In its most basic form an asset renewal program is a list of proposed renewal works programmed for a particular year or years and with an estimated cost assigned to each item.
The proposed timing of works will typically be based on the Remaining Useful Life of the asset being renewed, but the availability of funding and resources may also effect the program. (Ideally an asset with an RUL of x years, will be programmed for renewal in x years time.)
Before a renewal program can be developed:
- Service levels need to be set.
- The condition of assets needs to be known.
- The relationship between condition and remaining useful life needs to be understood.
- Treatment options need to be identified and their costs determined.
Example Renewal Program
The following site members have contributed to this page: