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Top 10 Asset Management Business Plan Templates with Examples and Samples
Siranjeev Santhanam
A partnership between an asset manager and his client based on trust, commitment, and responsibility can allow both parties to gain rich rewards and optimize available market resources.
Asset management is managing a customer’s money and maximizing earning potential through investments. This can be done through various avenues, ranging from stocks to property, funds, and other investment channels. Asset management figures perform this service for clients, allowing them to raise their net worth over time through investments, creating better spending opportunities, and making more informed decisions on behalf of their clients.
Do you have real estate management on your mind? Click here to read our blog on the top ten real estate management templates!
Asset management is a time-tested way to bolster one’s wealth and achieve better financial prospects. However, making a successful business out of this is more complicated than it sounds. It takes years of experience in the financial domain, coupled with significant hours of labor and some extensive resources, for an asset management firm to gain the kind of reputation that makes it worth people’s time.
In this blog, we will delve into a business plan meant for asset management. We will discuss all the leading segments of the template, giving readers a nice, good look at all the major areas of the slides. Let’s begin!
Table of Contents
- Executive Summary
- Company Overview
- Industry Analysis
- Customer Analysis
- Growth Potential Analysis
- Porter’s Five Forces Analysis
- Go-to-market Analysis
- Operational Plan
- Financial Assumptions
- Graphical Representation of Financials
1) Executive summary
Our executive summary section provides you with a well-crafted and comprehensive template that empowers you to curate your asset management brand, supplying the details in a more attractive way. Integrated into the segment are some core subsections that serve to make your executive summary more engaging and impactful. These include “ about the business,” where you can present data and statistics to support your brand image and demonstrate your competitive advantage, and the quick pitch , which helps to consolidate the value proposition and convey the unique selling point of the business. Also present are the subheadings, products and services offered , key success factors , start-up business summary , and more.
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Are you struggling to get ahead in financial asset management? Allow us to present you with some well-curated templates that can make a difference. Click here to read our other blog covering financial asset management templates now.
2) Company Overview
With our company overview section, you can introduce your company, underline its core work culture, expand on its history and etiquette, and much more. With the aid of this segment, you can build bridges with the audience, giving them avenues to connect with your business and understand your operations and principles. This subheading is tailor-made to suit the needs of the asset management market, presenting all vital information and reliable data in a digestible manner. Create a more authentic and presentable image of yourself, enabling partners, clients, and any specific audience to trust your business with this segment. The subheadings in the template slides include the mission and vision statement and market gaps associated with asset management start-up business .
3) Industry Analysis
An industry analysis assists a business in knowing all of the multifaceted and intricate dynamics within a specific industry. Use our industry analysis segment to understand the trends, challenges, and opportunities that shape the asset management business and boost your position in the market. Create a more profound and richer knowledge of the industry as you seek reliable partnerships and attract funding from the right sources within the industry. Some key subheadings included in this document section are market analysis , market trends analysis , growth drivers , and geopolitical analysis .
4) Customer Analysis
Use the power of practical customer analysis to identify and understand all the essential needs of your target market, honing your business caliber to serve their personal preferences. Customize the internal dynamics of your asset management business to channel existing demands in the market. Our well-organized customer analysis section can be a fine ally in getting you all the support you need from within the core demographics that make the market. The subheadings featured within this template area are target market, buyer persona, and market sizing . Use the tools of this template to sync your business capabilities with the existing customer base and generate more revenue.
5) Growth Potential Analysis
The first part of this segment is the SWOT analysis . This framework gives businesses a data-driven strategic approach to assess the strengths, weaknesses, opportunities, and threats enveloping their business. Our well-structured SWOT analysis section can enable a more thorough internal evaluation of your asset management business, enabling you to create more effective responses to the changing market situations.
6) Porter’s Five Forces Analysis
Porter’s Five Forces Analysis can be a crucial tool in evaluating the competitive environment of a business. It features five key forces that help to establish the overall productivity and lucrative nature of the industry. The five forces here are – competition within the industry, potential new entrants in the same industry, the power of suppliers, the power of customers, and lastly, the threat of substitute products or services. Use these strategic methodologies to build a more competitive asset management business where you expand your market dominance and raise profitability.
7) Go-to-Market Analysis
A marketing plan is vital to any effective business process, and our template assists you in implementing the multi-layered steps that make marketing more productive. This segment has been divided into smaller, more important segments that can build a more efficient marketing characteristic for your asset management business. Some key elements that are featured within the slides of this template include promotional strategies, go-to-market strategies, sales strategies and pricing strategies . Fully explore the intricacies of marketing and gain a competitive edge on this front by applying the tools offered by this template.
8) Operational Plan
The operational plan of this template has been segmented into two major components – the service selling plan and the operational strategies of the year. Together, they make for a consolidated and structured method that any start-up in the asset management space can use to hone its effectiveness and develop better operations. The template comes ready-made with content that firms in this space can use to advance their operations, with internal points such as ‘asset management magazines,’ ‘campaigns to support online sales,’ ‘target market appropriate media,’ and more.
9) Financial Assumptions
Use the financial segment of our template to create a more integrated and cohesive account of your financial situation, building better commerce systems within the business. This segment has been split into some primary subheadings, all of which feature their own unique characteristics. Examples to be mentioned among the subsegments of the template include a projected financial plan , projected model and sales forecast , profit and loss statement, projected cash flow statement, projected balance sheet, and DCF valuation .
10) Graphical Analysis
Use this section to highlight key financial data in a visually appealing and understandable way, and use charts and graphs to enhance the experience. Craft a more stimulating and well-received account of your internal financial situation, outlining the trends, patterns, and connections between the commercial variables. Some key graphs featured as part of the segment include revenue from asset management start-ups, net earnings of business before tax and depreciation, asset management start-up business earnings after tax, gross profit from asset management start-up businesses, and many more.
Within the pages of this template are more exhaustive and comprehensive features that can aid you in creating better opportunities for yourself within the asset management market. This blog provides you with a brief gist of the main segments of the business plan, and once you get your hands on it, you can access a more complete version of it. Fully utilize the internal details of our business plan ppt templates to make a more thorough and intensive structure for your asset management business, avoiding all of the hazards and pitfalls as you get to the top.
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12+ Asset Management Plan Templates – PDF, Word
Every business has its own set of assets. Holding assets is a part of any enterprise in the public or private sector. It’s important that business owners know what theirs are as they need to know the best ways in which they can use them. You can also like management plans in PDF . In order for them to do that, they’ll also need to come up with a simple plan that will allow them to make full use of whatever business assets they happen to have. And that’s why this article is going to teach you how to come up with an asset maintenance plan template.
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How to Create Your Business’s Asset Management Plan
1. take note of the necessary acquisitions, 2. plan for asset operations, 3. come up with a plan for maintaining these assets, corporate oraganzational asset equipment management plan.
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5. include information in regards to funding, 6. manage all of the different risks towards your assets, more in business.
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Featured Asset Management
Creating a strategic asset management plan (samp) with five handy steps.
Manaswini Rao
An asset management strategy is a high-level, strategic plan that defines the framework for accomplishing asset management objectives in an organization. It includes asset acquisition, planning, and maintenance.
An effective asset management strategy helps asset managers optimize the value and performance of tangible and intangible assets throughout the asset lifecycle .
As a result, you can reduce asset downtime, save on repair costs, increase productivity, and boost profitability.
By the end of this article, you will learn how to develop a strategic asset management plan and ways to simplify it with a computerized maintenance management system (CMMS) .
Why is an asset management strategy important?
An asset management strategy helps you create a long-term asset maintenance plan which eases asset condition assessment and optimization.
The result is a better return on asset (ROA), improved decision-making, and efficient resource allocation.
- Improved decision-making: An asset management strategy equips you with critical asset information to inform decisions like asset shutdown, turnaround, and outage (STO) to repair or replacement to operating expense (OpEx) prioritization. So, you’re better able to combine financial and non-financial strategies for decision-making and meeting the asset management objectives of the organization.
- Reduced costs: An asset management strategy also puts checks in place to track under-used, duplicate, or overused assets. This knowledge of asset utilization drives your understanding of equipment health. For example, overused assets are more likely to experience breakdowns at frequent intervals and go through costly repairs. Linking preventive maintenance with an asset management strategy helps you ensure cost savings and reduce the total cost of ownership (TCO).
- Better resource allocation: An asset management strategy helps you identify which assets cause bottlenecks, those that need upgrades or replacements, and how you can use the assets at your disposal to reach facility goals and objectives with maximum efficiency.
- What is strategic asset management?
Strategic asset management (SAM) is a top-down equipment management framework for long-term maintenance and operation planning.
This approach prioritizes long-term physical asset investments while balancing capital and operational expenditure from a total expenditure (TOTEX) standpoint.
An SAM framework provides a holistic view of current asset needs and what you’ll need 5, 10, or 20+ years down the line.
This framework gives you the data you need to make asset decisions that align with the company’s goals, instead of relying on budget and guesswork to manage assets.
Read More: Integrate asset and energy management for real-time building performance
- What does an asset management strategy include?
SAM dives deep into the following areas to help you maximize the return on every dollar you spend.
Asset inventory
Understanding the assets you own, their state, energy utilization, useful life, and whereabouts helps you create a single source of truth for all decisions.
If you’ve been using pen-and-paper inventory or spreadsheets to assign unique ID numbers and maintain asset records, it’s time to migrate to an asset management system.
An infrastructure asset management system simplifies the upkeep of asset information. Plus, it helps you form a basis for maintenance planning, resource allocation, and continuous assessment.
Asset prioritization
Assessing assets and how critical they are for smooth business operations is vital to asset management success. To rank assets, you need to answer two questions:
- What are the chances of any asset experiencing failure?
- What are the consequences of asset failure?
Set parameters to define the probability and consequences of an asset's failure. This will allow you to establish risk tolerance levels and rank assets by criticality. Also, concentrate on the most critical assets to get the most out of your investment.
Maintenance plans
Create maintenance schedules for each asset based on manufacturer recommendations, location, condition, and impact on operations.
For example, production assets running infrequently will benefit from corrective maintenance , whereas highly critical assets need total productive maintenance to stay in good shape.
Life cycle management
Prioritize maintenance for assets based on risk, energy consumption, cost of replacement, or whichever factor matters most to you.
This eases day-to-day resource management and reliability engineering for assets. Additionally, it helps you figure out the capital budget for asset upkeep as per operation and maintenance (O&M) manuals .
Performance monitoring
Your SAMP should also include a reliability-centered maintenance process that monitors asset conditions.
ISO 55000, the international asset management standard, requires you to report on asset performance and the effectiveness of the asset management system.
The best way to meet this requirement is to leverage both reactive and proactive monitoring.
- Reactive monitoring uses periodic audits to spot existing nonconformities in an asset management system and find asset deterioration, or failures.
- Proactive monitoring incorporates procedures in your asset monitoring process to find what’s affecting asset performance and reliability.
You can also use leading and lagging metrics, like energy usage per unit or labor hours per unit, to understand what needs breakdown maintenance or how to reduce failure-centric deficiencies.
SAMP is essential to determine which goals are realistic, or if you’ll have sufficient funds to maintain assets for the desired level of service.
Maintaining an asset register with asset-related transactions also helps you tackle fixed asset depreciation and asset revaluation for fiscal reporting.
Risk management
Define a risk tolerance policy to measure safety and environmental risks to inform contingency plans to address specific risks.
These elements help you consistently meet service levels, manage utilities without service interruptions, and generate predictable revenues.
Is your CMMS doing enough to keep your assets in excellent shape?
Your legacy cmms is probably costing you time, productivity, and money..
- What are the pillars of an asset management strategy?
A good asset management strategy relies on five key pillars to boost asset productivity while minimizing asset costs.
- Asset classification involves registering and sorting assets systematically based on their properties and attributes for easy asset management.
- Centralized asset information means you have all important asset data in one place. Companies using spreadsheets to manage asset information often struggle with data redundancy. Using an enterprise asset management system improves your asset management efficiency.
