Elements and Performance Criteria
- Determine asset management objectives.
- Asset management objectives are assessed and clarified using appropriate research and survey techniques and consultative processes.
- Strategic plans and other information are obtained and asset management issues analysed.
- Roles and responsibilities associated with developing an asset management plan are clearly defined and documented.
- Monitoring and reporting arrangements for asset management activities are determined.
- Information is reviewed to ensure accuracy, and a detailed budget and sinking fund forecast are prepared.
- Applicable industry, organisational and legislative requirements are interpreted and complied with.
- Conduct strategic analysis.
- Information on current and future asset requirements is accessed and evaluated according to organisational policies and procedures.
- Economic trends and market developments are identified and evaluated in terms of potential factors that may impact on asset management objective.
- Comparative market data is obtained and analysis undertaken using standard financial analysis techniques.
- Risks and contingencies are identified and quantified according to industry standards, precedents and techniques.
- Design support processes.
- Key performance criteria for measuring the achievement of objectives and strategies are developed and incorporated into asset management plan.
- Financial, physical and human resources to support the asset management plan are determined and organised within budget parameters.
- Quality assurance goals and strategies are determined.
- Draft asset management plan is prepared using business equipment and technology.
- Review and evaluate asset management plan.