Asset management plan

(AMP) template
Assetivity - 18 January 2022

Asset management plan (AMP) template - 18 January 2022 - 1

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Issue Date 18 January 2022

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Note

This template was developed by Assetivity Pty Ltd and should only serve as a guide for establishing an AMP (or AMPs)
aligned with ISO 55001 and suitable for your organisation. Each organisation is unique with unique Risks and Opportunities
and therefore the template will need to be adapted to suit your own situation.

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Contents
1. Executive summary__________________________________________________________________________________4

2. Document purpose and scope__________________________________________________________________________5

3. Asset class information_______________________________________________________________________________6

3.1. Description__________________________________________________________________________________6

3.2. Role________________________________________________________________________________________6

3.3. Criticality____________________________________________________________________________________6

3.4. Asset quantity and distribution___________________________________________________________________6

3.5. Asset value___________________________________________________________________________________7

4. Owner and stakeholders______________________________________________________________________________8

5. Life cycle strategies__________________________________________________________________________________9

5.1. Acquisition__________________________________________________________________________________9

5.2. Operation____________________________________________________________________________________9

5.3. Maintenance_________________________________________________________________________________9

5.4. Supply______________________________________________________________________________________9

5.5. Disposal____________________________________________________________________________________10

6. Life limiting factors_________________________________________________________________________________11

7. Health, safety and environment_______________________________________________________________________12

8. Current, forecast and desired performance_____________________________________________________________13

9. Assumptions, risks and opportunities__________________________________________________________________15

10. Actions to address performance gaps, risks and opportunities____________________________________________16

11. Budget___________________________________________________________________________________________17

12. References________________________________________________________________________________________18

13. Appendices_______________________________________________________________________________________19

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1. Executive summary
An Asset Management Plan (AMP) for a single asset class should be an action-oriented document and should therefore be
short enough not to require an executive summary. AMPs covering multiple asset classes may require an executive summary to
highlight the rolled-up actions and resources required to deliver the asset management objectives.

ISO 55001:2014 Clause 6 (and particularly Clause 6.2.2) provides the overarching requirements for AMPs in organisations
attempting to comply with the standard. Other relevant clauses are referenced throughout this template as appropriate.

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2. Document purpose and
scope
In this section, we suggest outlining:

• The scope of this plan - what assets/asset classes/asset groups are covered by this plan – or if an Asset Management
System plan, the scope of the system covered by this plan

• How this document fits into the overall document structure for Asset Management Plans – the relationship
between this plan and other relevant documents. For brevity and ease of future updates, do not contain details of the
contents of these other documents, but do include references to them as appropriate

• The purpose of this document – what it is intended to be used for, and who is intended to be using it.

• The timeframe that this plan covers – e.g., does it cover the next 5 years, the next 10 years, the entire timeframe
until end of asset life etc.

If capturing multiple asset classes within this plan, the details for each asset class may need to be covered separately within this
plan. If this is the case, then you may choose to repeat Section 3 to 9 below for each asset class. Sections 10 and 11 may
include a consolidated action list and budgets for all asset classes if desired.

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3. Asset class information
This section describes the asset/asset class/asset group covered by this AMP, including key information such as their role in
contributing to the achievement of Asset Management Objectives and their criticality.

3.1. Description
Provide a short description of the asset, asset group or asset class, including any relevant physical or functional boundaries and
dependencies on other asset classes. For example, a large electrical motor will clearly interface with a power supply, but where
do the management responsibilities for these assets end?

Other relevant information will depend on the asset class but could include details regarding the manufacturer(s) of assets
within the class, makes/model numbers etc.

3.2. Role
Describe the role or roles the asset fills in contributing to the achievement of Asset Management objectives for the
organisation. Provide sufficient detail for the reader to understand why this asset is important.

3.3. Criticality
If the asset has been assigned a criticality, it should be documented here. The following table provides an example.

Criticality

Safety Production Cost Reputation Overall

1 2 1 2 1.5

3.4. Asset quantity and distribution

This section provides a summary of the quantity of assets in the class and their distribution, including physical distribution
across the area of operations, the age distribution of assets within the class, estimated life for each asset class and/or planned

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withdrawal dates for assets within the class. If possible, this information should be presented graphically to aid rapid
comprehension.

3.5. Asset value

It is useful to provide some measure of asset value to provide an indicator of the financial significance of the asset group/class
to the overall organisation. This could include the original purchase price, depreciated book value or estimated replacement
value as appropriate. Alternative measures might also be included, such as total cost of ownership.

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4. Owner and stakeholders
This section provides a breakdown of roles and responsibilities related to the asset class. The following table provides a simple
example based on the Asset Owner-Asset Manager-Service Provider model.