- Asset indicators offer real-time insights into asset performance. Common maintenance KPIs include mean time to repair, mean time between failures, availability, and downtime. They tell you which assets are more reliable and which have the longest downtimes.
- Maintenance plan usually combines preventive, corrective, and predictive maintenance techniques.
You can leverage a CMMS to plan and automate key maintenance tasks like:
- Preventive maintenance scheduling
- Unplanned and planned maintenance management
- Work order management
- Asset inventory tracking
- Real-time asset performance monitoring
- Energy consumption tracking
- Maintenance reporting
- Asset calibration involves scheduling, planning, executing, and analyzing equipment calibrations. Consider setting and meeting due dates for internal and external calibrations.
Now that you know the what , let's focus on the how .
- 5 steps to develop an asset management strategy
As you build or refine your asset management strategy, use these steps to reduce expenses and maximize asset performance.
1. Review the organization’s structure
Start by understanding how your organization operates or makes investment decisions. Then, you can focus on creating asset management goals that align with business objectives. Consider presenting strategic ideas to management and staff to win their confidence and support.
2. Conduct an asset condition assessment
Periodic asset monitoring gives you crucial data on the condition of each asset in your facility. This data tells you if the asset needs preventive maintenance to reach its expected useful life.
3. Prepare and implement an asset management action plan
These asset management initiatives altogether help you create an action plan. This implementation plan must support the current business cycle.
4. Review and monitor your progress
With an asset management system, you can capture data about asset performance and use it to optimize investment decisions.
Progress monitoring also reveals critical areas that you should prioritize in the next enterprise asset management strategy planning cycle.
5. Get feedback from all stakeholders
Conduct panels and focus groups with staff to hear their thoughts on existing asset management processes. This feedback lets you develop more effective solutions to meet organizational expectations.
Creating, enforcing, and m0nitoring the effectiveness of your strategic asset management plan is simple with a CMMS software .
Leverage a CMMS to streamline and automate 360° asset lifecycle management
A CMMS centralizes asset maintenance and performance data so you can easily track asset utilization, improve ROA, and stay compliant.
Modern maintenance management software like Facilio’s Connected CMMS also use IoT and machine learning to understand asset health and performance, and proactively maintain them to keep them performing at their peak, and prolong useful life.
Further, it simplifies asset condition assessment and digitizes compliance to realize improved asset value. It also gives data-driven insights for optimizing performance, health, and energy efficiency for different assets.
Overtime, using machine learning algorithms, it understands the faults and failures an asset is prone to, and determines failure modes to help you proactively tend to its maintenance needs.
The mockup shows how, by analyzing root cause of failure and automatically creating work orders, Facilio helps you eliminate unplanned equipment downtimes.
If you’d like to learn more about how Facilio’s Connected CMMS can help your organization switch from reactive to proactive maintenance, and keep your assets healthy and productive, our product experts are only a click away!
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How To Create an Effective Asset Management Plan in 2024
Struggling with disorganized assets, unexpected downtime, and inefficient resource allocation can significantly hinder your organization's performance. These issues often stem from a lack of a cohesive asset management plan.
By establishing a well-structured asset management plan, you can mitigate these problems, ensuring that your assets are optimally managed and utilized. This guide will lead you through the critical steps and best practices for creating an effective asset management plan in 2024, helping you set clear objectives, adopt best practices, and integrate the latest technology into your strategy.
Ready to transform your asset management approach? Dive into this guide to learn how to create an effective asset management plan that drives success.
Main Takeaways From This Article:
- Effective asset management plans are essential for optimizing the systematic process, asset utilization, lifecycle management, reducing costs, and enhancing decision-making.
- Integrating advanced technologies like IoT and AI can significantly improve the efficiency of asset planning, tracking, monitoring, life cycle costs, and proactive management.
- An effective, cost-effective management plan involves clear goal setting, a comprehensive asset inventory of physical assets, infrastructure assets, and various other assets, and well-defined policies and procedures.
- Regular performance monitoring, staff training, and the use of specialized software are critical for maintaining and improving asset management plans.
- RedBeam offers cutting-edge solutions that incorporate technologies, ensuring a future-proof and scalable strategy.
What Is an Asset Management Plan (AMP)?
An Asset Management Plan (AMP) is a strategic blueprint designed to effectively manage a company’s assets. It involves monitoring, maintaining, upgrading, and replacing assets cost-effectively. By setting clear objectives and utilizing advanced technologies like IoT and AI, an AMP ensures optimal asset utilization, enhances decision-making, and aligns with business growth and technological advancements.
Advantages of Asset Management Plans
Here are the advantages of asset management plans:
- Optimizes Asset Utilization : Businesses can achieve optimal asset utilization by leveraging IoT technology, enabling monitoring and identification of underused resources. This helps defer capital investments and maximizes efficiency, ensuring every asset is used to its fullest potential without downtime.
- Reduces Operational Costs : By incorporating IoT-driven asset management, businesses can significantly cut operational expenses. The ability to monitor assets reduces the need for on-site inspections and maintenance visits, lowering labor costs. Furthermore, preventing asset theft and misplacement ensures resources are used efficiently and cost-effectively.
- Improves Decision Making: Accurate data from your assets makes decisions more informed and strategic, leading to optimized asset allocation and utilization. Advanced technologies like AI and IoT provide accurate insights, allowing for proactive adjustments and improved long-term planning, enhancing overall organizational efficiency and effectiveness.
- Enhances Compliance: An effective asset management plan ensures compliance with regulatory requirements and industry standards. Keeping accurate records and maintaining scheduled inspections minimizes legal risks and avoids costly fines. Enhancing compliance protects your organization and builds trust with stakeholders and clients.
- Increases Asset Lifespan: Regular maintenance and timely upgrades extend the useful life of assets. Proactively addressing wear and tear issues can avoid premature replacements and downtime, ultimately saving costs. Incorporating advanced technologies like predictive maintenance helps identify potential failures before they occur, maximizing asset efficiency and longevity.
- Facilitates Risk Management: Proactively managing risks associated with assets helps mitigate potential losses and disruptions. An effective AMP identifies and addresses vulnerabilities, prepares contingencies, and ensures compliance with safety standards, securing the organization against unexpected challenges. This fosters resilience and enhances operational stability, which is critical for sustaining long-term growth.
- Streamlines Processes: An effective AMP eliminates inefficiencies and reduces redundancies by automating and standardizing operations. This ensures smoother processes and faster response times. Streamlined procedures maximize productivity and align every component of the asset lifecycle , leading to better overall performance and a more agile organization.
- Supports Financial Planning: Gaining a holistic view of all assets, valuations, and lifecycles offers a solid foundation for financial planning. It helps budget, forecast, and align financial strategies with long-term business goals. This clarity ensures more informed financial decisions, enhancing overall fiscal health.
How To Build an Effective Asset Management Plan Step-By-Step
Building an effective Asset Management Plan (AMP) requires methodical steps to ensure accurate tracking , optimal utilization, and risk management.
Here, we break down each step, from defining objectives to utilizing advanced software to streamline processes and enhance efficiencies.
1. Define Asset Management Objectives and Goals
Setting clear objectives and goals for your asset management plan (AMP) is fundamental to success. By understanding your aim, you can effectively tailor your strategies to meet these needs. Consider the following:
- Identify Key Assets: Determine which assets are most critical to your operations.
- Set Performance Benchmarks: Establish metrics to gauge asset performance.
- Align with Business Goals: Ensure your AMP supports overall company objectives.
- Focus on Sustainability: Incorporate long-term sustainability into your goals.
2. Conduct a Complete Asset Inventory Audit
A thorough asset inventory audit is essential for understanding your organization's assets and current status. This step involves identifying and documenting all physical and digital assets, ensuring nothing is overlooked. Here are some key steps:
- Document Assets: Record details like make, model, and serial numbers.
- Classify Assets: Categorize assets based on type, location, and usage.
- Verify Ownership: Confirm which departments or individuals are responsible.
- Assess Condition: Evaluate the current state and functionality.
3. Develop Asset Management Policies and Procedures
Developing comprehensive asset management policies and procedures is critical in ensuring efficient and effective utilization of your assets. These guidelines provide a solid framework for consistently managing assets across the organization and serve as an essential reference for your team. Here's how:
- Define Clear Asset Policies: Establish clear policies that outline each asset's ownership, accountability, and use to avoid ambiguity.
- Standardize Procedures: Develop standardized asset tracking, maintenance, and disposal procedures to ensure uniformity across all departments.
- Implement Compliance Measures: Ensure your policies align with regulatory requirements and industry standards to maintain compliance.
- Regularly Update and Review: Review your asset management policies to incorporate new technologies and evolving business needs.
- Document All Processes: Maintain comprehensive documentation of all asset management processes to facilitate new employee training and onboarding.
4. Implement Asset Tracking and Monitoring Systems
Implementing asset tracking and monitoring systems gives you an accurate view of your assets' locations, conditions, and utilization rates. Leveraging advanced technologies like IoT and AI will provide precise data that enhances operational efficiency and decision-making. Here's how:
- Choose The Right Technology: Assess your specific needs to select appropriate IoT devices and tracking methods that suit your organizational requirements.
- Integrate with Existing Systems: Ensure your asset tracking system seamlessly integrates with your existing infrastructure and software solutions for unified data management.
- Enhance Data Accuracy: Utilize automated data capturing to minimize errors associated with manual entry, thus boosting the reliability of your asset information.
- Accurate Monitoring: Implement monitoring systems to continuously monitor asset conditions and locations, allowing prompt response to anomalies or issues.
- Facilitate Easy Access: Deploy user-friendly platforms that provide stakeholders with accessible and comprehensible data, ensuring effective asset management.
- Security Measures: Establish robust cybersecurity protocols to protect sensitive asset tracking and monitoring data.
- Scalability: Choose a scalable system that can grow with your business needs, accommodating additional assets and functionalities as required.
5. Assign Roles and Responsibilities
Assigning roles and responsibilities is critical in ensuring your asset management plan operates smoothly. Clear delineation of tasks helps prevent overlap, reduces confusion, and enhances accountability among team members. Here's how:
- Define Key Roles: Identify essential positions such as Asset Manager, Maintenance Supervisor, and IT Support.
- Allocate Responsibilities: Assign specific duties to each role, ensuring everyone understands their tasks and objectives.
- Encourage Collaboration: Promote teamwork among departments to foster efficient communication and problem-solving.
- Set Performance Metrics: Establish clear criteria to measure the effectiveness and efficiency of each role.
6. Develop a Maintenance and Inspection Schedule
Regular and preventative maintenance and routine inspections are paramount to prolonging the life and performance of your assets. By developing a well-structured schedule, you can preemptively address potential issues and ensure continuous operational efficiency. Here's how:
- Preventive Maintenance: Schedule regular checks to address wear and tear preemptively.
- Inspection Frequency: Define how often each asset type should be inspected based on its criticality and usage.
- Documentation: Keep meticulous records of all inspections and maintenance activities.
- Responsibility Assignment: Clearly assign tasks to specific personnel to avoid ambiguity.
7. Establish a Budget and Financial Plan
Establishing a budget and financial plan is vital for effective asset management. This ensures you have the necessary funds to acquire, maintain, and optimize your assets.
Here's how you can create a good financial plan:
- Determine Required Budget: Identify the funds needed for asset acquisition, maintenance, and upgrades.
- Allocate Resources: Distribute your financial resources effectively across various asset categories.
- Plan for Contingencies: Set aside funds for emergency repairs or unforeseen costs.
- Review and Adjust: Regularly review your budget to ensure it meets the evolving needs of your organization.
8. Implement a Risk Management Strategy
Integrating a comprehensive risk management strategy into your asset management plan is crucial. This ensures you can anticipate potential issues and mitigate them effectively.
Here are the steps you should follow:
- Identify Risks: Assess all risks associated with your assets, from natural disasters to technological failures.
- Analyze Impact: Determine the potential impact of each identified risk on your operations and finances.
- Develop Mitigation Plans: Create strategies to reduce the likelihood and impact of each risk.
