Provides a foundation for the effective implementation of asset management, with a clear focus on both the short term management of assets and their long term strategic use. The framework aims to support the realisation of the University’s vision and goals, ensuring that assets support the delivery of ECU’s core business.
Strategic Asset Management focuses on the optimal alignment of assets with the requirements of the University, to enable maximum return of value deploying principles of best-practice and embracing concepts such as whole life planning, life cycle costing, planned and proactive maintenance and alignment of asset management strategies to the long term goals of the University.
The Guiding Principles listed below serve as ECU’s specific Asset Management and Strategic Objectives:
The Strategic Asset Management Framework Flowchart highlights the key areas please refer to the Downloads section to view.
Refers to the planning and prioritisation activities associated with strategic asset management to ensure that Concepts Programs and Projects are identified, authorised and documented appropriately in a central location. Processes are at a strategic level and aim to ensure a link exists between the other streams of the framework.
It is the responsibility of the Strategic Asset Management Forum to update and oversee the planning aspects, based on information received on a timely manner from wider University stakeholders.
The Capital Expansion and Improvement Planing process refers to the deployment of new capital assets or the overhaul and/or significant change to capital assets. The process addresses a range of key factors that influence both the initial decision to execute a capital project together with the management of these projects.
Drivers to this type of activity may include long term service delivery requirements, student and staff trends, periodic refurbishment, life cycle costing and the impact on future budgets, strategic plans and the risk of change to service delivery requirements.
Asset Maintenance aims to ensure that assets continue to support the strategic objectives an service delivery requirements. Maintenance itself also ensures that the capital investment in the assets is preserved, consistent with its age and market value.
Planning should occur at the strategic level, as well as at the delivery level, to ensure that the maintenance program supports the University's strategic direction and service delivery model.
The fundamental aim of effective asset retirement is the distribution of value to support the development or management of other University assets or activities.
Effective asset retirement focuses on ensuring that under-performing or surplus to requirements assets are clearly identified in a timely manner. Further, a range of alternatives are then considered with respect to their ongoing management and/or disposal.
Retirement of assets, in accordance with a clearly outlined plan, ensures the removal of potential maintenance and financial inefficiencies whilst reinvestment may turn yield substantial benefit.
The compliance and governance aspects of the framework include:
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