Role Responsible Party

Asset Owner GM Operations

Asset Manager Manager – Asset Management

Service Provider - Operations Operations Manager

Service Provider - Maintenance Maintenance Manager

Service Provider – Engineering Engineering Manager

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5. Life cycle strategies
This section describes the processes used to manage the asset class across its lifecycle, including responsibilities, current issues
and references to more detailed plans or procedures.

5.1. Acquisition
Provide a high-level description of the process for acquiring new assets, the responsibilities and reference to the detailed
procedures. These may be contained in an appendix. Also list any current issues or acquisition plans.

Organisations with an existing Capital Investment Plan, Forward Capital Works Plan or similar document should reference this
as the authority for asset acquisitions.

5.2. Operation
Provide a high-level description of the process for operating the assets, the responsibilities and reference to the detailed
procedures. These may be contained in an appendix. Also list any current issues and operational initiatives. Examples might
include Operator Driven Reliability or Operational Excellence programs.

Organisations with documented operational plans (e.g. a Life of Mine plan) should reference these.

5.3. Maintenance
Provide a high-level description of the maintenance program for the asset class, the responsibilities for delivery and reference
to the detailed procedures. These may be contained in an appendix. Also list any current issues and maintenance initiatives.
Examples might include Reliability Centred Maintenance reviews or maintenance quality improvements.

Organisations should explicitly point to the location of their authoritative maintenance plans – for example, their Computerised
Maintenance Management System (CMMS) or Technical Maintenance Plan. These might be included as an appendix or (for
very simple maintenance programs) as a table within the AMP.

5.4. Supply
While not a specific life cycle phase, supply arrangements are often drivers of life cycle costs and significant determinants of
asset performance. Consequently, this section should be used to provide a high-level description of the supply support
arrangements for the asset class, the responsibilities and reference to the detailed procedures. These may be contained in an

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appendix. Also list any current issues and supply initiatives. Examples might include critical spares reviews or inventory
reduction programs.

5.5. Disposal
Provide a high-level description of the disposal arrangements for the asset class (particularly triggers for disposal as reflected
in the life limiting factors), the responsibilities for disposal and reference to the detailed procedures. These may be contained in
an appendix. Also list any current issues and disposal plans.

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6. Life limiting factors
This section identifies the factors that drive renew/replace or other major investment decisions for the asset class and tracks
these factors against expectations. It is a recommended inclusion since many organisations set an arbitrary expected life at
acquisition of an asset class and do nothing to monitor or adjust this figure despite evidence that the asset is aging either more
quickly or more slowly than expected. Further, many organisations do not identify the true factors – for example, they claim a
fatigue life limit that should really be an economic limit since the fatigue component can be replaced. The following table
provides an example structure and data.

Factor Limit Planned Life

Economics Annual maintenance costs > 15% new purchase price 25 Years

Demand Annual cost per demand exceeds $X Indefinite

Fatigue 10,000,000 cycles 25 Years

Again, this information should be supported by comments allowing the reader to understand the context of these life-limiting
factors.

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7. Health, safety and
environment
It is good practice to explicitly consider any health, safety and environment (HSE) issues that might affect the management of
the asset. Any applicable regulations or statutory requirements that might lead to the need for modifications, early withdrawal
or changes to operating practices should be identified and factored into AMPs.

Note that this section should not include a comprehensive list of hazards associated with the asset, since these would be
managed through the risk management or HSE management systems. A reference to the relevant risk register can, however, be
provided.

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8. Current, forecast and
desired performance
This section defines the performance required from the asset class, including known or forecast changes in those requirements,
and compares this with both current and forecast levels of performance (assuming business as usual). ISO 55001:2014 defines
the desired level of performance (or results to be achieved) as being the “asset management objectives.” Other documents and
other organisations may instead refer to these as being the desired “levels of service.” The two terms can be used
interchangeably, so use whichever is most commonly in use within your organisation – and if in doubt, refer to these as Asset
Management Objectives. Regardless of the name used, the levels of service will address a range of requirements that could
include:

• Safety

• Customer satisfaction

• Quality

• Quantity

• Capacity

• Reliability

• Responsiveness

• Environmental acceptability

• Cost

• Availability

Relevant objectives will depend on the functions and risks associated with the asset class and the organisational objectives and
higher-level asset management objectives contained within the Strategic Asset Management Plan.

Objectives should, ideally, be SMART:

• Specific

• Measurable

• Achievable

• Realistic

• Time-bound

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They can also be measured by KPI (e.g. achieve availability of 90% within the next 3 years), or by milestone (e.g. complete
RCM study on asset class by the end of 2025).

How the objectives within this plan align with the achievement of Strategic Asset Management Objectives (in the Strategic
Asset Management plan) should be documented.

