Strategic Asset Management Framework - Overview · deliver services over the next ten years. Once the strategic setting is established, ... operation, maintenance and ... Strategic

Strategic Asset Management Framework

Overview


Overview

Contents

EXECUTIVE SUMMARY .............................................................................................. 1

PART ONE: INTRODUCTION ...................................................................................... 2

Purpose .................................................................................................................... 2

Context ..................................................................................................................... 2

Scope ....................................................................................................................... 2

Application............................................................................................................... 3

Audience................................................................................................................ 3

Mandate ................................................................................................................ 3

Scale ..................................................................................................................... 3

High Risk ............................................................................................................ 4

Lower Risk ......................................................................................................... 4

Flexibility ................................................................................................................ 5

Programs ........................................................................................................... 5

Formats .............................................................................................................. 5

Roles and Responsibilities ..................................................................................... 6

PART TWO: INVESTMENT PLANNING AND DECISIONS ......................................... 7

Budget Pressures.................................................................................................... 7

Critical Decision Points .......................................................................................... 7

Strategic Justification ............................................................................................. 8

Strategic Asset Plan ........................................................................................... 8

SAP Support Plans ............................................................................................ 8

Application for Concept Approval ....................................................................... 8

Results ............................................................................................................... 9

Investment Decision .............................................................................................. 9

Business Case ................................................................................................... 9

Fast-Tracked Proposals ................................................................................... 10

Results ............................................................................................................. 11

Funding Decision ................................................................................................. 11

Variation Control .............................................................................................. 11

Project Definition Plan ...................................................................................... 11

Results ............................................................................................................. 13

Sequence ............................................................................................................ 13

PART THREE: ASSET MANAGEMENT .................................................................... 15

Agency Expertise .................................................................................................. 15

Progress Reports .................................................................................................. 15

Benefit Reports ..................................................................................................... 15

PART FOUR: SAMF IMPLEMENTATION .................................................................. 17

Concepts and Definitions ..................................................................................... 17

Guidance Modules ................................................................................................ 17

Techniques ............................................................................................................ 18

Governance ........................................................................................................... 18

Overview

Executive Summary

The main purpose of the Strategic Asset Management Framework (SAMF) is to provide a sound basis for decisions, which will ultimately be made by Cabinet, on the investment in, and the management and disposal of, significant government assets.

SAMF puts government policy objectives and practical service delivery to the Western Australian community at the forefront of asset investment planning and management.

For an agency, SAMF application should start with corporate planning which provides the overall context for a strategic appraisal of the assets needed to deliver services over the next ten years.

Once the strategic setting is established, SAMF emphasises the need to optimise the benefits gained from existing assets throughout their lives, rather than concentrating on the creation of new ones.

An agency should examine objectively whether existing assets can continue to contribute effectively to the achievement of service delivery objectives (perhaps with smarter use or some enhancement) and, if so, for how long and at what cost.

The next consideration is whether investment in new assets may be required in direct response to future demand. For both existing and new assets, an agency should also explore related non-asset initiatives that could be applied to help address demand.

This approach ensures that a new asset investment option is selected only after objective consideration of its merits relative to other cost effective alternatives. It also distinguishes between investment proposals that have high relative priority, and those that do not (and should not proceed).

To support a decision to invest in an existing or new asset, SAMF requires a whole-of-life approach to planning that should cover the project delivery, ongoing operation, maintenance and eventual disposal of the asset.

The SAMF approach requires rigour and discipline. Any recommendation to invest in an asset must have a clear strategic justification in terms of meeting the Government’s objectives, and demonstrate that the recommended option offers strong value for money.

Department of Treasury Western Australia 1


Part One: Introduction

Purpose The purpose of SAMF is to provide a sound basis for decisions on the investment in, and the management and disposal of, assets required to meet government service delivery objectives.

Context SAMF is an important part of an overall planning and service delivery system that includes government policy and direction, and agency corporate planning, action and review.

An agency’s corporate plan identifies its overall purpose and the financial, workforce and other resources needed to achieve the Government’s objectives at an appropriate level of taxpayer funding.

In that context, strategic asset planning and management has a narrower focus. It identifies and sustains the asset and related non-asset initiatives upon which service delivery also depends. It should both be driven by and inform an agency’s corporate plan.

