textual image stating 'Department of Health, Victoria, Australia'

2. Contents of an asset management plan

For further information regarding asset management refer to the Department of Treasury and Finance.

An asset management plan should include:

  • An acquisition plan - for purchase or lease of building, property, new assets or facilities.
  • A disposal plan - including change of use, transfer, ownership, rental, sale or lease back.
  • An environmental management plan - including meeting energy efficiency targets, greenhouse gas minimising policy and green power requirements, water management planning, waste management planning, recycling and procurement issues, transportation monitoring and reporting requirements.
  • An asset operations and maintenance plan - includes register of all buildings, critical infrastructure plant and engineering equipment, defining standards of work to be done and forecasting business-as-usual (BAU) issues including asset life, performance requirements and related expenditure.
  • A financial / funding plan - including operations and maintenance of normal BAU, predicable upgrades or major refurbishments and considering methods of raising funds including asset sales.
  • A risk management plan - to define asset areas that impact service delivery, the management of business continuity, contingency planning and the uncertainties of the asset procurement and operating strategy.

Risk management planning is critical in identifying and quantifying risks that affect service delivery and should be reviewed regularly for example, it is recommended to be reviewed every three years or whenever a major change is affected.