Having established the objectives for the assets/asset class/asset groups within this plan (and how these may change over time),
it is useful to then outline current (and recent past, if this is useful) performance against each of these objectives. In addition,
forecast performance (assuming a “business as usual” approach to managing those assets) should also be estimated and
compared with desired performance. Ideally, for visual impact this should be illustrated visually, highlighting any gaps
between desired performance (as detailed in the objectives) and forecast performance.

A simple example is given below.

Presenting this in this manner allows the reader to quickly understand the current performance and performance trends in the
context of the required performance, including any future changes.

Note that, in forecasting future performance, it is highly likely that assumptions will need to be made. This could include
assumptions regarding the rate of deterioration of the assets, future cost increases, etc. If not included in the later section
detailing all assumptions, these assumptions (and the risks associated with those assumptions) should be outlined in this
section.

In addition, we recommend including comments that allow the reader to appreciate the likely causes and significance of any
gaps so that they can understand the current or planned actions to address these which will be outlined later in the plan.

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9. Assumptions, risks and
opportunities
It is almost inevitable that some of the data required to complete the Asset Management Plan will not be available, complete,
and accurate. This is particularly true of any forecasts of future demand for the assets within the scope of the plan, and/or
future asset performance. As a result, some assumptions will need to be made to complete the plan, and there will be risks
associated with those assumptions.

In this section of the plan, therefore, you should itemise any assumptions made in developing the plan and assess the risk
relating to those assumptions.

In addition, you should also consider any other uncertainties that surround the assets within the scope of this plan. This could
include uncertainties relating to the assets themselves, the operating context for those assets, the external environment, the
ability of the organisation to execute the plan etc. Note that while there is often a focus on the adverse effect of these
uncertainties, you should also consider the potential for positive effects as a result of these uncertainties – the opportunities that
may present themselves.

Risks should be assessed using the organisation’s risk management framework. Often a simple consequence/likelihood matrix
can be used to perform this assessment, but your organisation may have other approaches. Use whatever is most appropriate.
Where more detail is required, reference could be made to external risk assessments or risk management documents relating to
the risk. External reference should also be made to the organisational risk register (if this exists) to indicate that the risk has
been incorporated in the organisation’s Risk Management process.

The table below provides an example format for summarising the required information.

Risk L’hood Cons Rating

Low availability due to inappropriate spares lists H L M

Insufficient maintenance funding M M H

Early retirement due to fatigue H H H

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10. Actions to address
performance gaps, risks
and opportunities
This section is the most important section of the document. Everything that is in the document so far has been leading up to
this section and should be aimed at providing context and justification for the actions included here.

In this section, you should capture the improvement actions required for the asset class. These actions should be aimed at
addressing:

• The current and future gaps between desired performance (objectives) and forecast performance assuming a business-
as-usual approach to managing the assets (contained in Section Error: Reference source not found)

• The significant risks and opportunities associated with the assets (including those relating to assumptions that may
have been made in developing the plan) as contained in Section 9.

Note that there is little value in listing all the current business-as-usual activities in this section, unless there is likely to be a
need to change these in order to address the bullet points above. For example, do not list all the current Preventive
Maintenance tasks associated with the assets.

The relationship between each of the actions listed here and the performance gap, risk or opportunity which it is intended to
address should be clear – if necessary, make this linkage explicit. Ideally, if possible, it is helpful to try to quantify the impact
of the action in addressing the gap, risk or opportunity – this helps to justify the action and/or allow the reader of the plan to
understand the potential impact on achievement of objectives if the action is not completed.

The following table may be used as a guide for summarising the proposed actions. You may choose to include in the section a
brief description of the improvement action/project in this section – or alternatively, include project charters as Appendices to
this plan.

Project Impact on Objectives/Risk Due Date Owner

Enable prioritisation for routine maintenance

Maintenance
Plant Criticality Study tasks leading to estimated 1% improvement in Dec 20XX
Manager
plant uptime.

Implement LED lighting throughout

Save 10% on electricity bill Jan 20XY Project Manager
plant

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11. Budget
Finally, use this section to provide a summary of the actual and required funding for the asset class, highlighting any gaps.
Comments should then follow to reflect the actions in place to manage the gaps. It is critical that this information is linked to
the actual budget (as opposed to a stand-alone activity) and incorporates a long-term, rolling view. The following table
provides an example format, though this should be adjusted to reflect the major funding divisions used in your organisation.

Year 1 Years Years 11-

Budget Element Year 2 Year 3 Year 4 Year 5
(Current) 6-10 15

Req’d
Operations
Actual

Req’d
Maintenance
Actual

Req’d
Sustaining Capital
Actual

Req’d
Expansion Capital
Actual

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12. References
List any references used in the AMP.

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13. Appendices
Attach more detailed documents as Appendices if required.

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