Computerized Asset Management System free essay sample

TITLE PAGE COMPUTERIZED ASSET MANAGEMENT SYSTEM (A Generic Case Study) BY DEPARTMENT OF COMPUTER SCIENCE IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF NATIONAL DIPLOMA IN COMPUTER SCIENCE AUGUST 2008 CERTIFICATION This is to certify that this project being an original work was undertaken by - Project SupervisorDate Director of StudiesDate DEDICATION This project work is dedicated to the God Almighty; the giver of life, strength, wisdom and every good gifts who has seen us through the challenges of making this work a reality. . AKNOWLEDGEMENT There are many individuals who contributed to the production of this project work through their moral and technical support, advice or participation. Finally, we would like to thank our families and friends for their understanding, encouragement, and support over the completion and fulfillment of our project work. ABSTRACT The record keeping routines, information tracking, complicated logistics and many other administrative procedures are all regular activities that constantly make up the core processes in the management of real and financial assets. However these processes could be quite cumbersome and inefficient when manual systems being used continue to play prominent roles in organizations that offer such services. Basically, with the advent of Information Technology (IT), some organizations, government agencies, individuals etc. ave employed various database management software including relational database and spreadsheet software for the management of assets. However, these application software are generic; hence there is need to design a system that is tailored to specific need of asset management. Consequently, this project work finds it necessary to study and analyze the difficulties inherent in the administration and management of asset manually in organizations with a view to proposing an extensive solution to these problems. TABLE OF CONTENTS CONTENTSPages TITLE PAGE-i CERTIFICATIONii DEDICATIONiii ACKNOWLEDGEMENTiv ABSTRACT-v TABLE OF CONTENTSVI CHAPTER ONE NTRODUCTION1 DEFINITION OF TERMS2 PROBLEM STATEMENT3 OBJECTIVES OF THE STUDY-4 SCOPE OF PROJECT4 SIGNIFICANCE OF THE STUDY-5 LIMITATIONS CONSTRAINTS OF THE ROJECT-6 CHAPTER TWO LITERATURE REVIEW ASSETS-7 ASSET MANAGEMENT9 COMPUTERIZATION10 PROBLEMS INHERENT IN THE EXISTING SYSTEM-12 CHAPTER THREE SYSTEM ANALYSIS AND DESIGN SYSTEM ANALYSIS-13 SYSTEM DESIGN14 SPECIFICATION REQUIREMENT14 SYSTEM ARCHITECTURE-19 CHAPTER FOUR – IMPLEMENTATION LANGUAGE OF IMPLEMENTATION21 CODING-22 SYSTEM REQUIREMENTS-22 THE INTERFACE OF THE NEW SYSTEM24 UPDATE AND MAINTENANCE OF SYSTEM25 CHAPTER FIVE – SUMMARY CONCLUSION AND RECOMENDATION SUMMARY-26 CONCLUSION26 RECOMMENDATION27 APPENDIX 1 – PROGRAM CODE28 APPENDIX 2 – PROGRAM FLOWCHART32 APPENDIX 3 – GUIDELINES FOR DBASE DESIGN-33 APPENDIX 4 – DIAGRAM OF ASSET MAGT SYSTEM-34 APPENDIX 5SCREENSHOT OF INTERFACE35 REFERENCES38 CHAPTER ONE INTRODUCTION Asset intensive industries face the harsh realities of operating in highly competitive markets and dealing with high value facilities and equipment where each failure is disruptive and costly. At the same time, they must also adhere to stringent occupational safety, health and environmental regulations. Maintaining optimal availability reliability and operational safety of plant, equipment, facilities and other assets is therefore essential for an organizational competitiveness. The function of asset management are taking a fundamental turn where organizations are moving from historical reactive (run-to-failure) models and beginning to embrace whole life planning, life cycle costing, planned and proactive maintenance and other industry best practices. Asset Management is not operational excellence but instead focused on effectiveness; bring out the most of every capital investment or expense from a planning perspective. It has a long-term view, strives for balanced investment-risk-performance levels and supports data driven decision-making required for all ‘discretionary spending’. However, some companies still regard manual asset management procedure, despite the evolution of information technology, which cannot meet up the above challenges; hence the objective of this project work is to present a conceptual and practical approach for the management of asset using a computer program. This is necessary due to the accuracy, efficiency and reliability of computer in performing rigorous tasks such as manipulation and querying of large volume of data which is relevant in managing asset. 1. Definition of Terms The major variables in this work are Asset, Management, Computerization and System. The definitions of these variables are given below: 1. 1. 1Asset – this could be defined as a person or thing that is valuable or useful to something. Banking and Finance defines asset as a thing which belongs to a company or person which has value. 1. 1. Management – this could be defined as the act of running and controlling a business or similar organization. 1. 1. 3Computerization – this word is derived from the word computerized, which means to provide a computer or computers to do the work of something. 1. 1. 4System – this is defined as a collection or assemblage of different part or component that is connected together in an organized way in ord er to achieve a particular goal to satisfy a particular interest. System could also defined in computer term as a collection of procedures and devices working together as a unit. . 