- Monitor and Review: Regularly update the risk management plan to reflect new threats and mitigation strategies.
9. Train Staff and Promote Awareness
Ensuring your team is well-informed and trained on asset management practices is essential for the smooth implementation of your AMP. Regular training and awareness campaigns can significantly enhance efficiency and compliance.
Here's how:
- Conduct Regular Training Sessions: Schedule periodic sessions to keep the workforce updated.
- Encourage Innovation: Promote individual innovation and ownership of new processes.
- Focus on IoT Skills: Consistently upskill staff to handle IoT technologies effectively.
- Promote Preventive Maintenance: Encourage practices that improve efficiency and asset lifespan.
10. Monitor Performance and Review the Plan Regularly
An effective asset management plan is dynamic and requires continual monitoring and regular reviews to stay relevant and beneficial. Constantly assessing the plan's performance helps identify areas for improvement and adapt to changing circumstances, technologies, and business needs.
- Track Performance Metrics: Regularly measure key performance indicators (KPIs) related to asset utilization, maintenance costs, downtime, and return on investment (ROI).
- Conduct Regular Audits: Periodic audits help identify discrepancies in asset records, ensuring all assets are accurately accounted for and managed.
- Gather Feedback: Collect input from staff and stakeholders to understand their challenges and identify opportunities for process improvement.
- Update the Plan: Revise your asset management plan to reflect new goals, technological advancements, and business adjustments.
- Review Compliance: Ensure all regulatory requirements and industry standards are continually met by reassessing compliance regularly.
- Analyze Data: Use data analytics to uncover trends, predict future asset needs, and optimize resource allocation.
- Benchmark Performance: Compare your performance metrics against industry standards and best practices to identify areas where you can improve.
11. Utilize Asset Management Software
Modern asset management requires leveraging advanced software solutions to track, monitor, and manage assets effectively. Implementing robust asset management software can streamline operations and provide insights.
Here's why asset management software is indispensable for your strategy:
- Accurate Monitoring: You will gain instant access to all assets' current status and location, ensuring accurate and timely data.
- Error Reduction: Eliminate manual entry errors and inaccuracies commonly associated with traditional tracking methods.
- Predictive Maintenance: Using data-driven insights to anticipate maintenance needs reduces downtime and enhances asset reliability.
- Cost Efficiency: Identify underutilized assets and optimize their deployment, potentially deferring capital investments.
- Integration with IoT: Leverage IoT technology to capture and analyze vast amounts of data, facilitating smarter asset management decisions.
- Enhanced Compliance: Ensure adherence to regulatory standards and improve audit readiness with comprehensive documentation and reporting features.
- Scalability: You can easily scale your asset management plan as your business grows, seamlessly accommodating new assets and expanding operations.
Maximize Asset Management Efficiency With RedBeam
Developing an effective asset management plan is crucial for maintaining control over your resources and ensuring optimal performance across your organization. By following the steps outlined in this guide, you can create a comprehensive strategy that addresses your asset management needs and leverages the latest technologies to enhance efficiency and reduce costs.
RedBeam provides the perfect solution to support your asset management plan. With its intuitive interface and robust features like fixed inventory tracking, asset tagging, and detailed history recording, RedBeam simplifies the process of managing and monitoring your assets. This powerful tool ensures you have complete visibility and control over your resources, helping you achieve your asset management goals.
Don't let disorganized assets and inefficient processes hold you back. Experience the benefits of a streamlined asset management system with RedBeam. Try RedBeam today and take the first step towards a more efficient and effective asset management plan.
Try it now or schedule a demo to experience the benefits firsthand.
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- Posted on December 31, 2022
- Kortney Murray
The first step in asset planning is, of course, to create the plan . An asset management plan will serve as a road map for you and your company to carry out your asset management strategy. Not sure how to get started?
In this article, we will lay out five essential steps to building an asset management plan for your organization.
What is an Asset Management Plan (AMP)?
But first, what exactly is an asset management plan (AMP)? An AMP is an organizational plan that defines the actions that will be taken to develop, operate, maintain, upgrade, and dispose of company assets. It will also define what resources will be applied to carry out these objectives.
All of this will be done most cost-effectively through the analysis of all the costs, risks, and performance attributes associated with the assets. An AMP can be created for an individual asset, a portfolio of assets, a group of assets, or a class of assets.
It should keep in mind all timelines of each asset to extract as much value from each. In simple terms, with an AMP, you will summarize the goals of each asset’s life cycle, then break down weekly, monthly, and yearly tasks to help achieve those goals.
So why should you create an AMP? Well, not only does it act as a guide for important decision-making processes, but you will also find there are many benefits to your business.
Benefits of Asset Management
Here are some of the most common benefits companies will experience when undergoing asset management processes:
- Reduction of customer complaints
- Increases customer value
- Improves efficiency
- Helps create a budget for the future
- Ensures compliance with regulations and industry standards
- Assets are well-maintained
- Reduces loss
- Prevents theft
Sounds good? Great! But what if you don’t have the organizational skills to come up with an AMP? You can consult an asset management firm to help you. These experts can provide you with more information to help organize and manage your assets.
But if you are ready to dive in yourself, check out the following 5 steps to building an asset management plan for your business.
1. Come Up With A Strategy
If your organization does not already have one in place, you will first want to come up with an asset management strategy. To do so, you will need to:
- Assess stakeholder needs: Identify and prioritize the people who will be affected by your AMP. Then do a stakeholder analysis to assess how stakeholder interests should be addressed in your plan.
- Do a SWOT analysis/risk assessment: Analyze SWOT (strengths, weaknesses, opportunities, and threats) in your organization. This will help you identify and analyze the factors that can shape current and future operations.
After these assessments, you can go about creating the following:
- Policy and Objectives: These should outline how your company will value, support, use, and implement asset management activities. Make sure the owner/most senior staff member signs off on this document!
- Strategic Asset Management Plan (SAMP): This organizational strategy document will highlight the objectives you want to achieve in your asset management strategy . Outline the tactics your organization will take to convert organizational objectives into asset management objectives. In the SAMP, focus on identifying your assets, defining stakeholders’ needs, and connecting these things to other plans or standards.
2. Analyze and Record Current Assets
As you are completing your SAMP, you will also want to do a complete asset inventory of your current assets. This will bring an awareness of what exactly you’ll be managing. Your asset inventory should include the following information:
- Asset description
- Asset location
- Current asset value
- Purchase date
- Estimated useful life
Complete an asset register recording all your current assets. The asset register should outline how and what asset data should be collected throughout its lifecycle. It is most helpful to input the register into an Enterprise Asset Management (EAM) system, or a Computerized Maintenance Management System (CMMS).
Having asset management software to keep track of your assets will save lots of time, keep you organized, and prevent errors from occurring. As you record your assets, make sure to assess the condition of each item and how critical they are in implementing the company’s needs.
Having a grasp on the current state of your assets will allow you to schedule maintenance as needed. It can also help you specify how much you want to invest in each asset for the needs of your organization. For instance, ask yourself how long you will allow the depreciation of your equipment until you renew or replace it.
If possible, circle back on an annual basis to best optimize each critical asset’s maintenance plan. This will help ensure the asset is getting the exact care and maintenance it needs to reach organizational objectives. And you’ll save some money in the long run.
It is also helpful to be aware of how important each asset is. What would happen if it failed to perform its function? If it would upset the workflow of the whole business, you will need to prioritize it above other less important assets.
3. Calculate Asset Costs
To figure out an asset’s value, not only will you need the asset’s purchase price, but you will also need to assess other asset life-cycle costs. This is a part of lifecycle management. Getting as accurate as possible with your asset costs will directly relate to an effective and efficient AMP.
To calculate total asset costs, you will need to know things like:
- Maintenance costs
- If the asset is a capital asset or an expense
- Condition and performance modeling
- Disposal costs
From there, you can determine the cost, quality, quantity, efficiency, reliability, function, capacity, and safety of the services you will provide your assets. It is important that your AMP is able to match the level of service that assets provide to the customers’ expectations. You will need to find the balance between the cost to deliver the asset and the level required.
Think about the following:
- How do the business’s goals impact the asset’s service levels?
- How do regulatory requirements impact service levels?
- What level of service is the asset currently getting?
- Does the service level meet the needs and expectations of the asset’s users?
- If that level of service could change, how, and if there is enough funding for it?
- How much does it cost to service the asset annually?
Once you’ve determined the levels of service you want to achieve, use a lifecycle modeling tool to help you come up with a financial plan for maintenance, renewal, or replacement for each asset. Factor in any forecasted growth.
Is the demand for the assets expected to increase or decrease? What investments will you need in the future to reach the expected demand? Also, prepare for any possible contingencies. With all of this information, create a five-year plan, a 10-year plan, or even a 20-year plan.
Include the following:
- Background information: Include the asset’s age, size, capacity, condition, performance, current value, and previous management summaries.
- Risk management plan: List any possible risks that can affect the service delivered by the asset. Do the risks threaten any of the business’s objectives? How will the risk be identified and evaluated? What measures will be taken to mitigate those risks?
- Operating plan: Define the strategies to maintain the required service levels, determine which operational tasks will be a priority, and summarize any possible future costs of operation.
- Asset maintenance plans: Define the maintenance strategies necessary to maintain the required service levels, determine which maintenance tasks are a priority, and summarize any possible future costs of planned maintenance. Include any expenditures that will be for the restoration, replacement, or renewal of an existing to be restored to its original capacity.
- Capital planning: Name any possible new investments that will create a new asset or upgrade or improve an existing one to a higher potential. If you need help with this section, you may want to consult an investment advisory service with registered investment advisors on staff.
- Disposal plan: Figure out in which ways you will want to dispose of an asset that has reached the end of its useful life. Will it be sold, demolished, or relocated? Consider when you will be disposing of these assets and how much it will cost to dispose of them.
Make sure to keep this data up-to-date by reviewing and updating it quarterly. Then track any changes that have occurred every year.
4. Implement Proactive Asset Management
Using the data collected from the previous steps, come up with an asset management plan that is the most cost-effective and proactive. Plan when to do preventative maintenance or repairs for each critical asset. Also, plan when to dispose of and replace the asset after its estimated life cycle is over.
Having a plan in place will inevitably increase asset performance long term. The Annual Works Plan will give you a short-term plan for those assets that need preventative maintenance. Make sure that you are following the guidelines of the manufacturer to ensure you follow the timeline of expected repairs.
There may also be some statutory requirements for the asset that you must follow. You can, however, modify the expected plans in case it benefits your business in some way. Once your Annual Works Plan is completed, you can establish work orders to carry out the scheduled maintenance.
This can be done on a daily or weekly basis, or as needed. It will be helpful to have some kind of planner or scheduler or staff member to keep up with these work orders. After implementing your plan, take a step back to see if it is helping you achieve the outcomes you were looking for from your AMP.
Look closely to see if the plan helped shaved off any extra costs or avoided any risk. Are you getting the most efficiency and effectiveness possible out of your resources? It can help if you can establish a good working relationship with your contractor and procurement teams.
Ensure you are getting the best resources for each maintenance job. Be communicative about the work being done to improve the chances of it being done most effectively and efficiently. To increase the ability of workers and staff to plan, assign, and carry out maintenance, use a mobile work order application .
If all members have the same application, this will be a far less hassle than sourcing data from completed jobs, then manually entering them into your current system.
5. Make A Long-term Financial Plan
Having your asset management systems in place will help you plan your business’s finances long-term. With all the information accurate and organized, now is the time to look further down the line.
With a long-term financial plan, you will be able to speculate whether your current asset management objectives are feasible. Then you can make adjustments as needed.
In your long-term financial plan:
- Include and summarize all the financial requirements to manage assets
- Include cash flow forecasts for the next one to five years
- Provide in detail how assets should be treated in the long-term scenario (as capital or expense)
- Determine the best funding strategies and when to implement them
If necessary, contact a financial advisor to help determine when and if you may need additional funding. They can also help you tweak your plan to have a more accessible financial flow. Need more financing ? Here at Coastal Kapital, we can help.