Scope The principles upon which SAMF is founded have universal application for asset planning and management, regardless of the nature of an agency’s business or the types of public asset involved. Accordingly, SAMF provides broad guidance for assets, including:

• infrastructure (such as for transport and utilities);

• non-residential buildings (such as hospitals, courts and schools); and

• other assets, such as information technology and communication systems.

It is essential that agencies develop asset investment and management plans and proposals that achieve the broad principles, policies and standards in SAMF.

2 Department of Treasury Western Australia

Overview

Application

Audience SAMF is designed to assist senior decision-makers and their staff in all Western Australian agencies who participate in the annual State Budget and corporate planning process, and who develop and review:

• strategic asset plans (SAPs), business cases, and project definition plans; and

• asset management, progress and benefit realisation reports, particularly for operations, maintenance and disposal.

For Ministers and their staff, SAMF clarifies the practical and efficient approach that should be taken by agencies when preparing investment advice – including for asset investment proposals linked to election commitments.

Mandate SAMF must be applied by all general government agencies, statutory authorities and Government Trading Enterprises (GTEs). The SAMF mandate is based on Cabinet direction.

Scale Under SAMF, appropriate rigour and discipline is applied to all asset investment and management decisions. SAMF has been designed to deal with highly complex as well as relatively simple investment items, and can be used by both large and small agencies.

This means that the amount of analysis, evaluation and detail should be commensurate with the scale and risk profile of the proposal that is being considered. Larger and more complex proposals, with higher risk profiles, will require extensive and highly developed analysis, and the allocation of greater planning resources and skills compared to smaller, lower risk proposals.

By drawing on the experience of agencies with a proven record in complex, higher risk asset planning and management in Western Australia and other jurisdictions, SAMF provides a practical, best practice methodology to help all agencies when they need it.



High Risk

Most agencies are likely at some point to have an asset investment planning or management proposal that carries significant cost and risk – either to their own or to the State’s finances.

Each year, larger agencies account for the bulk of expenditure under the whole-of-government Asset Investment Program, particularly for investments in critical services such as health, education, law and order, electricity, water and transport.

Less often, smaller agencies face significant asset planning and management risks for investment proposals, including those with strong potential contributions to critical services. The risks may be high because the investment proposal is complex or the agency lacks the experience and resources to address them.

For all high cost and high risk proposals, application of the SAMF principles, policies and standards is critical.

Lower Risk

The SAMF method is also used when dealing with lower risk proposals. The amount of detail will be less than for a complex proposal, but the SAMF method will still help to enable sound investment planning and delivery.

For example, based on its SAP, an agency determines whether a relatively low cost investment, such as for a video conferencing system, is required as part of its service delivery model and, if so, to what extent in its offices, and over what timeframe. This will help the agency to get the scope of the proposal right in its first submission, rather than be obliged to return later for unplanned project cost increases.

The agency also uses the SAMF business case method to clarify the scope, benefits, costs, schedule and risks involved, along with any procurement efficiencies that could be established, including through joint acquisition contracts with other agencies.


Overview

Flexibility An agency can exercise flexibility in SAMF application in the following ways.

Programs

Under SAMF, a business case is prepared for an asset investment proposal with a capital cost of $1 million and above; and a project definition plan for a proposal with a cost of $5 million and above.

For a large agency with a substantial asset portfolio, it may be more effective to group a series of related projects (which each have relatively low cost and risk) under a single program-level business case or project definition plan. For example, in the general government sector, an education department may group the refurbishment or construction of a series of primary schools. Similarly, a GTE may group projects to sustain or to develop new elements of its utilities distribution network.

The total cost and risks associated with a program are greater, but the strategic perspective it provides is more likely to achieve value for money, for example through service delivery and procurement efficiencies.

The success of a program depends on the quality of the planning and review work in an agency and on the independent scrutiny applied by Treasury. The standards for this work are similar to those applied at the project level, for example, to prepare robust scope, cost, schedule and risk estimates. However, particular attention is also important to ensure that programs are tested annually to confirm that they retain strategic justification and continued investment and funding priority and that the cost estimates and risk mitigation strategies remain robust.

Formats

Other than at a high level, SAMF does not prescribe the particular material that agencies should include in their asset investment and management proposals. SAMF does not seek to impose a ‘one size fits all’ approach, but encourages agencies to achieve the SAMF standards in ways that best reflect their unique business operations, and mix of assets and non-asset initiatives.

