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Acquisition and Lifecycle of Vehicles - Coggle Diagram
Acquisition and Lifecycle of Vehicles
Lifecycle of Vehicles
Planning & budgeting
why is it required?
what will it be used for?
What is the proposed cost
other factors
corporate culture
Funding availability
organizational image
selecting & acquisition
Defining of vehicle Specification
understand the requirement / features expected in the future
understand the technical performance of different models of buses that is currently operating
Selection of Vehicle
lifecycle of the bus model
lifecycle cost
Fixed lifecycle cost
Taxes
Purchase, loan or lease payment
insurance / registration
License and permits
Depreciation
Variable lifecycle cost
Fuel
Maintenance
Labour
Spare parts
Tolls
Acquisition of Vehicle
Value for money
viability
Feasibility
Sustainability
Placing vehicle in service
Operation & maintenance
Decommission & Remarketing
Considerations
Purchasing & Leasing
Leasing
you do not own the vehicle
there is a limit number of miles you can drive per year
Open-Ended lease
have greater control of vehicle utilization and disposal
carry no mileage restrictions
can terminate the agreement at any point after the end of the minimum fixed term
Closed-Ended lease
lease term are set
monthly payments are based on the estimated residual value of the vehicle.
Purchasing
free to drive as many miles as you want
you own the vehicle
the amount of time the vehicle will be used.
is the vehicle used for specific contract.
size of fleet
Evaluation Metrics for vehicle Finance Options
Cost-Benefit Analysis
estimate the short and long term consequences
measures all cost and all possible profits and benefits
looking at both quantitative and qualitative factors
Payback Period
The time required for positive project cash flow to recover negative project cash flow
Internal Rate of Return (IRR)
if the IRR is greater than the company minimum acceptable rate of return = the investment is good
Return-on Investment (ROI)
the direct measurement of the amount of return on a particular investment.
Net Present Value (NPV)
the difference between the present value of cash inflows and the present value of cash outflows over a period of time
Decision Matrix for Evaluation on vehicle types
Ease of maintenance
Driver's comfort
Vehicle design
Weighted decision matrix
tool that used to compare alternatives with multiple criteria of different levels of importance
Before vehicles in services
Vehicle Modification Approval
modify of vehicle
advertisement display
Certificate of Entitlement (COE)
gives you the right to own and use a vehicle in Singapore
Insurance
to ensure adequate compensation when a passenger is injured or killed in an accident due to the negligence of the person driving the vehicle
Vehicle marked for safety / License plate displayed
approved license number plat
vehicle should be properly marked for safety
Operation & Maintenance
Fuel Management
Fuel consumption and cost
Monitor fuel pricing trend
Road Safety
Driver behavior
Accident rate
Maintenance Management
fleet failure trend
adherence to fleet maintenance plan
Fleet Management
Tracking of vehicle location
Driver's log
vehicle utilization
Decommission & Remarketing
Methods
Auctions
retailing
trade-ins
Advantage
Lower fixed cost
factors
the current condition of the vehicle
the mileage operated by the vehicle
'whole-life' cost of owning the vehicle
Environment targets
Disadvantages
High maintenance costs
outdated technology --> higher fuel consumption
3 set of standards issued by ISO for Asset Management
ISO55000 Overview principles and terminology
helps to organizations effectively manage their assets to optimize their lifetime value
Benefits
Improve Financial Reporting
Significant Cost Saving
Improved regulatory compliance
Increased resilience and system reliability
Enhanced reputation
ISO 55001
High-level structure for management systems standards
Scope
Normative Reference
Term & definitions
Context of the Organization
Leadership
planning
support
operation
performance Evaluation
Improvement
PDCA Model
Plan
Do
Check
Act
tracking the vehicles and it's performance
examples of technologies for tracking
Radio-Frequency Identification (RFID) tags
contains electronically stored information
Sensors
Wireless modules for devices
Data Management Systems
an integrated asset management database and software will provide convenience for staff to monitor the vehicles
example of systems
Maximo