Road Map to Success
Asset planning may sound complicated. But if you break down the five steps we’ve laid out, you will find that once you’ve got a process in place, your company will turn into a well-oiled machine. Having a strategy will allow a unified vision for your staff to work from.
Then defining your assets in detail, calculating their life-cycle costs, and planning proactive management will ensure each asset is getting the level of care to perform at its best. And finally, completing the long-term financial plan will give you an idea of any roadblocks you may encounter along the way, allowing a clear road map to success (and profit !).
The Top 5 Strategy Templates For Asset Managers
Asset Management strategy is about aligning investments, managing risks, and optimizing asset distribution to meet the financial goals of an organization. It's a critical task that requires precision, foresight, and the right tools to stay ahead. Get ready to explore the top free templates that will transform strategy planning from a complex challenge into a structured, manageable process. Each template is designed to streamline efforts, ensuring you're not just keeping pace, but setting the pace in a competitive landscape.
Managing An Asset Management Strategy
Managing an Asset Management strategy is crucial for achieving long-term financial stability and growth. Precision in aligning investments and managing risks ensures that the distribution of assets effectively meets the organization's financial objectives. The right strategy not only safeguards assets but also identifies opportunities for portfolio expansion and diversification.
A well-crafted strategy is indispensable. It offers a clear roadmap for decision-making and helps in navigating the complexities of the financial markets. With a robust strategy, Asset Managers can anticipate market changes, respond swiftly to economic fluctuations, and maintain a competitive edge.
The significance of an excellent business strategy for Asset Managers cannot be overstated. It's the difference between reactive management and proactive leadership. A superior strategy allows for the optimization of asset allocation, enhancing performance against benchmarks and peers.
Effective strategy execution is as vital as the strategy itself. This execution hinges on having a structured approach to strategic planning.
The upcoming sections delve into the top free Asset Management templates. These resources are designed to simplify the strategic planning process, offering clarity and structure. They are the tools that will help you not just compete, but lead in the world of asset management. Ready to elevate your strategy? The next templates are your stepping stone to strategic excellence.
Integrated Master Plan Template
Asset Managers need a comprehensive plan that captures the full scope of their strategy, from the big picture down to the minutiae. The Integrated Master Plan Template serves this very purpose, providing a structured approach to align project management with financial objectives.
What's included in this template:
- Focus areas: The template outlines key areas such as streamlining project management processes, which help Asset Managers maintain control over their strategic direction.
- Objectives: It sets specific, measurable goals like enhancing quality or reducing waste, enabling Asset Managers to track and achieve desired outcomes effectively.
- KPIs: By establishing measurable targets, Asset Managers can quantify their progress and adjust their strategies to ensure peak efficiency and productivity.
This free template is for project managers and teams looking to create a thorough plan that covers every angle of their projects. It is a tool for those who aim to define goals, track progress, and steer their projects towards successful outcomes with precision.
Using the Integrated Master Plan Template gives you a clear advantage in strategy execution. Don't just manage your assets—optimize and excel in your strategic objectives with a plan that is both comprehensive and easy to implement.
👉 Use this free template
Business Strategic Plan Template
Asset Managers require a strategic plan that is not only clear and comprehensive but also adaptable to the fluid dynamics of financial markets. The Business Strategic Plan Template is essential for structuring a strategy that aligns with the organization's financial goals, providing a tangible framework to navigate market complexities and optimize asset distribution.
- Focus areas: This template includes various focus areas such as operational efficiency, brand awareness, and employee retention which are crucial for Asset Managers.
- Objectives: The template outlines specific objectives under each focus area, ensuring they are achievable, measurable, and directly tied to the overarching goals.
- KPIs: Key Performance Indicators are provided to set measurable targets for each objective, allowing Asset Managers to track progress accurately and make informed decisions.
This free template is tailored for strategy leaders and operations teams within the asset management sector, looking to crystallize their strategic vision into a structured plan. It helps Asset Managers stay focused, measure success, and adjust their strategies as needed to remain competitive and achieve long-term growth.
Now is the time to refine your strategic planning process. With this free template, you can set your focus areas, objectives, and KPIs to ensure a comprehensive strategy that drives your asset management forward. Don't let complexity hold you back. Harness the power of structure and clarity today.
2 Year Strategic Roadmap Template
Asset Managers face a dynamic financial landscape where strategic agility is key. The 2 Year Strategic Roadmap Template is tailored to help Asset Managers systematically approach their strategic planning. It provides structure and clarity, enabling you to set a solid course for asset allocation, risk management, and investment opportunities over a two-year period.
- Focus areas: The template includes focus areas such as automation and digital transformation, which are critical to staying competitive in the asset management industry.
- Objectives: It outlines objectives to increase operational efficiency and reduce costs, which are essential for optimizing asset distribution and performance.
- KPIs: Key performance indicators are provided to measure progress, like decreasing manual process time, ensuring targets are met effectively.
This free template is for leaders who aim to steer their organizations toward clear financial goals with precision. It's for those who value a systematic approach to strategizing and understand the importance of a cohesive, well-communicated plan. Using this roadmap, teams can unite under shared objectives and collaborate effectively to achieve strategic outcomes.
The 2 Year Strategic Roadmap Template is a powerful tool that can propel your strategy forward. It's designed to help you set clear goals and measure success in tangible ways. In a fast-paced financial environment, having a structured plan is essential.
10 Year Strategic Roadmap Template
Asset Managers know that long-term vision is crucial for sustained success. The 10 Year Strategic Roadmap Template is a powerful tool for visualizing and plotting a course over the next decade. It ensures that long-term financial goals align with strategic initiatives and keeps the organization's trajectory clear and focused.
- Focus areas: The template includes focus areas like developing product innovation, enhancing marketing strategies, and boosting production efficiency.
- Objectives: Objectives are clearly defined, with examples like creating new products, increasing customer satisfaction, and improving customer loyalty.
- KPIs: The template contains measurable KPIs tailored to each objective to ensure progress can be tracked and goals met.
This free template is perfect for organizations aiming to build a solid foundation for the future. It helps Asset Managers ensure their strategies are comprehensive, with clear objectives and measurable outcomes. It's not just about setting goals but about creating a structured path to achieve them.
The product helps Asset Managers stay on course, making it easier to adjust strategies and react to market changes quickly. It's a must-have for anyone serious about long-term strategic success.
Strategic Management Process Template
Asset Managers need a structured approach to navigate the complexities of investment landscapes and achieve targeted outcomes. The Strategic Management Process Template offers a comprehensive framework to align strategy with actionable goals, ensuring a competitive edge in the dynamic market.
- Focus areas: This template includes three key focus areas to concentrate your strategic efforts and maintain a competitive edge.
- Objectives: Six specific and measurable objectives are provided for each focus area to guide your strategy toward its goals.
- KPIs: The template features six KPIs to help you measure the success of your strategies and ensure you're on track to meet your objectives.
This free template is a strategic ally for Asset Managers who aim to optimize their strategic management processes. It helps to clarify goals, streamline strategy formulation, and enhance performance evaluation, making it ideal for organizations committed to excellence in asset management.
The Strategic Management Process Template is a valuable tool for any Asset Manager looking to refine their strategy execution. It simplifies complex planning and fosters an environment of continuous improvement.
Best Practices For Your Asset Management Strategy
Optimizing asset management strategy is more than just a good practice—it's a necessity in today's market. With the right approach, Asset Managers can ensure their strategies are resilient, adaptable, and capable of driving sustained growth. Success hinges on the ability to translate strategic vision into tangible action, where every decision is informed by a deep understanding of market trends and organizational capacities.
For Asset Managers, precision is key. Every strategic plan must be meticulously crafted with a focus on the alignment of assets, risk management, and distribution strategies to achieve financial targets. The best practices in strategy execution demand a rigorous analysis of internal and external factors, combined with a steadfast commitment to the organization's core objectives.
Asset Managers must embrace innovation and digital transformation as part of their strategy to stay ahead. This includes adopting tools like a PMO software that offers real-time insights and facilitates agile responses to changing market conditions. Leveraging data analytics is essential for making informed decisions that optimize asset performance.
Collaboration across departments also plays a pivotal role in effective strategy implementation. Clear communication and shared objectives ensure that every team member is aligned with the strategy's goals, fostering a culture of unity and purpose.
Finally, continuous monitoring and evaluation of strategy performance are vital. Asset Managers need to establish robust KPIs and regular review processes to measure progress, adapt strategies, and celebrate successes. This proactive approach allows for course corrections and ensures that the strategy remains aligned with the dynamic financial landscape.
With these best practices, Asset Managers can build a strategy that not only withstands the test of time but also propels the organization towards its financial aspirations. For an in-depth analysis of common pitfalls in strategy execution and how to overcome them, Asset Managers can benefit from insights provided in the Cascade Strategy Report for 2022 .
It's Time To Make Your Asset Management Strategy Shine
Asset management demands precision, and the templates discussed offer the structure required for strategic clarity and execution. They are the foundation for Asset Managers to streamline their processes, from setting clear objectives to tracking progress with actionable KPIs. With these tools, strategy transitions from a daunting task to an achievable, systematic process.
The Integrated Master Plan, Business Strategic Plan, and the varied Strategic Roadmap Templates are specifically designed to align with your organization's goals. They provide a clear path forward, helping to navigate the complexities of asset allocation, risk management, and market responsiveness. Utilizing these templates ensures that your strategies are not only well-planned but also adaptable and resilient.
It's clear that the right tools make all the difference. They empower Asset Managers to not just compete but lead in their industry. As you look to enhance your strategic approach, consider the power of a centralized platform where all these elements come together seamlessly. Learn more about how Cascade, the world's #1 Strategy Execution Platform , can centralize your strategy and help your team adapt faster than ever.
Ready to see how it all works? Take the next step and uncover the full potential of your Asset Management strategy. Book a demo with Cascade today and bring your strategy into focus, ensuring that every aspect of your asset management is streamlined and effective. Start your journey to strategic excellence.
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How to Develop a Strategic Asset Management Plan
Last Updated: August 24, 2023 Approved
This article was co-authored by Jill Newman, CPA . Jill Newman is a Certified Public Accountant (CPA) in Ohio with over 20 years of accounting experience. She has experience working as an accountant in public accounting firms, nonprofits, and educational institutions, and has also honed her communication skills via an MA in English, writing jobs, and as a teacher. She received her CPA from the Accountancy Board of Ohio in 1994 and has a BS in Business Administration/Accounting. wikiHow marks an article as reader-approved once it receives enough positive feedback. In this case, 95% of readers who voted found the article helpful, earning it our reader-approved status. This article has been viewed 107,400 times.
Developing and implementing a strategic asset management plan (SAMP) will allow for a detailed understanding of what physical assets are currently held, their value, future value, and costs associated with maintaining them or disposing of them. These plans are often created as part of a more comprehensive disaster plan, which can include intangible assets such as reputation, brand, and patents. We'll help you through the planning phase so you can manage your company's assets and meet your organizational objectives.
Preparing Strategic Asset Management Plans
- A strategic asset management plan will allow you to understand how effective your assets are being utilized.
- The value over the entire lifecycle of an asset can be determined and planned for.
- You can dispose of costly assets that are not deemed necessary and generate funding from their sale.
- Collect information about which assets your organization currently holds. This information should be available from company accounting records. Confirm the records with a physical audit of the tangible assets.
- Think of how well your assets are serving the goals of your organization or individual department. Consider your company's short-term and long-term goals and then use this information to help you determine how the assets may be assisting or hindering your organization.
- Take into account projected costs for any asset to learn what steps you need to take now.
- Some assets may be necessary to hold but may require upgrades.
- Certain assets may be deemed non-essential or extraneous and may not require further holding by your organization.
- For example, your organization may own a manufacturing plant or lease a building for operations or administration. The value to cost ratio of this plant will need to be assessed to fully determine just how important it is to your organization's goals. Be sure to separate individual assets within a building based upon cost, contribution, frequency of use, and importance. You will likely need to work closely with other departments to fully understand their procedures.