2Problem Statement The application of computer in virtually all fields of human endeavor has tremendously improved the mode of operations in organizations. However, some organizations and companies still rely on manual asset management as well as record keeping, which is tedious and the procedure is cumbersome. These problems are listed below: †¢ Inaccurate data entry and mix-up of records †¢ Unavailability of accurate data-bank of records since paper is a bio-degradable material they tend to spoil with time †¢ Ineffective security of documents Long process on retrieval of record due to large volume of paper stored †¢ Delay in accounting and auditing proceedings due to tedious process involved in record retrieval †¢ Documents occupy a lot of space that could be put into other prof itable use. 1. 3Objectives of the Study The objectives of the study are: †¢ To eliminate the error associated with the existing system. †¢ To provide more reliable storage and retrieval of asset record through the use of computer. †¢ To increase information availability and accessibility. To enable asset managers easily estimate asset net-worth through the use of inbuilt computerized logic on asset models. 4. Scope of the Project The scope of this study covers the following: †¢ Basic procedures and process associated with record keeping †¢ Availability of interactive and easy to use Graphical User Interface (GUI) with vital components in form format, which enable users to enter information about financial assets and fixed assets. †¢ The application includes tools that allow users to estimate the net-worth of a particular asset. 5. Significance of the Study The significance of computerization of asset management system includes the following: †¢ Speed – computers operate at a very high speed that enables users to enter, store data and retrieve information within a very short time. †¢ Storage – Computer has a very high storage capacity; be it internal or external storage media, which is a vital aspect of asset management. †¢ Accuracy – the high degree of accuracy exhibited by computer is of essence in record keeping and accounting procedures in asset management. †¢ Efficiency – the efficiency of computers can improve the overall efficiency of organization. Reduction of Complexity – the complexities in record keeping and computation of asset values can be drastically reduced by the application of some statistical tools embedded in computer systems. †¢ Security – computerized system offers better security facilities, which is needed in asset management to safeguard the inte grity and confidentiality of vital data and information organizations. †¢ Error Detection and Correction – computerized systems can easily detect errors like wrong spelling or formula in processing data and suggest appropriate correction needed. 6. Limitations and Constraints of the Project The following limitations and constraints were experienced: †¢ The project is generic in its approach to Asset Management as it is not targeted towards any specific Organization. †¢ Effective utilization of advanced accounting and administrative tools were intentionally omitted from our research and study specifications due to restrictions we were subject to under specified curriculum. †¢ Finance – this research work has been constrained by lack of funds. Hence, it was difficult to acquire some materials that would have enhanced the work. Time – considering the originality of this project, more time would have been required for an extensive work. †¢ Insufficient information – Some organizations relevant to this research work could not release some vital information for fear of compromising the integrity of their management procedures. CHAPTER TWO LITERATURE REVIEW This chapter reviews some literatures related to this project with the aim of designing a computerized system that would be replaced with the popular manual asset management system, which is tedious, cumbersome and time consuming to manage. Consequently, there is need to understand what assets are, the different types of assets and the kind of information about assets that are needed in order to ensure effective management of assets records. 2. 1What are Assets? In this context the definition of asset is very broad. Anything that is used by an organization in order for it to achieve its function can be considered and asset of the organization. This will include a number of different types of assets and are classified based their characteristics. Some types of assets are listed below: †¢ Fixed Assets – these are assets that could last as long as the company or organization exists. They include office furniture, vehicles, etc. †¢ Liquid Assets – liquid assets include cash or bills that can easily be converted to cash. †¢ Financial Assets – these include investment and cash at hand. These kinds of assets could also be seen as claim against the income or wealth of business organization; usually represented by a certificate or legal documents, which include bonds, insurance policies, stocks, deposits etc. However, considering the importance of financial assets in this project, it is necessary to consider some of its characteristics and categories. Characteristics of Financial Assets †¢ Financial assets cannot be depreciated †¢ They do not provide continuous stream of service to their owners †¢ They can easily be converted to another form, which could be substituted for other assets. For example shares can be converted to another form of asset desired by its owner. Different types of Financial Assets Basically financial assets are divided into four groups; namely: †¢ Equities – this is also known as stock, which represents ownership shares in a business firm in which it could be used as claim against the firm’s success. Equities are also categorized into common