Agencies are encouraged to use and modify the SAMF models in ways that best suit their business purpose, for example, when developing a business case – provided that none of the SAMF elements are omitted and the required quality standards are achieved.

In particular, agencies should make clear the logic and assumptions that underpin their advice, and the key judgements and conclusions. Sufficient justification must be provided that a proposed investment represents value for money.



Roles and Responsibilities SAMF makes a clear distinction between two key activities in the life cycle of an asset: strategic asset investment planning; and asset management. The distinction is important because it helps clarify the core responsibilities and accountabilities of an agency’s investment planners and managers respectively.

For investment planners, these include recommending the right short-, medium- and long-term investment options from the whole of agency and inter-agency perspectives.

Asset managers are responsible primarily for the cost-effective delivery, operation, maintenance, refurbishment and disposal of the agency’s assets, as well as the upkeep of information on the extent and state of the asset base.

With clear responsibilities and accountabilities in place, strategic asset investment planners and managers can work together effectively to make informed recommendations on important asset-related questions that include:

• whether an agency is investing the right amount, too much, or too little in ongoing maintenance;

• whether an agency should refurbish an asset – and if it does, to what extent;

• when the improved asset could deliver its full service benefits; and

• whether there is sufficient justification to replace an asset.


Overview

Part Two: Investment Planning and Decisions

Budget Pressures Each year, the Western Australian Government seeks value for money from the investment of taxpayer funds, and faces financial constraints and pressures, including when the State's economy is performing well.

In that context, the funding of an agency’s asset investment proposals cannot be guaranteed. A proposal that has strong social, economic and financial benefits may not proceed if available funds have already been committed to others judged to have a higher priority or return to the community.

Agencies are therefore strongly encouraged to apply the SAMF policies during their asset planning and management. When competing for funds, an agency can maximise the probability of receiving approval by demonstrating that its asset investment and management strategies have been well-planned and reviewed in accordance with the SAMF standards.

Critical Decision Points Under SAMF, asset investment planning provides sound advice and information in relation to three main decision points, particularly in the context of annual Budget deliberations:

• Strategic justification: whether existing asset optimisation and new assets are needed to help an agency meet its future service delivery objectives and demand drivers, and to implement its business model. This must be established before proposals are included in an agency’s SAP for consideration by the Minister.

• Investment decision: whether an investment proposal with strong strategic justification can be assigned provisional funding by Cabinet in the forward estimates period of the State’s Asset Investment Program, based on a robust, costed business case.

• Funding decision: whether the proposal has sufficient priority to merit funding for procurement or further planning in a given Budget year, and for which an agency can access funds for the purpose approved by Cabinet.

Each of these critical decisions should be taken from the perspectives of Cabinet, Ministers and agency heads (as the investment decision-makers) and Western Australians as the recipients of government services.



Strategic Justification

Strategic Asset Plan

The decision on the strategic justification for asset investment is informed by an agency’s SAP which supports the overall corporate plan, and should be consistent with long term State and regional development planning.

An SAP is refined by an agency annually as part of its corporate planning to show how it intends to deliver services to the public using a mix of optimised existing assets, new investment and non-asset initiatives over the next ten years.

An SAP provides the asset specific context for a range of broad investment proposals – including asset remediation, maintenance, disposal and future land acquisition. The final version is signed off each year by the Minister.

SAP Support Plans

An SAP is informed by specialist sub-plans focused on high risk aspects across an agency’s asset portfolio, namely: land assembly; capital and related operating costs; office accommodation; maintenance; and disposal.

Application for Concept Approval

For each investment proposal that is identified as a high priority in an SAP, the agency provides an Application for Concept Approval (ACA) with initial information on the likely scope, benefits, costs, risks and schedule for feasible options in broad terms.

A key objective at this early stage is to clarify the full range of feasible options, and to provide an initial, objective appraisal of their relative strengths and weaknesses – rather than to focus on a single, preferred option that may not provide the best value for money. The range of options may, for example, include a demand management program (a non-asset initiative), refurbishing an existing facility, upgrading it, or replacing it with a new one.

ACAs are submitted to the Minister to seek approval for proposals that are to be further developed in business cases. ACAs endorsed by the Minister are also provided to Treasury as part of the annual update and review of an SAP.

In this way, ACAs help to reinforce the list of priority investment proposals in an agency’s SAP, and to inform discussions among senior Ministers and the Treasurer on the range of priority items, both immediate and medium term, that are likely to merit further consideration.