- Acquisitions (including leases or rentals).
- Operations.
- Maintenance.
- Risk assessment and management.
Creating a Strategy For Assets
- This phase may also include replacement assets.
- Cost to benefit analysis should be calculated before acquiring or leasing an asset.
- Only assets that have already been evaluated as being necessary should be acquired.
- For example, your organization might want to expand and acquiring a new facility could be part of your acquisitions planning phase.
- Any operational costs should be considered during this phase.
- If any training is required in relation to the asset it should be factored into this phase of the strategy.
- For example, an industrial water filter will have a certain cost attached to its function over time. Including this operational cost will let you compare it to other costs in order to make a good strategy for its management.
- Keep in mind that all of a company's assets are important for carrying out the strategic plan. The physical assets that your organization owns will all require some type of maintenance to improve your chances of success.
- Details of planned future maintenance operations should be included in this phase.
- Include projected costs of maintenance over time.
- For example your company may own an older facility. It can be expected than that maintenance costs will likely continue to rise. These rising costs will factor into the organization's decision regarding the future of the facility.
- Include the reasons for disposal.
- List the methods of disposal.
- If the asset is being sold list the value that it could generate.
- All assets should have a disposal plan that details when they are to be disposed of and when.
- For example, your organization might have recently acquired a new shipping vessel. Even though it is new, you should have a planned retire date for the ship based on projected operational and maintenance costs compared to how critical the ship is to your company's functions.
- Consider the cost of the asset over its entire lifetime.
- Consider costs of disposal as well as any funds generated from the sale of disposed assets.
- Keep in mind that all of a company's assets, whether they are physical, financial, human, information or intangible, will have different risks associated with each of them. You will need to address all of these risks.
- Funding should be made available for the replacement of essential assets in case of an emergency.
- Plans to quickly acquire key assets in the event of their loss can be included in your risk assessment.
- For example, there may be a low risk that your company's generator will stop working as long as it is properly maintained. However, should it fail to be maintained, having a plan in place can help minimize loss.
Using the ISO 55000
- The ISO 55000 will take you through the entire process of creating your strategic asset management plan.
- The ISO 55000 can help you meet regulatory laws and requirements that might be demanded from your organization.
- The ISO 55000 meets international standards including the American National Standards Institute and ASTM International standards. [1] X Research source
- The ISO 55000 is becoming a necessary standard when working with clients, insurers or investors.
- Assets are things of value that a company owns or is responsible for.
- Asset systems are groups of assets that must function together.
- Mission statement and introduction.
- Information about your organization including the state of your business, needs of clients, and an asset portfolio.
- A section that details the planning process that went into your strategic asset management plan.
- Objectives for your asset management program.
- Strategic plans that include targets, time-frames, priorities and who is responsible.
- Lastly your strategic asset management plan should detail risks and end with a conclusion.
- A planning process that is backed up by strong strategies suited to your organization.
- Your plan should include both assets and asset systems.
- Any objectives presented need to be included clearly and plainly.
Expert Q&A
- Plans should be arranged in order of asset priority. Thanks Helpful 0 Not Helpful 0
- Breaking the plan down into smaller departmental plans can help make the plans more effective. Thanks Helpful 0 Not Helpful 0
- Each asset will have a six part plan. Thanks Helpful 0 Not Helpful 0
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- ↑ http://www.slideshare.net/FAL1/iso-55000-where-are-your-key-assets
- ↑ http://www.assetmanagementstandards.com/iso-55000-standards-for-asset-management/
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How to Develop and Write an Asset Management Strategy
An asset management strategy is a document that outlines where your current asset management efforts stand, assesses changes that need to be made within the next 3–5 years, and outlines the high-level actions you need to take to get there.
This guide will e xplain the difference between an asset management policy and a strategy and share the information you will need to write your strategy with real-life examples.
Where does the asset management strategy sit in the document hierarchy?
Businesses use an asset management strategy to describe the high-level goals they need to achieve in order to meet the company’s asset ownership, use, and care requirements. The document usually includes a business case showing the potential benefits the company can achieve by following the outlined strategy.
The image below illustrates where the asset management strategy sits in the asset management document hierarchy.
Here are quick explanations to help differentiate between a policy, strategy, and plan:
- Asset Management Policy : The policy outlines the company’s objectives and requirements for asset ownership, use, and care. It provides guiding principles for asset management, including applicability, responsibility, high-level procedures, and a clear statement of the company’s overall approach to maintenance.
- Asset Management Strategy: A strategy document takes the company objectives and requirements from the policy, and turns them into specific focus areas for the next three to five years. It outlines the current state of asset management within the company and its goals for improvement. It often includes a business case that predicts potential benefits of pursuing the strategy.
- Asset Management Plans : A plan takes the high-level aspirations and goals in the strategy document and turns them into shorter-term, actionable tasks. One strategy document will result in many plans, usually one for each department or business unit.
Now that we know its purpose, let’s see what it takes to create a proper asset management strategy.
The Essential Guide to CMMS
The steps for developing your asset management strategy
There are clearly many details and considerations that go into creating an effective asset management strategy. So how does an organization create one?
By taking the following steps, you’ll end up with an asset management strategy that captures all the necessary details, fits the needs of your company, and sets the stage for effective asset management that supports your business plan.
Step #1: Identify a project sponsor
Creating an intricate, strategic approach to improving your asset management processes is a waste of time if nobody acknowledges or follows the guidelines.
Appointing a senior manager as a project sponsor provides several benefits:
- Their involvement gives authority to the strategy production and provides line of sight to its impact across departments.
- Active involvement by the sponsor removes organizational roadblocks and helps with work prioritization — which keeps the strategy on track.
- A member of senior management will facilitate buy-in and decision-making from other leaders and ensure accountability for the strategy.
Step #2: Identify the project leader
The project leader manages the development of the asset management strategy. In this role, they are responsible for:
- Ensuring the process gets completed within time and budget constraints.
- Liaising with the project sponsor to brief them on progress.
- Considering all relevant data and other company information necessary for a thorough and thoughtful outcome.
In a small company, the project leader may also perform the data collection and writing of the strategy document. Larger companies may use a small team, which the project leader will manage.
Step #3: Assemble and analyze all data and documents
This is a time-intensive step that often requires data from multiple departments including engineering, maintenance, finance, procurement, and production.
You will analyze this data to evaluate the effectiveness of your current asset management strategy and how well it meets business objectives. We will discuss more details of data analysis in a later section.
Data collection and analysis is considerably easier if your company uses a centralized database like an asset management software, a computerized maintenance management system (CMMS) , or an enterprise resource planning system (ERP).
Step #4: Outline the strategy
After analyzing the data, you should have clear insights into your current asset management practices, their effectiveness, and their efficiency. The data will point you to:
- Current activities and processes that deliver less than desirable results.
- High-level changes and initiatives to include in your strategy to work toward improvement.
- Potential benefits of pursuing those high-level changes and shifts in strategy.
During this process, the project sponsor will be a key resource providing guidance, insight, and support from management and other departments.
Step #5: Write the strategy
At this stage, you should have all the necessary pieces to formalize the strategy.
The writing process should present a narrative explaining the current state of asset management in your company and the benefits of making a change. It should also outline general actions, deadlines, and targets.
This can sound a little abstract. In the following sections, we will look at a few real-life examples, show you how to structure the document, and review what to include.
Step #6: Get approval from top management
Top management must review and accept the proposed language for your new asset management strategy to ensure it aligns with business objectives. Approval from decision-makers means it is ready for implementation and employees will be held accountable for carrying it out.
Enter the document into your quality system for revision and amendment control. Any major changes should require resubmission for further approval.
Step #7: Implement the strategy
Sending out the document and expecting compliance will not work. There is an education component to implementation. Ensure all employee groups are trained and fully understand the goal of the strategy and their role in achieving it.
While they might have helped you gather data in previous steps, this is probably the first time they’re seeing the final strategy. They need to buy into the final product and believe it will be an improvement if you want it to be fully embraced and followed.
The data collection process
The data you collect in step four will be used for a gap analysis. This analysis will show the “gap” between how efficient your assets are today, and how efficient they could be at their best. It will also shed light on the operational and capital costs they incur.
There are two components to consider for the gap analysis: current performance and theoretical maximum efficiency.
Benchmarking current performance
Find out what key performance indicators (KPI) your production team uses to measure their efficiency and effectiveness. Examples include equipment downtime (or uptime) and setup time.
Many of these measures will be in percentages. However, we recommend translating them into actual, data-driven outputs — whether the numbers of products, frequency of stock turns, or the count of non-conforming products.
Remember, raw data is easier to relate to!
Identifying theoretical maximums
What could your plant achieve if everything ran like clockwork?
To answer that question, gather original equipment manufacturer data or the asset performance results from similar plants that are an example of best practice.
For example, if the KPI you are using is OEE (overall equipment effectiveness) , an often-quoted best OEE rating for a pure manufacturing plant is 85%. That would require equipment availability, performance, and quality metrics to be in the mid to high 90-percent range.
If your OEE rate is 68%, you know the performance management gap you need to close through asset strategy management.
Capturing operational and capital costs
By capturing data on the cost of your current performance, you have a baseline against which you can compare future costs. Comparing these over time will show you the financial impact of the changes you implemented as part of your updated strategy.
Consider operational budgets — like engineering, maintenance, and spares turnover. Capital costs for asset replacements may also be important, as poor asset life cycles or frequent modifications require more capital spending, and thus can reduce profitability.
Revenues, cost savings, and operating costs will be key to measuring production efficiency.
Developing your asset management strategy
With the gap analysis done, you must define the strategies that will close the gap between current and desired performance. These will become the basis for your strategy document.
Articulate an operational vision
Define a clear production goal for the business. It should be a stretch goal with measurable targets on a five to ten-year horizon.
For example, you may choose to:
- Reduce maintenance costs by V%
- Improve cycle time by W%
- Increase production capacity to X units
- Increase equipment reliability to 93%
- Move the factory to total productive maintenance (TPM)
Define the required high-level actions
Identify the broad practices the organization must change or implement to achieve the goals. These action plans should span three to five years due to the impact on employee workload, the available resources, and the budget.
Stay away from operational details and optimization . Leave that to the people writing the asset management plans .
Establish a business case
The effect of the changes on costs and production will have to be explained in order to justify the strategy. The business case you present should lay out the financial and operational justification and the expected change in key performance indicators .
Structuring your asset management strategy document
While the layout of such documents varies widely across industries and countries, the following list provides a basic key components that you may want to include in yours.
The summary should come first in the document to allow senior management to review the document’s findings without wading through all the details. It must be concise, highlighting the strategy’s key points, costs, benefits, and outcomes.
2. Purpose and scope
Describing the purpose and scope in-depth establishes strategic alignment with business needs.
Describe why an asset management strategy is required and what it seeks to achieve. The strategy’s scope should explain the affected business areas and the time period — in years — to which the document applies.
3. Current assessment
This chapter summarizes the outcomes of the data analysis. Show how a world-class production environment in your industry performs in terms of output, delivery, or cost. Then describe how your business compares, based on your findings.
Cover maintenance and reliability comparisons, including:
- Overall equipment effectiveness (OEE) rates
- Reliability performance
- Cost per unit produced
This chapter should also clarify why effective asset management is important, why changes are required, and how far the business has to go to achieve best-in-class operations.
4. Vision for future operations
When crafting the vision, describe what the business could look like in five or ten years. Be sure to focus on more than just production and maintenance metrics. Illustrate:
- How the company culture may have changed
- What the organizational structure may have evolved into
- How roles and responsibilities will have altered
- Any physical changes or modifications that may have occurred to the structure of the business.
Avoid making unbelievable statements.
If your business is in the third or fourth quartile for industry benchmarks, promising world-class performance in three years undermines the document and the analysis that supports it. You’ll struggle to gain buy-in, and your strategy is likely to fail.
What creates support are realistic, continuous improvement targets, and a real business case that acknowledges the difficulty of the journey .