stock and preferred stock. Common stock entitles its holder to vote for the members of the firm’s board of directors while preferred stock has no such privileges. Preferred Stock also known as capital stock provides a specific dividend that is paid before any dividends are paid to common stock holders, and which takes precedence over common stock in the event of liquidation. †¢ Money – this is any financial asset that is generally accepted as payment of the purchase of goods and services. Derivatives – these are the newest type of financial assets being introduced, which has unique financial claims. Its market value is influenced by the return on a related financial instrument such as loans, bonds, stock etc. 2. What is Asset Management? Asset management is a general term with many different meanings, depending on which governmental agency or organization is using it. The clerk considers asset management the appropri ate recording and report of assets in accordance with generally accepted accounting principles. The finance director considers asset management as a strategic financial plan. The utility director thinks of his or her job and maintaining the utility’s infrastructure in good working order. The utility supervisor thinks of a work order system that helps plan and control resources and equipment. The Information Technology (IT) director sees asset management as another enterprise wide, integrated suite of computer software and hardware requirements. Since all of these agencies have policy criteria they are responsible to meet, designing asset management system must consider all criteria in order to be useful and successful. According to Austroads, asset management may be defined as a comprehensive and structured approach to the long term management of assets as tools for the efficient and effective delivery of community benefits. The emphasis is on the assets being a means to an end, not an end in themselves. Asset management refers to the professional management of investments such as stocks and bonds, along with real estate. Typically, asset management is only practiced by the very wealthy, as the services of a professional firm can demand considerable sums of money, and successful asset management usually requires a large and diverse portfolio. . What is Computerization? This is concern with provision of computer or computers to do the work of something. Computerization could be defined as the technological application of electrical and computer based systems to supplement the operations and control the activities of an organization. This technological application could include computer process contr ol, feedback control, planning, data collection and decision making support facilities. Computerization aids in automation of processes that usually required tedious manual inputs and outputs. In the light of these broad definitions Computerized Asset Management System could be seen as professional management of investments such as stocks and bonds, along with real estate by means of technological application of electrical and computer based systems to supplement the operations and control the activities of an organization. Asset management can be relatively tedious and is error prone when using the manual system that is associated with rendering such services. However, with the use of computers, this can be easily done in record time and faster than the manual process. In relation to the above mentioned facts, this work (Computerized Asset Management System) seeks to highlight the problems associated with the existing manual system with a view to making necessary recommendations that seek to eliminate the indices inherent problems thereby presenting the computerized system as a preferred solution. 2. 4Problems Inherent in the Existing Manual System The following are the lapses in the existing manual system: †¢ Inaccurate data entry and mix-up of records †¢ Unavailability of accurate data-bank of records since paper is a bio-degradable material they tend to spoil with time Ineffective security of documents †¢ Long process on retrieval of record due to large volume of paper stored †¢ Delay in accounting and auditing proceedings due to tedious process involved in record retrieval †¢ Documents occupy a lot of space that could be put into other profitable use. CHAPTER THREE SYSTEM ANALYSIS AND DESIGN Systems are created to solve problems. In this dynamic world, the subject of System Analysis and Design mainly deals with software development activities. The process of building a software system, from analysis to implementation is generally referred to as Software Project Development Life Cycle. The various aspects of the Software Project Development Life Cycle concerned with this project are enumerated below: 3. 1System Analysis Analysis involved a detailed study of the current system, leading to specifications of a new system. It is also a detailed study of various operations performed by a system and their relationships within and outside the system. 3. 1. 1System Study. System study is the first stage of system development life cycle. This gives a clear picture of what actually the physical system is. This study is usually done in two phases. In the first phase, the preliminary survey of the system is done which helps in identifying the scope of the system. The second phase is more detailed and in-depth study in which the identification of user’s requirement and the limitations and problems of the present system are studied. It also involves checking existing system by carefully analyzing the process involved, in this case manual method of asset management. Hence, problems noticed in the existing system prompted us to consider a better solution to the current method of manual processing. . 