Design
The asset is designed and the detailed specifications and plans are created. Architects, engineers, and other professionals collaborate to create the design, which considers factors such as functionality, safety, sustainability, and aesthetics.
Stakeholders include:
- Owners and investors who fund the project
- Architects, engineers, and designers who create the plans and specifications
- Product manufacturers who provide material specifications
- End-users or occupants who will use the asset
- Community members who may be impacted by the asset
Construction
The asset is built, and the plans are put into action. Skilled workers, such as builders and contractors, work on the site to ensure that the asset is constructed according to the design and meets all required codes and standards.
Stakeholders include:
- Owners and investors who fund the project
- General contractors and subcontractors who execute the plans and specifications
- Product manufacturers who provide materials for construction
- Workers who build the asset
- Inspectors who ensure compliance with codes and regulations
Operations
Once the asset is complete, it enters the operations stage. This involves using and maintaining the asset over its lifetime to ensure that it continues to meet its intended purpose. Regular maintenance and repairs are performed to extend the life of the asset and ensure its optimal performance.
Stakeholders include:
- Owners and investors who operate the asset
- Facility managers who maintain and operate the asset
- End-users or occupants who use the asset
- Customers who benefit from the asset's products or services
Decommissioning
Involves the safe and responsible removal of the asset from service. This can include the removal of equipment, systems, and infrastructure, as well as the restoration of the site to its original condition or a new use.
Stakeholders include:
- Owners and investors who make the decision to decommission the asset
- Contractors who carry out the decommissioning work
- Regulators who ensure compliance with codes and regulations
- Environmental organizations who may be concerned about the impact of decommissioning on the environment