Understanding why your organisation exists and the stakeholders and rules that help set your business objectives. This directly influences what assets, if any, you have, the associated risks and how you will manage and care for your assets.

Engaging with and managing expectations of stakeholders (internal and external) and their requirements that will influence the outcomes and value over the lifecycle of assets.

Establishing a dynamic and continuous approach that provides assurance to the organisation at an operational, tactical and strategic level that objectives and stakeholder needs are achieved though the management system and the through life management of assets.

Establish appropriate organisational vision, objectives, culture and governance to ensure the application of asset management to establish and achieve organisation's objectives and value from assets.

Establish and improve policies, process and procedures that support the organisation to achieve objectives while managing risk and compliance. Ensuring that the Asset Management System is integrated across the organisation and provides assurance, control and confidence.

Setting requirements for and gathering, analysing, and applying data and insights to optimise the lifecycle management, performance and confident decision making. This includes appropriate application of digital tools and artificial intelligence.

Develop and implement strategic direction for management system, management of assets and sustainability. Set structured and documented decision-making processes and governance to realise the strategy and objectives. Manage assets across the asset life cycle based on investment (CAPEX and OPEX).

Operations goals are aligned with the needs of maintainers. Business Continuity ensures essential functions, personnel and information are in place and plans for mobilising are in place to respond, recover and restore.

Maintenance programs that sustain existing assets in order to deliver objectives for now and the future. This includes integrated processes and practices that plan, budget, prioritise, schedule, deliver and hand over maintenance investments.

Capital projects and programs to enable new and upgrade of existing assets to deliver objectives for now and the future. This includes integrated processes and practices that plan, budget, prioritise, schedule, deliver and hand over capital investments.

People do asset management and must be supported with clear roles, capabilities and competencies to enable strategic, tactical and operational functions.