Asset Management Policy

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Name:	Asset Management Policy
Acronym:
Type:	Glossary Item

Definition:

The Asset Management Policy formalizes the organisation's commitment to Asset Management, aligns its Asset Management principles with the organisation’s strategic vision, mission, strategic goals, and objectives. Further it provides a directional framework for all stakeholders in the development and implementation of the Asset Management strategic plan and the establishment of Asset Management objectives.

Statement:

The Asset Management Policy provides a set of principles for the development and implementation of an organisation’s approach to Asset Management, Asset Management system, Asset Management strategy and objectives.

The Asset Management Policy should be consistent with stakeholder requirements and organizational objectives and constraints. It should also be aligned with, and consistent with, other organizational policies.

The Asset Management Policy should be supported by senior management, effectively communicated, and periodically reviewed with a commitment to continual improvement of the Asset Management system.