1. 2Feasibility Study. On the basis of result of the initial study, feasibility study takes place. The feasibility study is basically the test of the proposed system in the light of its workability, meeting user’s requirements, effective use of resources and of course the cost effectiveness. 3. 2 System Design Based on the user requirements and the detailed analysis of a new system, the new system must be designed. In the design of the proposed system, the following specific requirements are considered. 3. 3Specification Requirement Input Specification Considering the proposed system various input are required by the user such as Username, password, new asset acquired including its type, value, location, date etc. However these input data has to be specified so that the computer can carry on necessary manipulation. Input Specification for Real Assets (SQL Server Settings) |Data Item |Data Type |Length |Description | |ID |Varchar |10 |Identification number of asset | |Item |Char 10 |Asset name | |Category |Char |10 |Asset type/category | |Description |Varchar |100 |Asset detailed description | |Manufacturer |Char |50 |Asset manufacturer (for real assets like cars, | | | | |machinery etc) | |Model |Varchar |50 |Asset Model (for real/fixed assets) | |Date Acquired |Datetime |9 |Date asset was acquired | |Purchase Price |Money |8 |Price of asset at time of purchase (for | | | | |real/fixed asset) | |Current Value |Money |8 |Value of asset based on depreciation parameter | |Condition |Char |10 |Physical condition of assets (for fixed/real | | | | |assets) | |Location |Varchar |200 |Place where asset is located/ can be found | |Owner |Varchar |100 |Owner of asset | |Retired Date |Datetime |9 |Date of discontinued use of asset | |Comments |Varchar |250 |Detailed comment/information about asset | |Attachments |Nvarchar/binary | |Attachment files such as images, electronic | | | | |receipt of purchase etc. | Input Specification(s) for Financial Assets |Data Item |Data Type |Length |Description | |Asset ID |Varchar |10 |Identification number of asset | |Asset Name |Varchar |20 |Name/Title of asset | |Description |Varchar |100 |Detailed description of asset | |Category/Type |Varchar |50 |Type of financial asset (i. e. onds, treasury bills, | | | | |stocks etc) | |Issuer |Varchar |50 |Issuer of asset/IOU | |Date of Acquisition |Datetime |9 |Date asset was acquired | |Value |Money |8 |Value of asset at acquisition | |Current Market Value |Money |8 |Value of asset at a point in time based on market | | | | |factors | |Maturity |Datetime |9 |Maturity date for IOUs, bonds, treasury bills etc | |Owner |Varchar |20 |Name of asset holder | Input Specification for Users (Holders of Assets) Data Item |Data Type |Length |Description | |ID |Varchar |10 |Unique Identification number for holder/bearer of asset. | |First Name |Varchar |20 |First Name of asset holder | |Last Name |Varchar |20 |Last Name of asset holder | |Company |Varchar |20 |Employer of bearer/holder of asset | |Job Title |Varchar |50 |Job Description/Occupation of holder | |Email |Varchar 100 |Email address of holder | |Phone Number |Varchar |20 |Contact number of holder/bearer | |Address |Varchar |100 |Contact address of holder of asset | Output Specification/Expectation Expected output includes windows-based forms for data entry and manipulation, validation, security, and hard copy reports printing features on assets. File and Storage Requirements Data is stored on a relational database; the data base software used is Microsoft SQL Server2002. The storage device used for the proposed system is hard drive. Control and backups – the security and control facilities of the proposed system ensure the accuracy, security and privacy of the software resources. Control and backups control for the proposed system include: †¢ Requirement of password for access †¢ Software checks †¢ Periodic backup copies of the system Personnel and Procedure – The proposed software is going to be used by client and company’s administrator; hence there would be need to hire the service of a database manager. 3. 4 System Architecture The proposed system combine page layout with application content to create sophisticated database-driven windows forms with controls, validation and security. [pic] Presentation Layer – The system comprises windows (forms)-based user interface, including data validation logic for built-in field types. An extensive set of intelligent field types is supported providing built-in validation for data types like email addresses, currency, and phone numbers †¢ Business Layer The Business layer is where the bulk of business logic resides. †¢ Data-Access Layer – the application’s data access code, table sorting logic, table filtering logic etc are all part of this layer. It includes SQL statements and queries needed for storing retrieving, and filtering data from the database. †¢ Database Layer – This is the actual RDBMS and objects of the database such as SQL Queries, Views, and Stored Procedures. CHAPTER FOUR IMPLEMENTATION Implementation is the stage of a project during which theory is turned into practice. This stage includes software acquisition and development, personnel hiring and training, site preparation and data preparation, installation, testing etc. The stages for implementing the proposed system are listed enumerated below: 4. 