Elements and Performance Criteria
- Plan to introduce new assets
- Clear need for asset is demonstrated based on strategic or customer requirements.
- Alternative options are identified.
- Level of service in relation to demand, reliability, quality and life span of asset is assessed.
- All costs relating to life cycle of the asset are predicted.
- Planning strategies clearly identify how life cycle costs are to be funded.
- Performance of assets and probability of failure for aggregated and individual assets are predicted.
- Planning decisions are analysed for cost options.
- Conduct project evaluation
- Determine acquisition and supply strategy
- Collect asset information for management system
- Plan for disposal of surplus assets
- Current condition and ultimate failure mode of asset are confirmed.
- Availability of asset/components for disposal is assessed in terms of current usage, potential usage and availability of alternative service options.
- Book value and accumulated depreciation of asset are identified to enable profit/loss on disposal to be calculated.
- Barriers to disposal of asset are identified.
- Methods of disposal are identified and assessed against organisational and legislative requirements and costs.
- Dispose of assets