A Renewal/Replacement Plan is a document that defines how an organisation decides when assets need to be renewed, the projected cost of renewals and the standards applicable to them. Renewal/Replacement Plans are often a section within an Asset Management Plan.
The Queensland Department of Local Government, Sport and Recreation's minimum requirements for Asset Management Plans require a Renewal/Replacement Plan to include "Renewals Capital Expenditure".
Other items that could be included in a Renewal/Replacement Plan, include:
- A description of the replacement/renewal identification process
- Renewal Standards
- A list of renewal options
- End of life projections.
- A list of materials, methods & service standards needed to meet the required level of service.
- A list of risks associated with alternative standards.
- A program of forecast replacements and costs.
- A cashflow forecast of costs.
- A list of deferred renewals.
- A deferral risk analysis.
- A renewal funding strategy.