Asset management is an organisation’s coordinated activities to realise the full value of assets in delivering service delivery objectives. It is carried out over the whole asset lifecycle.
The 4 key stages of the asset lifecycle are:
Identify the asset need, based on an assessment of delivery needs and the existing asset base.
Procurement of assets to meet an identified need, based on an assessment of all options.
Operation and maintenance
Management and use of an asset to deliver services, including maintenance.
Retirement of an asset that is no longer needed, useful or high-performing.
This diagram shows the 4 stages of the asset lifecycle.
Asset Management Accountability Framework
The Asset Management Accountability Framework (AMAF) replaces the Sustaining Our Assets Framework.
The AMAF helps your organisation manage your asset portfolios and provide better services for Victorians.
The AMAF is non-prescriptive in its requirements and devolved.