gather thoughts and perspectives from different sources. Sources of inspiration are important, and this work is a synergistic product of many minds, different philosophies, and various brilliant expertise.
First of all, I would like to bow to the great work and heritage that Dr. Deming, Dr. Goldratt, and Mr. Michael Porter have left us. Their contribution has set a foundation that we practitioners in every industry are still using to advance our respective fields. In the book Quality Involvement Flow: The Systemic Organization (Lepore, Montgomery, and Siepe), the authors have done a brilliant job in combining Deming’s and Goldratt’s works. Thank you for providing that perspective.
Next I would like to praise and acknowledge the inspiring work of authors Dr. William Wallace, Neil McClure, and Shai Davidov in the Strategic Risk Management Course from Heriot-Watt University Edinburgh Business School’s online MBA programme. A big thank you to Heriot-Watt University for allowing me to use the concepts in the course text and apply them to physical asset management.
A huge mention to Dr. Arnold Yuan, Associate Professor at Ryerson University, who provided me with some invaluable insights on his teaching and research experience.
A big thank you to all my colleagues, peers, and students and to all my network with whom I have interacted at conferences, on social media, or in seminars/ webinars. One way or another, they all inspired me in writing this book—their questions, perspectives, experience, challenges, successes, and struggles.
A special mention to the fresh graduates and professionals interested in getting in the asset management field. You are one of the main reasons I wrote this book. I hope you will enjoy it and wish you all the best in asset management.
A big thank you to Darshana Appadoo and Balraj Appadu for their Creative skills in putting together all the graphics in the book. It was a long and tedious task.
Last but not least I am extremely grateful to my family—my wife, Mitrini, and my sons, Yuvneesh and Yaneesh. They have inspired and encouraged me all the way, with helpful feedback and advice as I was putting the chapters together. Thank you for keeping the faith and for your endless patience, encouragement, and love.
On a misty cold morning, Darren Ordlan is shivering in his wetsuit as he stands among the other participants waiting for their wave to start. He is about to take on his first Ironman 70.3 race in Lake Placid, New York. This was a goal he set for himself when he turned fifty years old. It is not going to be easy, and he knows that. He is jumping on the spot, while shaking his arms and legs to fight the cold while simultaneously trying to relieve the stress that is making his stomach churn. But there is no going back, and he knows that too. He has trained relentlessly over the last few years for this specific moment and made lots of sacrifices along the way. These sacrifices did not only impact him, but his wife, Debbie, and his two sons, Rémi and Lucas, as well, who supported him all the way. They all made the trip to Lake Placid with him—a beautiful road trip of around six hours with fascinating views. Darren told Debbie not to wake up early to come with him for the start preparation, as it would be too cold in the morning. He did tell her and the boys to come cheer him on at the starting line. When that time came, Darren could not find them in the huge crowd of spectators along the beautiful shore of Lake Placid. The participants standing together on the beach keep moving slowly as they hear the sound of the siren. Although it is cold this morning, the water itself is quite warm when Darren gets in to do his warm-up. He could see the vapor fumes coming off the lake’s surface creating a majestic scene usually seen in movies. Now it is time to stop his wandering mind and focus on the race and what lies ahead of him for the next seven to eight hours. Darren needs to execute all the strategies and plans that he has worked on for the last few years to the best of his abilities.
“Dad!” Darren hears a voice calling him from afar. He looks around and finally spots Debbie, Rémi, and Lucas waving at him from among the crowd two or three rows away. They made it, braving the cold morning, and Darren is pleased to see them there supporting him. It gives him more confidence and purpose for what he is about to undertake.
“Wwwuuummppp!” goes the loud siren, and everybody around him starts running. He understands right away—this is it! He starts running, following the crowd the best he can, as there is a lot of jostling happening. He splashes into the water and starts to swim. It is a rough start with so many people around, arms flailing and legs kicking at him. Darren knows he has to keep his cool and stay focused for the next few minutes to steady himself. After a few strokes, he finally gets into a good rhythm, and his breathing also starts to settle down. It is a long swim, and he needs to manage his energy well. Darren feels very good taking deep breaths and letting his body rotate and glide in the clear water. He is now enjoying his swim at a good pace. But it does not last long.
“Drrriiinnnng!” His alarm clock starts to ring, and he reaches out to switch it off.
What a nice dream he was having. For the last four years he regularly relives this Lake Placid Ironman race even though he has completed multiple similar races since then at other locations. The Lake Placid Ironman race remains a special race, first because it was his first race; second, because of its magical location; and third, because it was such a great accomplishment in the sense that he proved “nothing is impossible.”
Darren peeks at the alarm clock, and he cannot believe it is already six o’clock. “Back to reality,” he says to himself.
It is Saturday, and he needs to go for his swimming session, which starts at 7:00, and then he has to meet up with Jerry Detunam at 8:30 am. His schedule is tight, and, unsurprisingly, he is already late! In a matter of minutes, Darren gets ready and rushes downstairs. He puts his swimming stuff into his bag and heads to the garage.
While driving to the swimming pool, Darren thinks about Jerry and how he can help him. He has known Jerry for a few years now, since they met in one of the classes on physical asset management that he was teaching. Jerry is the new asset manager at Mouroum Inc., a global leader in the food manufacturing industry. Lately, Jerry has been calling Darren almost daily, as he has been struggling in his job. Jerry wanted to book an appointment with Darren as soon as possible to discuss asset management and the issues he is facing at work. Over the phone he sounded somewhat stressed out about his new job, and he wanted to get some advice.
Darren has been in the field of managing physical assets for over thirty years in different industries of both the private and public sectors. His career has taken him through the tactical aspects of managing physical assets to the strategic approach of physical asset management. He has been successful not only in developing physical asset management strategies and plans but also in actually implementing them successfully in organizations and reaping the benefits while witnessing firsthand the challenges that come with it.
Two years ago he decided to go for a change and take on a new challenge. He took early retirement from his high-paying job in asset management to fulfill his dream of doing research work and completing his PhD in the field of asset management. Debbie was against his decision to take early retirement, but Darren’s love for asset management and teaching, as well as his desire to leave a legacy, was so strong that it was virtually impossible to make him change his mind. He joined Ryerson University as an adjunct professor. As an adjunct professor, he is not on the tenure track, but he teaches courses just like tenured professors do. He knows that the career path to earning his PhD and becoming a tenured professor is a rocky one. He also knows the job is not guaranteed, and compensation is quite low. That is why he also takes on consultancy work in asset management, when the opportunity arises, to help make ends meet.
Darren’s passion for asset management and his love for teaching and working with students are so strong, that he is ready to take on the rocky path. He is convinced that the opportunities
