Asset Management is described by the Asset Management Council as ‘the life cycle management of physical assets to achieve the stated outputs of the enterprise’. Physical assets include the building fabric, plant and equipment contained within a building on a designated site. In respect of the AGFMA, asset management is only concerned with physical assets and not other asset types such as financial or intangible assets.
Strategic Asset Management Framework
The Department’s Strategic Asset Management Framework (SAMF) is intended to be a key guidance tool for Participating Agencies of the AGFMA with responsibility for managing SA Government owned sites, facilities and building assets. Participating Agencies are encouraged to use the SAMF to continuously improve their approach to asset management and to take a ‘whole-of-life’ approach to the ownership of assets under their care and control. The recommended approach includes the development of agency focused Strategic Asset Management Plans and Asset Management Plans, consistent with the international standard for asset management, ISO 55000.