Mulholland, K; McLennan, P; Pitt, M; (2015) Identifying and Managing Asset Obsolescence within the Built Environment. In: [Proceedings of] COBRA 2015: Construction and Building Research Conference of the Royal Institution of Chartered Surveyors. Royal Institution of Chartered Surveyors (RICS): London.

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Abstract

Obsolescence in practice commonly occurs in two forms; the asset in question is no longer suitable for current demands, or is no longer available from manufacturers. Most research surrounding obsolescence has targeted short lifecycle components such as electronics or software (2-5 years). There is little consideration of low volume, long-life assets (20+ years) that are commonplace within the built environment (e.g. Uninterruptable Power Supply Systems, Building Management Systems and Fire Alarm Systems). This paper evidences the importance of identifying asset obsolescence within the built environment by observing 'lifecycle mismatches' within a live case study of a ten year old UK Private Finance Initiative (PFI). This paper develops and proposes an original assessment tool, identifying obsolescence within the built environment and empirically tests it within the case study. The methodology and results combine to evidence the importance of obsolescence and the contractual and financial risk it poses. The model is transferrable and scalable thus allowing larger portfolios to be considered. The levels of identifying obsolescence within long-life assets are increasing, whilst the lifecycles of certain component groups are decreasing; posing a growing problem for future Facility Managers.

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