An Asset Management Strategy is a strategy for the implementation and documentation of asset management practices, plans, processes & procedures within an organisation.
Alternate Definitions
- A corporate statement of a medium to long term goal for the comprehensive maintenance of a group of assets (e.g. road network), supported by processes for the development and implementation of plans and programs for asset creation, operation, maintenance, rehabilitation/replacement, disposal and performance monitoring to ensure that the desired levels of service and other operational objectives are achieved at a minimum cost. - Austroads Glossary of Terms.
- A strategy for asset management covering the development and implementation of plans and programmes for asset creation, operation, maintenance, rehabilitation/replacement, disposal and performance monitoring to ensure that the desired levels of service and other operational objectives are achieved at optimum cost. - International Infrastructure Management Manual .
Contents
An Asset Management Strategy is a high level but very important document that guides the overall asset management activities within an organisation. Being a strategy it is meant to explore long term issues and ensure that the overall plan is linked to key "strategic" issues of the organisation. The Asset Management Strategy should look out at least 20 years. The strategy will start with the "vision, the goals and objectives" and will describe, how in practical terms, these corporate objectives can be achieved (generally in the longer term). The strategy covers macro items (and activities) and leaves the detailed (micro) environment to the more specific plans. The detailed plans will describe the outcomes (and timing) that result in meeting key objectives. The detailed plans will include operational plans with medium term timeframes (e.g. Four Year plans) The Asset Management Strategy will be linked to (and depend on) several detailed plans to deliver its objectives and meet expected outcomes (in the shorter term);
- Asset Management Policy
- Asset Management Plan
- Asset Management Improvement Plan
- Long Term Financial Plan
- Risk Management Plan
- Social Plan
- Environmental Plan
- Community Plan
- Community Engagement Plan
