Renewal/Replacement Plan

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.

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External Links & References

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