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Asset Management Planning 

Asset management is about managing your assets so that they operate effectively in the long-term. All water suppliers should develop plans for asset renewal and replacement, and make sure they have sufficient revenues to enable effective management over the foreseeable future.

Benefits of Asset Management

  • Improve customer communications
  • Evaluate asset management capacity
  • Generate productive team discussions
  • Improve system performance and financial stability
  • Identify areas of strength and areas for improvement
  • Build awareness of the breadth of asset management
  • Establish priorities and set short-term and long-term goals
  • Improve inter-departmental collaboration and organizational continuity
  • Improve chances of success in receiving senior government grant funding
  • Enable action towards full-cost pricing
  • Leverage existing PSAB-3150 work
  • Facilitate capital works planning
  • Prioritize engineering spending
  • Compare against benchmarks
  • Measure progress over time
  • Justify rate increases.

 Steps in Asset Management Planning

 Follow these steps in preparing and asset management plan:

  1. Prepare a Tangible Capital Asset Inventory & Valuation: Record details of your physical assets. How old are they, what materials are used, how much did they cost when new, how much will they cost to replace.
  2. Develop an Asset Replacement Schedule: Calculate the annual wear and tear on your infrastructure; work out how much you should contribute to asset renewal. Compare with industry averages and related benchmarks.
  3. Complete an AssetSmart Assessment: build a team to work on asset management; apply asset management tools.
  4. Adopt an Asset Management Policy: Develop a policy that reflects adoption of best management practices.
  5. Develop an Asset Management Roadmap: Identify gaps in your asset management planning and set priorities for action.

  

Further Support

If you need support in planning for asset management, visit the web site of an Industry Partner with considerable experience in this area.  

Asset Management Planning Services


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For the water industry in western Canada