Principles of Asset Management

The Victorian Department of Treasury and Finance and ANAO have both published lists of Asset Management Principles.

Victorian Department of Treasury and Finance Asset Management Principles

  1. Service delivery needs are to guide asset practices and decisions.
  2. Asset planning and management are to be integrated with corporate and business plans, budgetary and reporting processes.
  3. Asset management decisions are to be based on evaluations of alternatives that take into account full life cycle costs,benefits and risks of assets.
  4. Ownership, control, accountability and reporting requirements for assets are to be established, clearly communicated and implemented.
  5. Asset management activities are to be undertaken within an integrated Government asset management policy framework.

ANAO Principles of Asset Management

  1. Asset acquisition, disposal and life-cycle management decisions are integrated into an entity's strategic and organisational planning;
  2. 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;
  3. an effective control structure is established for asset management;
  4. accountability is established for asset condition, use and performance; and
  5. disposal decisions are based on analysis of the methods which achieve the best available net return.

Related Pages

External Links & References

  1. 5 Principles of Asset Management (ANAO)
  2. Definitions, Concepts and Scope of Engineering Asset Management
  3. Victorian Department of Treasury and Finance Asset Management Principles
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