Historic and current developments of whole-life costing. The characteristics of long term financial decisions. Investment appraisal procedures. Whole-Life costing based decision-making rules and choice criteria. The principles of, and the procedures for, whole-life costing. Managing the difficulties facing the implementation of whole-life costing. Application of whole-life costing in design or purchasing physical assets. Application of whole-life costing to maintenance and replacement of physical assets. Effective risk analysis in whole-life costing studies. Extending the life-cycle framework to include non-financial attributes of assets. Whole-life costing tools: numerical methods, spreadsheets, computer software. Integrating various tools and techniques. Closing the feedback loop in the whole-life management of physical assets. Implementation models of whole-life costing. Industrial case studies, discussion groups and exercises with presentation. |
| Module Delivery |
|---|
| The module is delivered by online lectures, interactive group work, case study and tutorials and directed self-study. |
| Indicative Student Workload | Full Time | Part Time |
|---|---|---|
| Contact Hours | N/A | 70 |
| Non-Contact Hours | N/A | 80 |
| Placement/Work-Based Learning Experience [Notional] Hours | N/A | N/A |
| TOTAL | N/A | 150 |
| Actual Placement hours for professional, statutory or regulatory body |
| ASSESSMENT PLAN | |||||
|---|---|---|---|---|---|
| If a major/minor model is used and box is ticked, % weightings below are indicative only. | |||||
| Component 1 | |||||
| Type: | Coursework | Weighting: | 100% | Outcomes Assessed: | 1, 2, 3, 4, 5 |
| Description: | A report or a case study where asset life cycle analysis be used to optimise whole-life costs (of an asset). | ||||
| MODULE PERFORMANCE DESCRIPTOR | |
|---|---|
| Explanatory Text | |
| The overall module grade is based on 100% weighting of the Component (Coursework). An overall minimum grade D is required to pass the module. Non-submission will result in an NS grade. | |
| Module Grade | Minimum Requirements to achieve Module Grade: |
| A | A |
| B | B |
| C | C |
| D | D |
| E | E |
| F | F |
| NS | Non-submission of work by published deadline or non-attendance for examination |
| Module Requirements | |
|---|---|
| Prerequisites for Module | None in addition to course entry requirements or equivalent. |
| Corequisites for module | None. |
| Precluded Modules | ENM605 Asset Life Cycle Analysis. |
| INDICATIVE BIBLIOGRAPHY | |
|---|---|
| 1 | Shil, N. C. & Parviz, M., 2010. Cycle Costing: Techniques and Applications: Choosing the Most Economic Project. VDM Verlag Dr. Mèuller. |
| 2 | Kishk, M., 2004. Combining various facets of uncertainty in whole-life cost modelling. Construction Management and Economics, 22(4), pp. 429-435. |
| 3 | Kishk M., Al-Hajj A., Pollock R., Aouad A., Bakis, N. and Sun, M., 2003. Whole-Life Costing in Construction - A State of The Art Review. The RICS Research Paper Series, 4(18). |
| 4 | Kishk M., Al-Hajj A. and Pollock R., 2002. An innovative integrated approach to whole life costing. Journal of Financial Management of Property and Construction, 7(1), pp. 31-40. |