This diagram here is straight out of the ISO and at the top here you have your stakeholders. You have your organizational plans, objectives, and policy. You have a strategy.
We’ll talk more about the strategy in the next lecture.
And then you have asset management plans at this level here.
So asset management plans sit inside the continuum that goes from governance strategic planning down into the asset plans, then you have the implementation and what you’re actually doing on your asset portfolio over here at the system and any plans with support – this might a renewal plan or something like that.
Now, if you have come from a background where there are master plans, so that’s South Africa in particular, and many of the Asian countries have master planning in their engineering, master plans sort of sit alongside asset management plans.
They achieve different purposes, but I see in this hierarchy they will both sit there at the same level.
So, if you run into a master plan, and you go well where does an asset plan fit? They’re sort of two parts, two hands to a glove, to a body whatever.
An asset plan contains some of the information you would expect in a master plan but at the same time, the master plan has a lot more focus on capital development and forward-looking on that in detail.
So again, ISO 55000 and that’s where asset plans fit.