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Identifying and Managing Asset Obsolescence within the Built Environment

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. Green open access

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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.

Type: Proceedings paper
Title: Identifying and Managing Asset Obsolescence within the Built Environment
Event: RICS COBRA Conference, 8 - 10 July 2015, Sydney, Australia - in association with AUBEA, the University of Technology Sydney and University of Western Sydney
Location: Sydney
Dates: 04 July 2016 - 08 July 2016
ISBN-13: 9781783210718
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.rics.org/uk/knowledge/research/conferen...
Language: English
Additional information: Copyright © Royal Institution of Chartered Surveyors (RICS) 2015. This paper is reproduced with permission of RICS and must not be altered or amended.
Keywords: obsolescence, asset management, risk, planning, PFI
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Civil, Environ and Geomatic Eng
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett Sch of Const and Proj Mgt
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning
URI: https://discovery.ucl.ac.uk/id/eprint/1502310
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