Overview

Results

Based on the advice and information in an SAP, its support plans and ACAs, an agency should be well positioned to present a convincing argument for asset optimisation or new investment over the medium term (5-10 years). Planning beyond the ten-year timeframe is also strongly encouraged, particularly for agencies with complex, long term asset investment challenges.

An SAP provides an agency and its Minister with a clear basis to understand and prioritise various investment proposals according to their ability to address the greatest future service delivery challenges. These strategic planning documents therefore provide important background for investment decisions within an agency to ensure the effective operation of its business.

Together, these documents also provide Ministers, the Treasurer and Cabinet with a crucial strategic picture to ensure that the priority sought by an agency for a proposal is appropriate from a whole-of-government perspective, and that emerging capacity and funding pressures beyond the short term, four-year period of the Asset Investment Program can be managed.

Investment Decision The objective at this point is to identify the particular investment proposals and options that would best address the demand projections and service delivery objectives expressed in an agency’s SAP. The evaluation process requires the preparation of a business case using the SAMF method and model.

Business Case

A business case is prepared for all investment proposals with a total capital cost of $1 million or more.

A business case for a proposal that involves high costs and/or risks is considered by Cabinet. A case involving lower costs and risks may be considered by Cabinet, or addressed by Treasury as part of the Budget process. In each case, agencies should consult Treasury on how the particular proposal should be handled.

The business case provides a robust appreciation of the scope, benefits, costs, schedule and risks for the options that were supported in-principle based on the ACA. It proposes a recommended option and alternative options based on an objective appraisal of their relative strengths and weaknesses.



The business case is underpinned by deeper benchmark and quantitative analysis to determine the likely total cost for both the capital and operating items, including recurrent costs throughout the asset’s life. Land aspects that impact on the cost, risk or schedule are addressed, including the identification of a suitable site and the details of key approval steps to ensure that the land will be project ready.

The business case is supported by advice and information on the range of potential procurement arrangements to indicate whether suitable strategies may include the traditional design and construct approach, an alliance contract, early contractor involvement or a public private partnership. A final decision on the procurement arrangement is subject to advice in a detailed procurement options analysis, in support of the subsequent project definition plan.

The business case is also supported by advice and information on the finance arrangements that may be feasible – whether through the investment of State budget funds, or a joint arrangement with the private sector, or with Commonwealth sources. For each feasible source, the relative levels of debt are clarified across the full life of the proposed asset, rather than on a start-up or capital cost basis. Regardless of the type of finance source envisaged, the SAMF standards for the content of the main business case still apply. In addition, any finance proposals received, and any options analysis and planning by an agency, must be prepared in consultation with Treasury, particularly when co-investment and financial risk sharing by the State are involved.

Fast-Tracked Proposals

Departures from the SAMF business case principles and standards are strongly discouraged. However, from time to time, it will be necessary for an asset investment proposal to be developed faster than envisaged under the normal SAMF process and timing.

The need for accelerated development is rare. It will generally occur in two situations:

• election commitments; and

• events that could not reasonably have been foreseen by normal, diligent planning (such as the destruction of an asset in a natural disaster).

When such situations arise, the fast-track approach aims to ensure that sound decisions are made that meet the Government’s service delivery and value for money objectives, under tight time constraints.

The fast-track approach has two main aspects:

• first, the Minister, in consultation with Treasury provides a submission to Cabinet seeking approval to create a fast-tracked proposal; and


Overview

• if approved by Cabinet, the proposal is provided with sufficient resources to ensure that rapid development achieves the level of rigour and discipline necessary to meet the SAMF objectives for a business case and a project definition plan.

Results

Based on the business case, Cabinet may decide to allocate provisional funding for the proposal in the four-year Asset Investment Program, including indicative cash flows for the endorsed option. The justification for the allocation should be reviewed and revalidated in subsequent Budget cycles, including with reference to the outcomes of the project definition plan.

Funding Decision

Variation Control

In order to convince Cabinet that an investment proposal has sufficient priority to merit funding in a given Budget year, an agency must continue to develop and refine the advice, information and evidence provided in the business case that was approved at the investment decision-point.

A crucial objective is to control material variations from the parameters for the investment option that was endorsed by Cabinet, particularly variations that would cause significant quality, cost or schedule problems if left unchecked.

