Asset Creation and Acquisition is the stage in an asset life cycle where the organization decides on the specifications and required outputs of an asset to deliver against requirements, Asset Management objectives, and the capability of an asset across the life cycle. This subject describes policies and processes for the planning, acquisition, installation, commissioning, life cycle operations and maintenance, asset renewal, replacement, upgrading, repurposing, decommissioning, and retirement of assets. It also includes elements of funding, arrangements for hand-over to operations, process status reporting, the monitoring and capture of actual costs and benefits analysis. It is critical to understand all system integration and interfaces from a technical and non-technical point of view and how any requirements (concept of operations) have been confirmed.

 

The asset owner should understand the asset’s whole of life costs, financial management of the asset, future maintenance requirements ensuring maintainability and reliability requirements and possibly future upgrades or obsolescence concerns of major systems and how this would be achieved.