Goal: Asset Management

Status of Use Document: Draft



[ _ ] Use model components for financial tracking of assets and future cost implications associated with changes/upgrades.
[ _ ] Store operations and maintenance owner user manuals.
[ _ ] Store equipment specifications.
[ _ ] Perform and analyze facility and equipment condition assessments.
[ _ ] Maintain up-to-date facility and equipment data including but not limited to maintenance schedules, warranties, cost data, upgrades, replacements, damages/deterioration, maintenance records, manufacturer's data, and equipment functionality.


Facility Asset Management is an organized management system which will efficiently aid in the maintenance and operation of a facility and its assets. These assets, consisting of the physical building, systems, surrounding environment, and equipment, must be maintained, upgraded, and operated at an efficiency which will satisfy both the owner and users at the lowest, appropriate cost. It assists in financial decision-making, as well as short-term and long-term planning.

Asset Management utilizes the data contained in a record model to determine cost implications of changing or upgrading building assets, segregate costs of assets for financial tax purposes, and maintain a current comprehensive database that can produce the value of a company's assets.

Potential Benefits:

  • Provides one comprehensive source for tracking the use, performance, and maintenance of a building's assets for the owner, maintenance team, and financial department.
  • Segregates assets from a financial perspective in order to achieve more accurate tax write offs and depreciation values.
  • Produces accurate quantity takeoffs of current company assets which aids in financial reporting, bidding, and estimating the future cost implications of upgrades or replacements of a particular asset.
  • Allows for future updates of the record model to show current building asset information after upgrades, replacements, or maintenance by tracking changes.
  • Aids financial department in efficiently analyzing different types of assets through an increased level of visualization e.g., in 2D drawings, the financial department may not know if a wall is permanent or temporary, which relate to different tax requirements. A 3D record model would assist in asset management by containing this information.
  • Increases the opportunity for measurement and verification of systems during building occupation. [1]
  • Allows for future commissioning processes "for achieving, validating, and documenting that the performance of the total building and its systems meet the design needs and requirements of the owner" [2] which currently only happens once at construction completion.

Levels of Detail Considerations:

  • Level of model detail dependent on type and quantity of assets being tracked. Once decided what will be tracked, the model must reflect enough detail to accurately account for the asset(s).
    • Possible assets worth tracking include: physical building, systems, surrounding environment, or equipment.
  • For true assessment of a company's assets, all buildings or assets must be modeled to the same level of detail and adopt a best practices and standards method for model consistency. The same families, object types/descriptions, and codes must be used for accurate quantity takeoffs.
  • After each upgrade, improvement, or replacement, the record model will need to be updated in order to accurately account for current assets.
  • Cost implications from detailed modeling, including but not limited to purchasing software, hardware upgrades, training and retaining qualified personnel.
  • Visualization of assets being tracked is important for maintenance personnel and the financial department.
  • Important to include size, square footage, quantity, location, and object type/description of each asset.

Team Competencies Required:

  • Knowledge of 3D modeling software, both creation and navigation
  • Knowledge of tax requirements and related financial software
  • Knowledge of construction and the operation of a building (replacements, upgrades, etc.)
  • Knowledge of which assets are worth tracking, whether the building is dynamic vs. static, and the end needs of the building to satisfy the owner

Characteristics in order to substantiate BIM use:

  • Asset management is not particularly beneficial on one project type vs. another in terms of facility type/use, project size, project cost, or complexity.
  • The appropriate use of asset management is dependent on whether the facility will be dynamic vs. static. It would be more worthwhile to track the assets of a building that changes, has the ability to be upgraded/renovated, or has a high quantity of valuable assets worth tracking for the owner.

  • It is important for an organization to have prior knowledge of 3D modeling and use BIM for other aspects of construction in the planning, design, construction, and operation phases because information from these phases needs to be incorporated into a record model to achieve accurate asset management.
  • An organization must be willing to incorporate a BIM or record model with financial software and train the financial department in navigating/understanding of the BIM.
  • An organization needs to have sufficient funds to support asset managment which includes software purchases, hardware upgrades, training and retention of qualified personnel, and fees associated with the actual modeling and model updates in the future.

  • Asset management may be of value to a project within any physical environment.
  • It is the descretion of the owner/ultimate user as to whether tracking an asset is worthwhile and this is independent of the building's location or external environment.
  • Aspects of a building's environment may be assets themselves and therefore worth tracking and managing.

  • Total team buy in from the owner and AEC team is necessary for successful asset management. This may not be written contracturally, but a coorperative team atmosphere is needed.
  • The contract method used for the project between the owner, A/E, and contractor is not relevant to asset management.
  • Require contracturally that subcontractors submit 3D and IFC compatible models in order to create a comprehensive and accurate building record model with the desired assets worth tracking clearly detailed.
  • A contract needs to be drawn between the owner/ultimate building user and the previous manager of the model during construction in order to determine who will manage/update the model and track the assets throughout the building's operation.

  • The project delivery method and construction processes during the building process is not relevant to asset management.
  • Tracking materials and assets during the building process is important to ensure an accurate record model which will be used for asset management.

Potential Modeling Methods:

Asset management itself does not require modeling. An accurate record model is necessary for successful asset management.

Potential Outputs:

  • Quantity takeoffs of a particular asset
  • Up to date financial data and current values related to a company's or owner's assets
  • Accurate tax write offs and depreciation values of assets
  • Warranties, maintenance, and upgrade information related to key assets

Legal / Commitment Considerations:

  • Determination of how information will be shared between parties and protected
  • Determination of who will be the ultimate manager of the model
  • Determination of how the modeling quality will be verified and standardized
  • Contractural obligations between the owner, AEC, and subcontractors to submit 3D models
  • Contractural obligations between the model manager and ultimate owner/building user for future managing of the model and assets during the building operations phase

Additional Resources:

General Description:

Quantitative Studies:

  • No quantitative studies are available due to the the currently relatively minimal use of BIM in operations.
  • Benefits for BIM used for asset management will most likely be difficult to quantify. In order to have a comparative analysis, the same project would need to have its assets managed the current, conventional way and also with BIM. It is expected that with BIM the accuracy will increase and the time it takes to track/manage these assets will decrease.

Case Study Examples:

  • No case studies are available due to the currently relatively minimal use of BIM in operations.

Software Applications

  • Revit or 3D modeling software
  • Financial software including but not limited to tax information, spreadsheets, cost of materials