Of itself, variation control does not alter the priority that was attached to a project by Cabinet. If the delivery planning proceeds smoothly, an agency does not have to return at subsequent Budgets to have the project reapproved. However, Treasury and Cabinet should be alerted at an early stage if a project appears unlikely to be delivered successfully within its approved parameters.

Project Definition Plan

A project definition plan (PDP) is an important document in the variation control context. It is mandatory for all investment proposals with a total capital cost of $5 million or more. A scaled version should be done for proposals that involve less cost and risk, given that clear thinking in the definition stage will reduce the potential for delays and cost increases later.

Focus

A PDP provides a ‘reality check’ before preparing for tender. It updates and refines the cost, schedule and risk mitigation strategy for the option selected by Cabinet based on the business case. It is underpinned by detailed information on the proposed project. It stays within the scope, cost, risk and schedule parameters in the business case agreed by Cabinet.



For example, a PDP for a non-residential building clarifies the master plan and the functional, design, technical, architectural and engineering aspects. It addresses land assembly issues to the level of detail needed by project managers and by service providers in industry to prepare tenders to deliver the asset successfully.

The plans for any related non-asset initiatives are also defined. For example, if the investment option involves building or refurbishing a warehouse, then related non-asset plans should be defined and costed in order to better manage the future demand for storage, including through the definition of necessary holdings and the removal of stock that is no longer required.

The PDP reality check is important in helping to determine the procurement and financing strategies that should be adopted. The PDP is complemented by a comprehensive procurement plan that examines alternative options, before making clear recommendations on the procurement strategy. Depending on the specifics of the investment proposal, the procurement analysis identifies the relative strengths and weaknesses of potential arrangements ranging from the traditional design and construct, through to a public private partnership.

Similar levels of clarity and assurance are provided for the proposed financing arrangements.

Variations

Treasury should be advised if agencies notice that the cost, risk or schedule details in the PDP start to vary significantly. The agency should also provide advice on its recommended course of action in response to the emerging problems. Treasury will seek advice from the agency on possible trade-offs that could be made to stay within the original parameters. Final details on the extent of any variations may not be available. However, early advice is required and would reinforce the ‘no surprises’ approach expected by Cabinet.

If the PDP reveals that an investment option cannot be achieved within the approved scope, cost, risk and schedule, it is mandatory for an agency to report back to Cabinet with the reasons and a recommendation to either modify the option or consider alternative options.

For ease of consideration, agencies use the universal SAMF model for a PDP which highlights any variations from the business case.


Overview

Results

Based on the recommendations in the PDP, the investment proposal may proceed as outlined in the business case, or Cabinet may need to consider whether the scope, cost, schedule, procurement or financing method should be altered. On either basis, the business case is updated and retained throughout the life of the investment as a point of reference for successful asset management, and for progress and benefit realisation reports.

Sequence As summarised in Diagram 1 below, SAMF emphasises the need to maintain an orderly sequence in the development and consideration of SAPs, ACAs, business cases and PDPs. For example:

• a business case is not developed without agreement that there is sufficient strategic justification for investment (as confirmed by Ministerial endorsement of an agency’s SAP and ACA); and

• a PDP is not developed without the authority and established scope, cost, schedule and risk parameters in an approved business case.

SAMF mandates this sequence in order to increase the likelihood that high quality services, providing good value for money, will be delivered to Western Australians – because a project is based on robust plans, and the risks have been well understood in advance and addressed.



Diagram 1: SAMF Sequence

Strategic Justification

Investment Planning and Decisions

CorporatePlan

SAP

ACA

Investment Decision

Business Case (Standard or fast-tracked)

PDP

Funding Decision

Tender Evaluation

Asset Management

Operation Delivery Refurb./ Disposal

Progress Reports

Benefit Reports


Overview

Part Three: Asset Management

Agency Expertise Under SAMF, the systems and methods used to conduct asset management on a daily basis are not prescribed.

However, the quality of the advice and information derived from an agency’s approach is of strong interest to strategic asset planners and decision-makers including the agency head, Minister and Cabinet – because the advice is used to inform investment decisions and to obtain maximum value from the cost effective operation of existing and future assets.

Strategic planners and decision-makers also remain fully informed of key asset management results, including in relation to the service and other benefits that accrue from the operation of government assets throughout their lives.

