Principles of Asset Management
Victorian Department of Treasury and Finance Asset Management Principles
- Service delivery needs are to guide asset practices and decisions.
- Asset planning and management are to be integrated with corporate and business plans, budgetary and reporting processes.
- Asset management decisions are to be based on evaluations of alternatives that take into account full life cycle costs,benefits and risks of assets.
- Ownership, control, accountability and reporting requirements for assets are to be established, clearly communicated and implemented.
- Asset management activities are to be undertaken within an integrated Government asset management policy framework.
ANAO Principles of Asset Management
- Asset acquisition, disposal and life-cycle management decisions are integrated into an entity's strategic and organisational planning;
- asset planning decisions are based on an evaluation of alternatives, which assesses risks and benefits, and applies the Government's core procurement principle of value for money across the asset's life-cycle;
- an effective control structure is established for asset management;
- accountability is established for asset condition, use and performance; and
- disposal decisions are based on analysis of the methods which achieve the best available net return.