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Asset management planning

Good practice is for agencies to create a management plan to forecast their asset requirements, and maintain an asset register to ensure they can budget accurately.

Asset management documents

​There are three key asset management documents – policy, strategy and plan.

Agencies should carry out their own analysis to work out how their specific asset spread is structured. They can then use that information to determine if an overarching policy and strategy is necessary. For example, smaller agencies without complex asset structures may only require a planning document, while larger agencies may want separate documentation for all three.

In either case, the plan will be the most detailed section, and should include a 10-year capital renewals programme which takes into account future increases or decreases in demand; this ensures the assets can continue to deliver the right levels of service and benefits.

Asset management plan

The plan includes:

  • the actions required to achieve the organisation’s asset management objectives, typically arranged by date
  • a 10-year forecast of asset requirements
  • a link to the fixed asset register.

The 10-year forecast

A comprehensive forecast should have:

  • demand forecasts and impacts (considering future agency business requirements, like organisational growth or increased levels of remote working)
  • lifecycle activities for acquiring, operating, maintaining, and disposing of assets
  • planned renewal and upgrade works (including what it will cost and how it will be funded).

The forecast should be updated annually and used to define annual budget requirements.

What to include in the plan

  • Information currently held on assets, any data required and how these information gaps will be addressed.
  • Levels of service statements describing the service output of the assets which include parameters such as safety, quality, and reliability that end-users expect, and captures the organisation's outcomes. 
  • Service levels and description of services (how asset information will be used and reported on).
  • Financial information on asset values and depreciation rates.
  • Ongoing processes and timelines for monitoring, review and improvement of the asset management plan.
  • Asset condition and performance – use data from the asset register.

Creating and maintaining an asset register

Asset management policy and strategy

The policy needs to outline:

  • the agency's asset management principles and approach
  • how it will apply asset management to achieve its organisational objectives.

The strategy needs to detail the agency's asset management objectives.

What to include in the policy

  • The policy purpose; for example, whether it exists to mitigate risks, improve sustainability, etc.
  • Organisational context.
  • Asset management roles and responsibilities.
  • What assets the policy applies to.
  • How the policy will guide the organisation’s commitments and expectations for asset management decisions, activities and behaviour.

What to include in the strategy

The strategy outlines at a high level how the agency proposes to manage its assets. Objectives might include things like:

  • providing staff with a physical work platform that is fit-for-purpose and helps to meet organisational objectives
  • providing staff and visitors with an environment that contributes to positive health and safety outcomes
  • supporting efficient asset information management between the asset planning and management function and the corporate and business planning, and finance functions
  • optimising the lifecycle costs of assets.

Property planning

Further guidance

For agencies needing more in-depth guidance, refer to:

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