Asset Management Concepts and Practices

The video tutorial explains asset management, focusing on creating a comprehensive record of organizational assets. It covers the IT perspective, associating assets with help desk tickets, and the financial implications of asset management. The tutorial discusses asset tagging, database management, and how these tools aid in troubleshooting and warranty checks. It also highlights the importance of asset management in planning and budgeting. Finally, the video outlines the asset acquisition process, detailing the steps and approvals required to purchase new assets.

What is the primary goal of asset management in an organization?

• To reduce the number of assets

• To sell unused assets

• To create a record of every asset

• To increase asset depreciation

In the context of IT, what might asset management include?

• A list of company vehicles

• A list of laptops and servers

• A list of employee salaries

• A list of office furniture

How can asset management assist the help desk?

• By associating assets with tickets

• By providing user manuals

• By offering technical training

• By reducing ticket response time

Why is asset management important for financial reporting?

• It eliminates the need for audits

• It reduces tax liability

• It helps in increasing asset value

• It assists in determining depreciation

What is often attached to an asset for tracking purposes?

• A purchase receipt

• An asset tag

• A user manual

• A warranty card

How can an asset management database be useful for planning?

• By predicting future asset failures

• By showing expected licensing needs

• By reducing asset costs

• By eliminating the need for budgeting

What is the first step in the process of acquiring new assets?

• Negotiating with vendors

• Creating a purchase order

• Finalizing terms and conditions

• Receiving a user request

Who is responsible for negotiating with vendors during the asset acquisition process?

• The legal team

• The purchasing department

• The finance department

• The IT department

What document is created to finalize the purchase of new assets?

• A budget report

• A warranty card

• A purchase order

• A sales receipt

What happens after a vendor fulfills the terms of a purchase order?

• The asset is immediately used

• The purchase order is canceled

• The vendor sends an invoice

• The asset is returned