6.2.2 Asset management objectives

This requirement is to demonstrate that the asset management objectives and organisational objectives are:

• aligned; and
• that the objectives of each and every business function are individually necessary and are collectively sufficient to achieve those asset management objectives.

Asset management objectives at all levels of the organisation should be specific and verifiable.

2024 A new subclause, 6.2.1, requires the creation of the Strategic Asset Management Plan (SAMP) and outlines its necessary components and outcomes. This highlights the SAMP’s importance in the AMS and its crucial role in aligning asset management with organizational objectives and policies, as well as in realizing asset value for the organization and its stakeholders.

The strategic asset management plan clearly identifies a process for designing, implementing and reviewing asset management objectives across each and every relevant business function.

The strategic asset management plan should clearly document the asset management objectives and the relevant functional objectives.

The strategic asset management plan should show a clear link between the asset management objectives and functional objectives.

Or similar.

The intent of this requirement is to ensure that appropriate requirements are considered when developing specific asset management plans.

Asset management plans are documents that detail the necessary actions to achieve the intended outcomes capability from an asset.

Multiple documents may describe a plan for a specific document by function or discipline.

A single document may describe a plan for a number of assets or functions and disciplines for assets.

An asset management plan may include details of stakeholders, internal and external factors, technical and legislative requirements, performance and other capability requirements, specific and routine actions, opportunities, costs benefits and endorsements.

The asset management plan should identify the balance between cost, risk and performance.

Asset management plans exist.

Asset management plans are consistent with the strategic asset management plan.

Asset management plans are consistent with the objectives of asset management.

Asset management plans are consistent with the scope of the asset management system.

Or similar.

The asset management objectives…: be consistent and aligned… be consistent with the…

be established and updated… be established and updated… be measurable (if practicable) take into account applicable… be monitored;

be communicated to relevant…

be reviewed and updated….

The intent of this requirement is to ensure that the asset management objectives are consistent with the components of the asset management system that they relate to and that the objectives meet a minimum standard.

When establishing the asset management objectives, those objectives must be demonstrated, aligned and consistent with relevant business guidance and directives.

A common mnemonic for objectives is SMART, requiring that objectives be: Specific, Measurable, Assignable, Realistic and Time- related.

The strategic asset management plan clearly identifies a process for designing, implementing and reviewing asset management objectives, including the process for linking asset management objectives to organisational guidance and directives.

The strategic asset management plan demonstrates a clear link between the asset management objectives and corporate guidance and directives.

The relationship between corporate guidance and directives is documented and demonstrated through the use of a Traceability Matrix that shows the relationship between each and every guidance and directive to where in the strategic asset management plan those are enacted. Examples include:

o   asset management policy;

o   stakeholder requirements; and

o   internal and external factors.

Asset management objectives are measurable.

The strategic asset management plan describes how asset management objectives are monitored.

Measures exist and are reported against asset management objectives.

The mechanism for the communication of asset management objectives with relevant stakeholders is described as part of the strategic asset management plan.

There is a schedule for the review and update of asset management objectives.

Or similar.