Infrastructure asset management is an approach that, by combining engineering principles with sound business practice and economic rationale, identifies the optimal allocation of resources for the creation, acquisition, maintenance, operation, rehabilitation, enhancement and disposal of assets in order to meet the needs of current and future customers.
It is widely accepted as a means to deliver efficient and effective management of infrastructure assets through long-term planning and by ensuring that standards are defined and achievable both for current and future budgets. The ability to facilitate a greater understanding of the contribution which infrastructure assets make to economic growth and the needs of communities is especially important within a constrained funding regime and competing needs, as is the ability to make a case for funding and to demonstrate the best value for money.
When properly undertaken asset management provides evidence, in the form of controlled and systematic processes, to demonstrate legal, regulatory and statutory compliance. It should result in improved risk management and a clear audit trail for the appropriateness of decisions taken along with their associated risks.
The role of the Panel is to:
It does this through:
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