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3. Asset management plan process

For further information regarding Asset Management refer to the Department of Treasury and Finance.

An asset management plan sets out the framework for an agency to allocate appropriate resources and make strategic decisions to support service delivery. The asset management plan is for use when setting out support systems, in-house or contracted out, budgeting and accreditation purposes. There is an assumption that the agency has clearly set out its existing service plans and for the future and has identified asset performance standards. 


Service delivery oriented

  • Define functions.
  • Functional requirements.
  • Current and future requirements.

Translate agency service and functional requirements to asset requirements.

  • Location.
  • Spatial.
  • Financial.
  • Other.



  • Asset recording:
    • land, build, plant, equipment
    • compliance
    • conditions.
  • Assets and performance:
    • infrastructure / remedial works
    • O and M
    • energy / environment
    • other
    • new
    • refurbished.

What Is

Identify existing conditions - asset assessment

  • Asset land / buildings.
  • O and M.
  • Environmental systems
    • performance requirements for service delivery
    • indoor environmental quality infection control and special requirements
  • Central energy
    • essential services and utility arrangements
    • plant and reticulation systems
    • metering monitoring and reporting systems.
  • Performance specifications
    • compliance
    • safety
    • security
    • other.
  • Life cycle of each component.
  • Accommodating future changes.


Review suitability of existing to meet service delivery needs.

  • business continuity
  • contingency arrangements
  • budgets
  • cash flows
  • dysfunctional facilities
  • upgrade and renewal priorities
  • unsatisfactory, e.g. gaps overlaps
  • identify options.

Criteria for selection of preferred asset

  • strategic issues
  • priority (urgent items < 12 months)
  • costing.


Asset management plans are required to be produced at critical phases of the development of asset throughout their life, e.g. design stage (cost plan A, C and D) and during operations (e.g. annual budget preparation).

Asset management action plans

  • short (12 months)
  • medium (3 years)
  • long (5 years +).

Asset management budget

  • short (12 months)
  • medium (3 years)
  • long (5 years +).

Management issues

  • planning
  • acquisition
  • implementation
  • disposal
  • maintenance
  • operational
  • environmental
  • emergency services
  • financial plans.
Asset management plan process
Asset management plan process