There are three key asset management documents – policy, strategy and plan.
The policy document outlines the principles that govern an organisation’s approach to asset management and the way it will apply asset management to achieve its organisational objectives.
The asset management strategy details the organisation’s asset management objectives and its approach to implementing the policy and achieving the objectives.
The specific asset level actions necessary to achieve the organisation’s asset management objectives are detailed, typically arranged by date, in the asset management plan.
For most agencies one document should suffice with separate sections for the policy, strategy, and plan. The key value in developing these documents is that it forces an organisation to think about their assets, the importance of those assets to it, and how they should be most appropriately managed.
The asset management policy outlines the principles, requirements and responsibilities for undertaking asset management across the organisation (IIMM, 2011b, pg.4). It should be aligned to and demonstrate support for the organisation’s strategic objectives (ISO 55002, 2014c, pg. 7), be consistent with other organisational policies and be appropriate to the nature and scale of the organisation’s assets and operations (ISO 55001, 2014b, pg. 2).
The asset management strategy sets out the long-term approach the organisation will follow to implement its asset management policy and principles and to manage its assets (ISO 55002, 2014c, pg. 2). It also establishes the asset management objectives and describes the high level asset management practices, plans and programmes to be implemented to achieve the objectives. These will be primarily shaped by the organisation’s own strategic objectives. The asset management strategy helps organisations to work through the link between organisational objectives and the assets required to most cost-effectively support those outcomes (ISO 55002, 2014c, pg. 7).
The asset management strategy is then used to develop the asset management plan, which sets out specific asset level actions required to deliver on the asset management objectives (ISO 55002, 2014c, pg. 2). The asset management strategy will typically have a 10 year horizon, but can be longer.
The asset management plan documents the life cycle activities; typically a mix of capital, operational and maintenance and disposal; to be undertaken so that assets are able to provide a defined level of service in the most cost effective way (IIMM, 2011b, pg.23). The asset management plan should include specific and measurable activities, performance criteria and outcomes (ISO 55000, 2014a, pg. 7).