2.1.2.1

Strategic Framework for Asset Management

A TAM policy can be the first place an agency communicates the strategy of their TAM program. It can be thought of as a contract between the agency and its customers, partners and stakeholders that defines how TAM fits within the agency's decision making process.

Some elements of a TAM Policy can be included within a TAMP (TAM Objectives, Scope of TAM, connection of TAM to other planning initiatives, and TAM roles). However, a separate TAM Policy may provide those responsible for TAM within an organization the ability to challenge existing processes and approaches. A concise TAM Policy defines the principles that guide the decisions made during TAMP development and implementation.

A TAM Policy can outline the types of assets considered for management and identify where in the cycle of DOT work activities to emphasize asset management practices. It can also establish the high-priority initiatives on which the agency will focus their efforts. A TAM policy starts to set boundaries and clarify the intent of asset management.

A TAM policy may include:

• Definitions of services provided to customers and distinctions between service levels
• Approaches for managing assets from a whole life perspective
• Decision-making standards, based on the triple bottom line (economic, environmental, and social)
• Consideration of risk
• Approach for making transparent, data- driven decisions

For further details on developing a TAM Policy, see the how-to guide in this chapter.