Progress Reports For major asset investments, regular reports are provided to senior agency decision-makers, Ministers and Cabinet at important milestones, including on whether delivery is proceeding on time and budget, and whether project start-up was achieved according to the costs and schedule approved by Cabinet.

In particular, the reports advise of any serious emerging problems that are likely to undermine achievement of the service benefits envisaged in the business case, and for which it may be wise to seek support for a corrective response. Examples may include:

• additional maintenance to address unexpectedly high usage rates, or theweaker than expected endurance of construction materials; and

• negative variations in the performance of contractors.

Benefit Reports As part of their asset management responsibilities, senior decision-makers in agencies receive periodic reports on the benefits achieved from a major asset at appropriate points throughout its life.



A benefit report states clearly the extent to which value for money from the asset is being achieved compared to the results envisaged originally. Benefit reports also highlight any lessons learned that should be incorporated into planning for similar assets, or in business cases relating to the asset later in its life. For example, a benefit report will help clarify whether the asset should be refurbished to rejuvenate service delivery, or disposed.

After disposal, advice on the total value for money and service delivery benefits gained from the investment is provided.

Benefit reports on significant results are important to inform future decision making, strategic asset investment planning, business case development and asset management. Given their importance, benefit reports for major assets are likely to be requested by officers in Treasury when they review an agency’s SAP and business cases.


Overview

Part Four: SAMF Implementation

Concepts and Definitions To help facilitate effective dialogue among asset investment planners, managers, reviewers and decision makers, SAMF provides standard definitions for important concepts including:

• value for money;

• life cycle costs;

• total costs (capital and operating); and

• non-asset, demand management initiatives.

Guidance Modules To strengthen the foundation for implementation, SAMF provides a series of modules that clarify the universal principles, standards, method and model that should be followed for each type of investment plan (whether an SAP, ACA, business case or PDP), including for fast-tracked proposals.

The modules clarify the information that each plan should contain and the main issues and questions that should be addressed.

The modules clarify the degree of rigour, the level of detail, and the evidence required. They are designed to help agencies transform large amounts of financial, technical, accounting, engineering and architectural information into concise, compelling investment advice for decision makers, including Cabinet. This should minimise the time taken to focus on the issues that matter and which need to be examined and resolved prior to submission.

The modules provide a common basis for communication, understanding and initial debate among proponents and reviewers – with the aim of promoting a more efficient and effective investment planning system.

By establishing a clear set of principles, standards and models, the modules also provide a basic training manual for those who develop or review planning documents.



Techniques SAMF identifies appropriate techniques to use at particular points in the development and review of an SAP, ACA, business case or PDP. These include Investment Logic Mapping, Gateway Reviews and Value Management. The aim is to encourage a focused, cost effective approach and avoid duplication, red tape or unnecessary expense in their use.

Use of the right technique at the right time should enable focused investment planning that can be undertaken in-house for most aspects, with consultants used for specialist, technical elements. A selective approach to each technique should also help to encourage:

• prudent expenditure of planning funds upfront, to avoid cost and schedule problems later; and the

• concentration of fine-detailed, technical work closer to a procurement decision – based on sound conceptual thinking, business case development, and options analysis in the preceding stages.

Governance SAMF sets out a collegiate approach to the governance of strategic asset investment planning and management within and across agencies. This approach is based on the concept of effective involvement.

To be involved effectively, agencies and Treasury:

• apply the SAMF principles and achieve the SAMF standards for SAPs, ACAs, business cases, PDPs, and progress and benefit reports; and

• act in ways that are consistent with SAMF core values (such as transparency and a willingness to engage in early, objective debate on key issues).

SAMF also clarifies the distinct roles, responsibilities and accountabilities of agencies and Treasury for the quality and timeliness of the asset investment and management advice they provide, and the effectiveness of their involvement in the planning system.

This approach recognises the work of agencies in the successful planning and delivery of major investments, while retaining the essential checks and balances provided by reviewers in agencies and Treasury.


Overview

Overall, the concept of effective involvement and clear statements of accountability provide a fair and reasonable basis for annual progress reports by Treasury to Cabinet on:

• the performance of the asset investment planning and management system and its participants; and

• resource or behavioural barriers that should be overcome to improve the quality of investment planning and management advice.


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Strategic Asset Management Framework - Overview · deliver services over the next ten years. Once the strategic setting is established, ... operation, maintenance and ... Strategic