5. Strategic focus
Outline the key areas the organization needs to focus on over the timeframe covered by the strategy document. You had hundreds of areas for improvement to choose from. Yet, you selected only six to eight of them. Explain why.
Having clarified the focus, describe the expected outcomes. These must logically align with and help close the gaps between actual and theoretical performance.
Finally, outline the processes to follow.
For example, assume you have identified OEE as one focus area. Explain that the targets for improvement are equipment availability and performance, and the processes to be implemented will include reliability-centered maintenance and root cause analysis techniques .
6. Business case
This is the part of the document where you’ll need to make assumptions about the year-over-year improvements, the costs required to implement the changes, and the resulting benefits.
Remember to include financial costs and benefits, as well as cultural, political, environmental, or technological gains.
The business case is a justification for the strategy based on what the company expects to earn from improved production efficiency .
This section is your project plan. It outlines major milestones and timelines, indicating the required resources and the expected deliverables. It becomes the guideline for managers tasked with writing asset management plans.
8. Responsibilities and KPIs
The company’s asset management strategy will affect a wide cross-section of the organization. Therefore, the stakeholders and roles that are pivotal to the plan’s success must have clearly defined responsibilities.
It should also include key metrics, describing what will be measured, how to calculate KPIs, and the results expected over the strategy’s life.
Examples of public asset management strategies
Most privately owned companies do not publish their asset management strategies, given the confidential information they contain. But many public entities like councils or government organizations must publish theirs.
Here are three examples, along with some notes on what they do right.
- South Australian Government : This asset management strategy works at the right level, without dipping into unnecessary detail. It describes areas of focus and gives guidance on things to consider when individual agencies formulate their plans. Great examples are the life-cycle costing and asset register chapters on page nine.
- Eastleigh Borough Council : This council’s strategy has a good example of a forward plan , describing key strategic objectives.
- Kent County Council : This comprehensive plan has a good introduction, context, and purpose section. The vision and mission descriptions are first-class, and the strategy breakdown into thematic chapters is a great example of clear communication.
Start sooner rather than later
An asset management strategy drives improvements by comparing actual with ideal performance. By highlighting this performance gap and identifying priorities, best practices, and problem areas, the strategy sets goalposts for maintenance and other middle managers.
It provides a clear case for change and sets expectations on timelines and results, providing a map for the organization to follow in the next three to five years.
When done well, it supports constant incremental improvement for businesses that are intent on maintaining competitiveness through best-practice asset utilization.
To learn more about asset management and maintenance, keep browsing the Limble blog .
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Asset management template
Every large company is filled with valuable assets—from your most trusted team members to things you don’t think about (e.g. the bathroom plumbing). And each one needs to be managed properly. Keep tabs on company assets by tracking, overseeing, and managing them with an asset management template.
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Many of us think of finances when we hear the word “asset.” But assets can be any object (large or small) that your company possesses, such as your office space or the raw audio file of your latest podcast episode. Your company likely has many different types of assets at any given moment. Managing all these business assets can get complicated—if you don’t have the right tools and systems in place to support you.
That’s where an asset management template comes in.
What is asset management?
Because it involves many different components, asset management is usually cross-functional work that happens across role levels, departments, and teams. For example, it’s not unusual for the CFO, a team lead, and an individual contributor to all be involved in the same financial asset management project.
Types of asset management
Financial asset management is just one type of asset management, here are the others:
Digital asset management: Managing digital files, services, or products—such as media files or a company blog.
Fixed asset management: Managing fixed company assets (assets that can’t be quickly converted into cash), such as the plumbing inside your office space.
IT asset management: Managing company hardware and software, such as Microsoft software subscriptions and cloud storage.
Enterprise asset management: Managing physical infrastructure, such as machinery or company vehicle maintenance.
Financial asset management: Managing financial assets, such as stocks and real estate investments.
What is an asset management template?
An asset management template is an outline of your asset management workflow . This provides a clear set of asset management steps for team members and colleagues to follow, which reduces confusion and produces more consistent results.
For example, let’s say you’re in charge of tracking company car usage each month. To start, a key step to your asset management process is to review the metrics for how often an employee signs out a car in any given month. You can save this (and other crucial steps) in your template. This way, even if someone else is managing the assets when you’re out of office, they know exactly what steps to take.
The benefits of using an asset management template
Whether you’re a small business, startup, or large enterprise company, creating an asset management template will help you keep your assets (and the teams responsible for them) organized. That’s because your asset management template:
Optimizes asset tracking: If you know what you have and where it lives, it’s harder to lose track of your assets.
Coordinates cross-functional efforts: Using a template ensures that all teams and departments are managing assets in the same way.
Provides visibility: Stakeholders can see how you’re managing assets, which is especially helpful for C-suite executives or if you work with clients.
Note that not all asset management templates are created equal. If you build your template in a project management tool , it becomes dynamic. You can easily update, share, and reproduce information as needed. This gives you more capabilities than if you use a simple Excel spreadsheet template, which you have to manually update each time your asset’s value changes or you acquire a new asset.
Who uses asset management templates?
While anyone can build and use an asset management template, certain companies, teams, and industries will benefit more than others.
Here are some industries or departments that would greatly benefit from templatizing their asset management process, plus example use cases:
IT teams: When co-workers request products or services from IT departments, use a digital asset management template to triage and fulfill those requests. For example, if you’re distributing software licenses, you can save an asset management template that automatically receives new requests, assigns them to a team member to distribute, and sends the new software license out to the requester.
Manufacturing: Use your template to streamline your asset management system, including tracking your asset inventory and coordinating asset production across departments.
Human resources: Similar to IT, an HR team can use a digital asset management template to coordinate professional services for employees.
How to use an asset management template
There’s no strict playbook for managing assets. Assets can be many different things, and your company will likely have its own preferences for managing them. That means you’ll want a template that’s flexible and easy to use—or more than likely, you’ll want to create multiple templates.
But how do you create, save, and use a template for all these different functions? What if you need different templates for managing digital, fixed, and IT assets? Answer: Use work management software to build your asset management template. Once you build your digital template, you can use it to coordinate all your related asset materials—connect risk management plans, integrate with your resource management systems, and create clear roadmaps for how to use and boost your assets’ value.
You can create different types of asset management templates, including:
Asset tracking templates
Asset inventory templates
Asset management process templates
Asset management templates for specific types of assets (For example, digital, enterprise, or financial asset management templates)
Regardless of the type of asset management template you create, here are some helpful sections to include:
Dates: List the purchase date, production date, or date of distribution. This helps with tracking your asset.
Assignee: Who’s responsible for this asset? This is the person to go to for questions or updates on the asset.
Asset type: If your company or team manages different types of assets, you can segment them here. Certain assets read the same (e.g. a software subscription could seem like an IT asset or a digital asset). Clarifying the asset type in your template reduces this confusion.
Priority: How important is it that you manage this asset? This shows stakeholders and team members which assets are a higher priority to the business.
Status: Is this asset currently being managed by a team member? Let stakeholders see the status of each asset, so they don’t worry about whether or not you’re managing assets properly.
Specific asset details: Depending on the type of asset, you might want to include additional details. For example, if the asset is your real estate holdings, you can include the purchase price, any revenue you’ve generated, and potential profits.
Integrations and apps to use with your template
Asana offers a host of features and app integrations to use with your asset management template.
Integrated features
List View . List View is a grid-style view that makes it easy to see all of your project’s information at a glance. Like a to-do list or a spreadsheet, List View displays all of your tasks at once so you can not only see task titles and due dates, but also view any relevant custom fields like Priority, Status, or more. Unlock effortless collaboration by giving your entire team visibility into who’s doing what by when.
Board View . Board View is a Kanban board-style view that displays your project’s information in columns. Columns are typically organized by work status (like To Do, Doing, and Done) but you can adjust column titles depending on your project needs. Within each column, tasks are displayed as cards, with a variety of associated information including task title, due date, and custom fields. Track work as it moves through stages and get at-a-glance insight into where your project stands.
Custom fields . Custom fields are the best way to tag, sort, and filter work. Create unique custom fields for any information you need to track—from priority and status to email or phone number. Use custom fields to sort and schedule your to-dos so you know what to work on first. Plus, share custom fields across tasks and projects to ensure consistency across your organization.
Approvals . Sometimes you don’t just need to complete a task—you need to know if a deliverable is approved or not. Approvals are a special type of task in Asana with options to “Approve,” “Request changes,” or “Reject” the task. That way, task owners get clear instructions on what actions they should take and whether their work has been approved or not.
OneDrive . Attach files directly to tasks in Asana with the Microsoft OneDrive file chooser, which is built into the Asana task pane. Easily attach files from Word, Excel, PowerPoint, and more.
Adobe Creative Cloud . Creative teams do their best work when they can focus on designing. With the Asana for Adobe Creative Cloud integration, creative and design teams can easily access the information they need to kick off work, get feedback from reviewers and approvers, and deliver final assets without leaving Photoshop, Illustrator, or InDesign. See new tasks, share designs, embed XD share links, and incorporate feedback delivered in Asana—all in Adobe Creative Cloud.
Google Workplace . Attach files directly to tasks in Asana with the Google Workplace file chooser, which is built into the Asana task pane. Easily attach any My Drive file with just a few clicks.
Dropbox . Attach files directly to tasks in Asana with the Dropbox file chooser, which is built into the Asana task pane.
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Asset management templates act as an outline for how you manage your assets. For example, you can create an asset management template that acts as a step-by-step guide for how to take inventory, track, and maintain your assets. This helps you establish a routine that anyone can follow. Some assets are extremely valuable, and using a template ensures that even when you outsource their management, all assets will be handled with the same care as if you were overseeing them yourself.
What does the term asset management refer to?
Asset management is how you organize, store, and oversee your assets. This process is crucial to ensuring that all assets are accounted for and properly handled. To organize and maintain a high standard for your asset management, you can use project management software to create and use a template that standardizes your process.
What is an example of asset management?
A common example of asset management is how a financial advisor oversees your investment portfolio. The advisor is responsible for managing the assets (like stocks, bonds, business, or real estate investments), knowing their past and current value, and maintaining your portfolio by adding or removing assets as needed.
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Knowledge Library
Developing and maintaining a Strategic Asset Management Plan
This publication provides practical advice for the development of a Strategic Asset Management Plan (SAMP). It explains the process of strategic planning and how this applies to:
- assets and their optimal, whole life cycle management
- improvements in the asset management capabilities of an organisation
The guidance is intended to complement the ISO 55000 standards , providing insight into the role and suitable content for a Strategic Asset Management Plan (SAMP), and how it should be developed.
The SAMP is a planning tool to clarify intentions, priorities and practices to be adopted. It takes a long-term view and considers the combination of organisation needs, stakeholder expectations and the realities of existing assets and asset management capabilities.
Using Developing and maintaining a Strategic Asset Management Plan (SAMP)
It is recommended that readers be familiar with:
- definitions and requirements for a SAMP set out in ISO 55000:2014
- ISO 55002:2018 Annex A - The Strategic Asset Management Plan (SAMP)
- BSI PAS 55:2008 specification for an Asset Management Strategy
The trend towards more specialist roles and the sophisticated management of increasingly large and complex systems means it is harder for individuals within large organisations to see the whole picture. Explicit guidance outlining strategies, objectives and timescales is necessary, and this is the role of a SAMP.
ISO 55000 provides the following definition of a SAMP:
"Strategic Asset Management Plan: documented information that specifies how organisational objectives are to be converted into asset management objectives, the approach for developing asset management plans, and the role of the asset management system in supporting achievements of the asset management objectives." ISO 55000 definition 3.3.2
The definition alone does not adequately convey the intended documentation of strategic activities and outcomes. Developing and maintaining a Strategic Asset Management Plan (SAMP) was therefore produced to provide a planning tool for putting together a SAMP.
Buy Developing and maintaining a Strategic Asset Management Plan (SAMP)
The SAMP guidance publication is available to purchase as a PDF or printed publication, with a discount for IAM members.
