Asset Management Plans

In each of the above cases this information could be recorded in a database relating to the overall strategy for these assets in which the proposed works, the costs of the works and the date at which they are justified would be recorded.

For each asset, facility, system or service, these costs can be aggregated to form a complete asset management plan or future renewal program, aggregated to the various asset management levels.

By plotting these future cash flows, the organization can easily determine the average annual annuity that is required to fund this capital program.

The key success factor for these activities is the provision of appropriate cost effective information systems and the automatic or cost effective maintenance of the data required.

These activities should form part of any asset organization's continuous improvement program or cost reduction opportunities.

The ORDM analysis that has justified this strategy should be recorded in an appropriate system and this fact should be noted on the overall asset register screen.