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| title | chunk | source | category | tags | date_saved | instance |
|---|---|---|---|---|---|---|
| Asset Management Plan | 2/2 | https://en.wikipedia.org/wiki/Asset_Management_Plan | reference | science, encyclopedia | 2026-05-05T16:00:53.426888+00:00 | kb-cron |
==== Replacement policy ==== As a form of preventative maintenance, a replacement policy tells when to replace the asset. An age replacement policy (ARP) call for replacement of an asset at a particular age. For assets with patterns of intermittent use, a modified age replacement policy (MARP) replaces the asset close to the replacement age, but without disrupting use of the asset.
=== Costs === What are the short, medium and longer-term costs for the asset system? A forward looking cost-profile for operating, maintaining, refurbishing and replacing to sustain the Standard of Service. Ideally the cost-profile will extend to cover the life of the longest-lived asset in the system, so as to estimate the whole-life cost, and make it possible to determine the average annual costs. This section may need to be revisited and updated annually, and may form the basis for an annual bid for funding. The numbers provided for the in-year (year 0) and the next three years (1 - 3), should be fairly accurate. Beyond that, estimates of costs so as to enable planning for any large expenditure items expected in the medium-term and to allow sufficient time to do a more in depth appraisal for an asset system that may require a change to the Standard of Service. Alternative management regimes should be considered to optimise the cost of providing the SoS. Where assumptions have been made, the basis for these should be provided. This is important to understand what the planned actions are going to cost, as well as the ongoing "management" and overheads directly related to this particular asset system. Also essential from a local perspective, is optimizing the approach to providing the SoS.
=== Benefits === Why do we want to sustain the agreed standard of service of the assets in this asset system? Without exception, assets should provide some measure of benefits that can be measured or explained. This will usually involve the translation of the standard of service into a monetary figure. Other benefits may be social or environmental, which may be difficult to quantify in monetary or quantitative terms, but some attempt to record all the relevant benefits is important, and more qualitative means may be employed.
=== Improvements === Potential improvements to the Standard of Service: The standard of service currently delivered may be improved by acquisition, enhancement or other means. An "improvement" may also include the potential to reduce the standard of service, and potentially even dispose or divest of an asset or assets in an asset system. These improvements represents a potential change to the standard of service and is typically managed as a project, complete with some form of appraisal of the additional expenditure, comparing different options and selecting a preferred options based on whatever decision process is appropriate. The development and justification of a change project is outside the scope of an asset management plan.
=== Alternate contents === The Queensland Department of Local Government, Sport & Recreation circulated a letter to Queensland Councils in December 2008 which specified the minimum requirements for asset management plans in Queensland. These requirements include:
Introduction and Overview Service Levels (derived from Service Planning) Future Demand (derived from Corporate Planning and Service Planning) Lifecycle Management and Financial Considerations Asset Management Practices Improvement and Monitoring
== Legislation == Section 104(6) of the Queensland Local Government Bill 2008 defines a "long-term asset management plan" as a document that -
outlines the local government's goals, strategies and policies for managing the local government's assets and infrastructure, during the period covered by the plan; and covers a period of at least 10 years after the commencement of the plan. It states that a local government must annually conduct, and report on the results of, a review of the implementation of the plan. In Canada, since 2015 the government of Ontario has mandated municipalities to develop asset management plans for their infrastructure.
== See also == Cost-benefit analysis Cost-effectiveness Analysis Infrastructure Infrastructure asset management Asset management plan period
== References ==