Preview This Publication By Clicking Here
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15+ Asset Management Plan Samples in PDF | DOC
Asset management means the management of investments in the name of others. The aim is to grow a client’s portfolio over time while diminishing risk. Asset management is a system offered by financial institutions serving high net-worth individuals, government bodies, corporate sectors, and financial mediators. An asset management plan is a strategic plan for handling an organization’s capital equipments and other assets to deliver an agreed basic kind of service. Check out the various asset management analysis samples provided below.
Asset Management Plan
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An asset management plan refers to the activities that will be utilized and the resources that will be put to meet the asset management goals and as a result the organizational objectives. An asset management plan gives the direction to and the expectations for and individual asset, group of assets. Asset management plan s should be modified to specific time horizons for the organization.
Size: 115.8 KB
To create an asset management plan, it is important to keep in mind to input the section’s name and the description of contents. It will manage your organization’s infrastructure and other assets. Check the file in the template and use the details to help you create your own asset management plan.
Size: 3.6 MB
Get the full reference on the city asset management plan in the given sample which can help you to develop your plan if you go through the following key elements: introduction, summary of all assets details, funding requirements, individual asset information, 10-year budget information, and infrastructure asset management analysis report. Download it now to make your work hasslefree.
Size: 1.4 MB
To make your work easy, we have provided an infrastructure asset management plan sample where you will learn about its background, levels of service, future demand, life cycle management, plan improvement & monitoring and reference. If you consider these as important, download the management sample file and go through it properly. You will definitely gain a lot.
Size: 928.8 KB
Municipal asset management is the procedure of noting the lists, assessing, reporting, auditing, of municipal assets and, in a few cases, state properties as part of the decision making the procedure of local governments. If you want to create a plan for the municipal asset management, take help from the above study which will enable you with more detailed information and its procedures.
Size: 1.7 MB
Check the asset management improvement strategy study given in the template to upgrade your plan without much of a hassle. The objective of this strategy is to set out in a structured way. Follow the steps and processes to get assistance and make your task a lot easier. Take a look at it and grab the file now.
Size: 67.9 KB
Use the example from school to help you create your asset management plan. It will help in managing a school’s infrastructure and other assets to deliver agreed basics of service. You can check the file to absorb more information so that you can create your plan perfectly.
Size: 471.9 KB
The property asset management plan furnished in the sample sets out the council’s proposed framework for the management of the property assets over the next ten years. It has been produced in accordance with national guidance and recognizes good practices to support the delivery of their corporate priorities. The plan recognizes the outcomes of the corporate plan and the delivering better outcomes consultation and, in particular, the importance that is placed upon ensuring our property assets are managed in a sustainable manner. Refer to this plan and consider your work to be absolutely perfect.
Size: 4.6 MB
The process of dealing with the prevention of physical assets of an organization throughout each asset’s lifecycle is required by the enterprise asset management. It is used to plan, get the most out of it, implement, and track the needed conservation activities with the related priorities, skills, materials, tools, and details. To create a plan you should take professional guidance from this template which consists of diagrams as well.
The principal objectives of transportation asset management plan are to make sure the safety and security of transportation customers, minimize damage to infrastructure from vehicles, achieve and maintain a state of good repair for transportation assets, and reduce the vulnerability and increase the resilience of critical infrastructure to the impacts of extreme weather and events. Read the whole document to make sure that you are well aware of all the basic details and gain the ones which you have no idea about. Download now.
Size: 8.8 MB
Size: 586.2 KB
The goals of the strategic asset management plan are to establish common policy principles and objectives that are relevant to all assets such that expectations related to the management of these assets are consistent, and understood between the Town Manager and Department staff. And secondly, to establish a time-based action plan outlining activities associated with the implementation of the Department’s asset management system. Download the template to make a better plan.
Size: 231.6 KB
The purpose of asset management is to maximize the value of an asset over its life cycle. It is an organization-wide responsibility requiring the alignment of customer expectations, business processes, technology, and organizational culture. If you are looking for ways to create a strategic asset management plan, you can simply click the download option of the above PDF file.
Size: 2.4 MB
A sample of the asset management plan will help you to build one of your own without any problem. You can download the file now to go through it once and decide if it suits your purpose or not. It is assumed that you will learn a lot more about the plan and so download it now.
Size: 1.1 MB
In this template, you will get the details on the effective use of assets which is a key factor in delivering the objectives and priorities of the Council. This Plan sets the agenda for them to achieve that by adopting the following guiding aim: “To ensure that the opportunity cost of financial resources tied up in land and buildings is minimized, and that capital and revenue expenditure on the portfolio is directed efficiently and productively to give value for money.” To know more about it download it now.
Size: 710.1 KB
Get the example of an asset management plan in this sample and gain the ideas of the steps and procedures so that your organization can follow the better version of the plan and execute it accordingly. So you should not waste any more time and get it.
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Nuclear Decommissioning Authority: Business Plan 2024 to 2027
Nuclear Decommissioning Authority
Sellafield Ltd
Nuclear Waste Services
Nuclear Restoration Services
Published 17 April 2024
© Crown copyright 2024
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected] .
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/publications/nuclear-decommissioning-authority-business-plan-2024-to-2027/nuclear-decommissioning-authority-business-plan-2024-to-2027
Response to the consultation
Introduction.
In December 2023 the NDA published its draft Business Plan 2024-2027.
Our consultation on the Plan ran for eight weeks, from 4 December 2023 to 29 January 2024. We are conscious that the timing of our annual Business Plan consultation may cause difficulties for some stakeholders wanting to respond, but we are constrained to the current planned period due to the timing of seeking consultation responses and following the required approvals process. We will continue to review and improve the consultation process within the current constraints.
Consultees were able to respond by email or post. The consultation ran in accordance with the criteria set out in the Cabinet Office’s Consultation principles guidelines: www.gov.uk/government/publications/consultation-principles-guidance
Our findings
We received 18 formal responses from a range of individuals, local authorities, regulators, stakeholder groups and the supply chain. A summary of the general points raised are covered below.
We have considered the feedback and made appropriate changes to amend the draft document. Where stakeholders have requested or have asked for a level of information that is not appropriate for this document we will follow up with further engagement through our stakeholder engagement team.
If respondents feel that their feedback has not been adequately addressed, please email: [email protected]
Activities and requests for more information on targets
A number of respondents asked for more detailed targets to be included in the Plan. The Plan’s purpose is to provide a summary of activities and expected progress for our 17 nuclear sites over the next three years, in line with the funding agreed with HM Treasury and the Department for Energy Security and Net Zero.
All the NDA group operating companies engage in their own operational planning which includes detailed targets, budgets, and key deliverables. These individual plans are subject to appropriate governance within the operating companies and are consolidated at a group level for reporting and measuring performance.
We continue to improve how we tell our story and how our mission flows into delivery on the ground. Pages 24-26 are where we have outlined our first four strategic themes, known as driving themes, which can be broken down into 47 outcomes. Our critical enablers’ pages also describe the importance of these activities to our mission. We commit to publish an annual Mission Progress Report which demonstrates delivery of our strategic themes and outcomes as explained in our Strategy.
Engaging with our stakeholders
During the consultation we received feedback that some stakeholders would like to be engaged earlier to take advantage of any opportunities for site level activities to align with local strategies. We welcome this feedback and are committed to further improving the flexibility of our interactions to encourage more diverse discussions through ongoing engagement and consultations.
Engaging openly and transparently with all our stakeholders is crucial to building the support, confidence and trust we need to deliver our mission.
A number of respondents asked for a more detailed split in expenditure. The intent of including expenditure figures is to outline planned allocations of available funding. The NDA operates a portfolio funding approach across the group and retains flexibility in final allocations through the year. This allows us to focus on our highest hazards and high risk areas, while maximising value for money. This means that it is not always appropriate to provide a more detailed split of the expenditure.
Sustainability/Net Zero
There was interest in this area from a number of respondents. We have a legal, moral, and ethical responsibility to deliver our mission sustainably, with care for our people, communities, and the environment. We are committed to supporting the UK and Welsh government target of carbon net zero by 2050 and the target of 2045 set by Scottish Government. During 2022, we published our Sustainability Strategy which sets out at a high level how we intend to ensure that the outcomes we deliver and the way in which we deliver them are sustainable. The Strategy document can be found on our website and more information on our approach to sustainability can be found on page 28.
Socio economics
There was continued interest in the NDA’s work in this area and how it allocated budget for these activities. In November 2023, we published our draft Social Impact and Communities Strategy for consultation, which outlines our approach to socio-economics and includes a consolidated view of various improvements and amendments that have been made over the past few years. The NDA group has grant giving powers which are administered in collaboration with each of our operating companies. Grants are available for projects which support the delivery of the strategy in communities near to our sites and we work in partnership with others to increase the impact of our funding. More information on our grant programme can be found on gov.uk.
Accelerated decommissioning of NRS sites
Following a review of the Magnox reactor decommissioning strategy (strategic outcome 42), the NDA endorsed a site-specific approach to Magnox reactor decommissioning which will involve a mix of decommissioning strategies. The intention is that the site-specific strategies will result in a rolling programme of activity as the NRS sites are decommissioned. We have included the current best estimates for end state dates in this plan which reflect the work done to date on near term and medium term plans. These estimates are subject to change as we develop our plans and take account of contributing factors, including HMG priorities, funding and approvals. The overall strategy and site-specific details will be published when appropriate governance and stakeholder engagement is complete.
Transfer of AGR sites
A number of respondents were interested in the UK Government’s decision to entrust the NDA group with a new, nationally important UK decommissioning programme. Once defueling and fuel free verification are complete, the ownership of seven EDF Energy advanced gas-cooled reactor (AGR) sites will transfer to the NDA over the next decade for future decommissioning. NRS and EDF Energy are working together to create implementable decommissioning plans, at the point of transfer, recognising that these plans will be matured further as they are integrated into NRS business. Post-transfer the AGR work will be funded by the Nuclear Liabilities Fund. We recognise the importance of engaging with our stakeholders during the process to take ownership of these sites, in particular the site stakeholder groups and local authorities in host communities.
Other minor changes in the Plan
Some respondents asked us to include more detailed information on a number of topics in the Business Plan. The vast majority of this information is available on our website and we have included signposts to these throughout the Business Plan and on the useful links and documents page. Examples of these are our Value Framework, Social Impact and Communities Strategy and grant funding guidance.
The NDA group is responsible for one of the most important environmental programmes in the world, protecting people and the planet. We are a government-funded body responsible for safely and securely decommissioning the UK’s former nuclear sites and overcoming the challenges of managing and disposing of nuclear waste. With a workforce of 17,000 across 17 sites, our employees make up one of the most knowledgeable and experienced nuclear workforces in the world. How we go about our work is very important to us and we are committed to delivering our mission safely, sustainably and responsibly, with care for communities and the environment, ensuring our actions and decisions continue to deliver a positive and long-lasting legacy for future generations.
Engaging openly and transparently on our work is important to us. This Business Plan is one of several publications which we create and consult on every year. In line with Energy Act (2004) requirements, it sets out the activities that will take place over the next three years to advance our important clean-up and decommissioning work and operate our facilities safely and securely. It shows anticipated funding for each of the businesses for 2024/25. We show how the activities are helping to deliver our mission by aligning them to the 47 Strategic Outcomes identified in our Strategy and Mission Progress Report. We also include key work across our range of critical enablers vital to the delivery of the mission.
How we communicate our strategy and report progress
Engage with our stakeholders, nda strategy .
Twelve week public consultation every five years.
Describes how we will deliver our mission, ensuring that the UK’s nuclear legacy sites are decommissioned and cleaned up safely, securely, cost-effectively and in ways that protect people and the environment.
Energy Act (2004) requirement. Covers 100+ years. Published every five years.
Report progress
Mission progress report .
Provides our stakeholders with a clear and concise story of NDA mission progress since 2005, that demonstrates delivery of our strategic themes and outcomes as explained in our Strategy.
Covers 100+ years. Published every year.
NDA Business Plan
Eight week public consultation every year.