1Language of Implementation The programming language used is Microsoft’s Visual Basic. VB. NET is an offshoot of Visual Basic programming language developed by Microsoft. It is one of the fourth generation Object Oriented Programming Languages, as against Visual Basic that is largely a procedural language. VB. NET is the only . NET language that supports late binding. In the VS. NET IDE, VB. NET rovides a dropdown list at the top of the code window with all the objects and events; the IDE does not provide this functionality for any other language. VB. NET is also unique for providing default values for optional parameters, and for having a collection of the cont rols available to the developer. 4. 2Coding This refers to the process of writing the program instructions that will process the data and produce the output specified in the program design. Analysis of  some VB. Net code †¢ Imports System. Data †¢ Imports System. Data. SqlClient †¢ Imports System. Data. OleDb These objects enable you to interface with all sorts of data sources, from text files to Microsoft SQL Server, to Oracle, or even with custom data sources created by the programmer. 4. 3 System Requirement This consists of the hardware and software requirements needed for the proposed system to operate at a maximum efficiency. 4. 3. 1 The hardware requirements †¢ Pentium 4 2. 4 GHz †¢ 80GB Hard disk drive †¢ 512 MB RAM †¢ BIOS standard with embedded extensions (Basic input/Output system) 4. 3. 2 The Software Requirement †¢ Window XP embedded with service pack 2 †¢ Database Software (MsSQLserver2000) †¢ Visual Basic. Net The final stage of implementation is the conversion of the system. At this stage, manual working has to shift from manual to computerized working. Basically, two strategies are applied on conversion process, which are Pilot and Parallel. In Pilot run or conversion strategy, the new system is installed in parts. Some part of the new system is installed first and executed successfully for considerable time period. When the results are found satisfactory that other parts are implemented. While in Parallel conversion, both the computerized and manual systems are executed in parallel. This strategy is recommended for the implementation of this project because of the following benefits: †¢ Manual results can be compared with the results of the computerized system. †¢ Failure of the computerized system at the early stage, does not affect the working of the organization, because the manual system continues to work, as it used to do. 4. The Interface of the New System †¢ The application login Page (this requires a User name and Password) †¢ Application’s Main Page – this page is an MDI form from were other windows can be called and users can interact with the user. It contains a menu bar with menus, a toolbar, a tree view and a tab page control which enable users to interact with the system †¢ Contact Details page – used to enter information about Asset owners into the database †¢ Asset Details page – used to Enter assets into the database and to find asset information. †¢ Admin Password Setting page – this page is used to change and update username and password of users of the system A Report Page – uses crystal Reports to display information about assets. 4. 5Update and Maintenance of System Since humans and their demands are dynamic, the system needs to be maintained and updated frequently to adapt to the ever-changing technological world and the changing environment. Periodic updating of the computerized asset management system is necessary with the assistance of a system programmer, system designer and database administrator to ensure that no corrupt hardware or software has been installed in the system. Also needed is vir us protection software to safeguard the system from falling victim to many types of viruses e. g. a Trojan Horse and worms. A virus is simply malicious software that is intended to infiltrate a computer system and corrupt it). Username and password of administrator should be kept secret, as exposure of this detail would allow unauthorized users access to the database, thus exposing the financial details of clients. A periodic update of the database is needed to keep the system up to date, as the need arises. The maintenance process would also involve correcting errors as and when they occur, documentation of the system updates and corrections. CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATION 5. 1Summary The project work is a result of efforts to fully computerize and display the modern means of managing asset using a generic case study. The use of a computerized system in managing assets would definitely enhance the process of asset management. The implementation of this project will surely improve the efficiency and effectiveness of asset Management organizations in terms of storing, saving large volumes of data of assets, and easy access to asset information which will improve the decision making process of such organization. 5. 2 Conclusion Computerization has affected every facet of the society from politics, education, leisure, business and entertainment. Hence, asset management as one of the determinants of a successful economy should not be left out. 5. 3Recommendation It is recommended that the Use of Computerized Asset Management system will improve the effectiveness and efficiency of Asset Management Companies such as Investment Banking Trust Company (IBTC), UBA Trustees and other Real Asset Management Companies as well as individuals who manage their own portfolio of assets. Database Layer Stored Procedures SQL Queries Database Data Access Layer Utility Classes Data Access Classes Table-Specific Data Access Classes Transaction Management Data Cache Management Connection Management Business Layer Table Classes Record Classes Presentation Layer Code-Behind Sub-classes Security Code Behind Validation Code User Interface