What is the purpose of the asset management policy?

To determine the asset management objectives including costs, risks and performance, aligned with the organisational objectives.

To set a framework of principles for translating the organisation's strategic objectives into asset management objectives and guiding development of the asset management strategy.

To describe the long-term approach to the management of physical assets and how organisational objectives are converted into asset management objectives.

To address the approach of the asset management organisation to realise the (strategic) asset management plans.

To balance the costs and benefits of different renewal maintenance overhaul and disposal interventions in support of the asset management objectives.