Describes key activities across the group over the next three years that align to our strategic outcomes and details the funding available for the next year.
Energy Act (2004) requirement. Covers three years (the first year in more detail). Published every year.
NDA Mid-Year Performance Report
Provides a progress update against Business Plan activities and incorporates the NDA group targets.
Published every year.
NDA Annual Report and Accounts
Describes achievements and spending. Reports against Business Plan activities and contains an overall progress update against our mission.
A message from our Chief Executive David Peattie
Welcome to the NDA’s Business Plan, setting out proposed activity for 2024 to 2027.
Group structure
Last year we completed a restructure to create a simpler, stronger NDA group, made up of the NDA and four operating companies - Sellafield, Nuclear Waste Services (NWS), Nuclear Transport Solutions (NTS) and Nuclear Restoration Services (NRS). Magnox and Dounreay joined together in April to create the final operating company and that business is now known as NRS.
Magnox and Dounreay both have proud histories but it’s right to build a new brand that’s inclusive and represents the company it’s going to be as it prepares for new missions such as decommissioning the advanced gas-cooled reactors (AGRs). We’ve been particularly mindful to consider value for money when updating materials to reflect the new brand and so updates will be phased over two years.
We’re already seeing the benefits of streamlined governance and reduced complexity from these structural changes and, in the period covered by this plan, we’re aiming for more.
Reducing hazards
We recently published our Mission Progress Report capturing the steps taken over the last year towards completing our 47 strategic outcomes. We’ve seen significant hazard reduction including at Sellafield where, for the first time, waste is being retrieved from all four legacy ponds and silos.
EDF Energy has removed fuel for the final time from the first of its two reactors at Hunterston B in Scotland. This represents a great effort from the site team, as well as NTS who safely moved the fuel by rail to Sellafield, where the material is now stored. Defueling of the second reactor is now underway, while NRS continues preparations for the site to transfer to its ownership for decommissioning during the period covered by this plan. This is an important example of us being trusted to do more, alongside an expectation that the NDA will decommission the Ministry of Defence’s Vulcan facility, adjacent to Dounreay.
NWS continues its work to find a suitable site and willing community to host a Geological Disposal Facility (GDF) to dispose of higher activity waste in England and Wales. A different policy exists in Scotland. This year, the decision was taken not to take Allerdale further in the siting process, with investigations showing limited suitable geology, and I’d like to thank those who engaged in the process. There is a positive legacy, with around £2 million invested in local projects, and engagement continues with three other communities, while the door remains open for others to join the process.
During the last year, the UK Government and devolved administrations consulted on proposals for managing radioactive substances and nuclear decommissioning. It’s been 25 years since the overall policy was updated with new challenges, responsibilities and technological advances to consider. An outcome is expected during 2024, with the resulting policy influencing future strategies and plans.
In 2023 we also hosted a series of stakeholder events showcasing the investments we’re making in technology and innovation, spending around £100 million on projects annually. This has the potential to offer significant value to taxpayers and we’re seeing positive results, including the deployment of a robot in an area of Dounreay that had been inaccessible for decades. I’m confident this pioneering work can make a difference during this Business Plan period and beyond, leading the way in innovative decommissioning approaches in the UK and internationally.
Supporting communities and the environment
How we go about our work is important, achieving results safely and sustainably. We exist to deliver commitments in the Energy Act (2004) and, as well as reducing hazards, we have an obligation to leave a positive and long-lasting legacy.
The First Minister of Wales recently opened a substation linked to the Morlais tidal energy project on Anglesey. This follows more than £1 million invested by us, helping leverage almost £50 million of other funding for the project. Further north we’ve seen construction of Sutherland Spaceport begin not far from Dounreay, the first vertical spaceport to be built on the UK mainland. We will invest £3 million, potentially unlocking 700 jobs and boosting the Highlands and Islands economy, with the spaceport aiming to be a world-leader with its carbon-neutral ambitions.
Creating great places to work
The NDA group is home to one of the most knowledgeable and experienced nuclear workforces in the world. UK and global nuclear ambitions are creating significant opportunities, but also providing challenges with skills in high demand.
I was thrilled to welcome 60 graduates as the first intake to our new NDA group graduate programme this year. I’m particularly proud we not only attracted record applications, but exceeded diversity goals including 47% being female, 26% identifying as an ethnic minority, 18% as LGBTQ and 13% reporting being a person with a disability.
We’ll continue to build on this and plan to double the graduate opportunities available next year. We’ve also announced plans to make at least £750,000 available for PhD bursary sponsorships in 2024. We currently support more than 50 PhD students and three post-doctoral researchers to encourage future pioneers.
Our Inclusion Strategy is focused on ensuring that we create great places to work and employee-led networks are playing a leading role. Our Meno Hub is one example, receiving worthy recognition by being highly commended for the Best Support Group Award at the Menopause Friendly Employer Awards 2023.
On a personal note, I was honoured to receive a Fellowship of the Royal Academy of Engineering. I see this as recognition for each of the 17,000 people in our group and the excellent work they deliver each day.
Supporting the UK Government’s civil nuclear roadmap
As a UK Government body, we’re committed to making our skills, expertise, and land available to support wider government priorities including those outlined in the recently published civil nuclear roadmap. Some senior individuals have been seconded to help establish Great British Nuclear as the delivery body for new nuclear, and our subsidiary NTS is delighted to have received funding to develop a new transport package which could support the next generation of nuclear reactors.
Looking forward
This plan sets out a challenging programme to continue delivery of our mission, create great places to work and be trusted to do more. We’ll see our mission progressed on a broad number of fronts, reducing hazards at our sites including painstaking work to retrieve radioactive waste from ageing facilities, while aiming to get even more benefits from working as a group with approaches such as integrated transport and waste management programmes. We’ll also take forward some of our most significant projects, including work to identify a site that could host a GDF.
This three-year period will include some of the biggest changes since the creation of the NDA, as we take responsibility for decommissioning the first AGR site. Our team will also work with stakeholders to develop and implement our next Strategy, due for publication in 2026.
Above all, we’ll retain focus on ensuring that work is undertaken safely, sustainably and cost effectively. I remain acutely aware of the difficult financial environment in which we are living and the impact that inflation is having on the cost of work. With most of our funding coming from public money, we constantly review plans and are firmly committed to ensuring that every pound we spend matters.
I’m proud of the work our team does and remain grateful for the support of stakeholders as we take forward such an important mission on behalf of the nation.
David Peattie FREng HonFNucl NDA Group Chief Executive Officer
The NDA and our mission
We’re responsible for keeping the UK’s former nuclear sites and facilities, once at the heart of supporting national defence and generating nuclear power for electricity, safe and secure, as we decommission them and overcome the challenges of managing nuclear waste. It’s one of the most important environmental programmes in the world, protecting people and the planet.
Our 17,000 colleagues, supported by a large supply chain, work hard on behalf of the UK, using innovation and technology to overcome the challenges of identifying and removing nuclear waste from ageing facilities, so we can store it safely and permanently dispose of it. The work is complex and challenging. Dealing with all the waste, dismantling hundreds of buildings and facilities, and building a GDF, to dispose of the most radioactive nuclear waste, will take decades. However, by investing today in the challenges left over from the UK’s proud nuclear history, we can remove the burden for future generations and continue to deliver social and environmental benefits through our jobs, knowledge, skills, technology and social investment.
Our team is working with partners in research and industry to drive innovation, using cutting-edge technology to reduce hazards and risks, so that over time the sites can be used again for worthwhile purposes.
Our history
The UK is a pioneer of nuclear technologies, which have been part of our lives since the 1950s. Our sites and facilities have been at the heart of delivering nuclear benefits for the UK, including national defence programmes and supplying safe, low-carbon power to UK homes, businesses, schools and hospitals, for decades.
Unlike modern day equivalents however, our old nuclear plants and facilities weren’t designed for managing the nuclear waste they created, or for decommissioning. There are limited historical records on what, or how much, nuclear waste was left on some of the sites during their working lives.
Generating nuclear power today will not leave future generations with the challenges we’re trying to overcome. Nuclear waste produced today is carefully managed, and following in the footsteps of other countries, a GDF will provide us with a safe way of disposing of higher active waste, permanently in England and Wales. Scotland has a distinct policy for higher activity radioactive waste which sets out a near site, near surface approach.
How we work
How we go about our work is very important to us and we must deliver results safely, sustainably and responsibly. Our commitment to creating environmental and social benefits builds on our long history of providing value for the UK and we want to ensure that our actions and decisions continue to have a lasting, positive impact.
For more information on how we assess investment decisions see the NDA value framework.
Trusted to do more
As we look forward, our work will be expanding. We have been asked to use our specialist expertise and skills, to decommission newer reactors as they reach the end of their power-generating lives. Arrangements have been agreed by the UK Government, Scottish Government and EDF Energy for the NDA group to decommission Britain’s seven advanced gas-cooled reactor (AGR) stations.
The AGRs will reach the end of their operational lives over the next 10 years and, after defueling, with the fuel being transferred to Sellafield for interim storage, will transfer to NRS for decommissioning.
The NDA group
Our group is made up of the Nuclear Decommissioning Authority (NDA) and four key component parts: Sellafield, Nuclear Restoration Services, Nuclear Waste Services and Nuclear Transport Solutions.
The NDA is an executive non-departmental public body, created through the Energy Act (2004), sponsored and funded by the Department for Energy Security and Net Zero (DESNZ). UK Government Investments also provides strategic oversight of corporate governance and performance. We have just over 380 permanent staff and are accountable to UK Government and Scottish Government ministers for delivery of our mission through our subsidiary companies.
Sellafield is responsible for decommissioning the UK’s most complex and challenging nuclear site. The site houses around 85 per cent of all the UK’s nuclear waste, on an area of less than two square miles. The Sellafield workforce is taking waste out of buildings as old as the site itself, looking after fuel so that nuclear power stations can continue to operate, and repackaging the country’s stockpile of nuclear materials. Today great steps are being taken towards creating a clean and sustainable future.
Nuclear Restoration Services is responsible for safely decommissioning the first generation nuclear and research sites across the UK. It brings together Dounreay and the sites previously branded as Magnox, as part of our work to simplify the way the NDA group is structured, taking opportunities to get best value from working together as one team. NRS also operates a hydro-electric plant and is preparing to welcome the seven AGRs, currently managed by EDF Energy, for decommissioning, as well as other future missions.
Nuclear Waste Services is the UK’s leading nuclear waste management organisation, focused on managing the UK’s nuclear waste, safely and securely, for generations to come. Its work includes the programme to deliver a GDF, operation of the Low Level Repository Site in Cumbria and oversight of the NDA group’s Integrated Waste Management Programme.
Nuclear Transport Solutions is our leading global provider of safe, secure and reliable nuclear transport solutions. It uses its specialist transport and logistics expertise to support our nuclear decommissioning mission and help customers and partners around the world solve their own complex challenges.
Other NDA group companies include NDA Archives Ltd, NDA Properties Ltd, Rutherford Indemnity Ltd and Energus.
Deliver our mission together safely, securely and more creatively, transparently and efficiently
Create great places to work and take pride in what we do
Trusted to do more in the UK and globally
Our funding
We are publicly funded through the Department for Energy Security and Net Zero (DESNZ). Our total planned expenditure is voted upon annually by Parliament in line with the Spending Review.
Funding framework
UK Government has shown continued support for the NDA mission over recent years with increased grant funding offsetting the decline in commercial revenue. Spending Review 2021 (SR21) set funding for three financial years from 2022/23 to 2024/25. Funding for the second and third years of this business plan (2025/26 and 2026/27) has not yet been established and will be set as part of a future Spending Review process, expected in 2024.
Commercial income
We maximise revenue from our existing assets and operations to help fund decommissioning and clean up, in order to reduce the level of public funding needed to meet the scope of our plans and delivery of the NDA mission.
Our commercial operations are primarily spent fuel and nuclear materials management with additional opportunities identified in providing transportation services.
We will pursue all commercial opportunities using our existing assets, operations and people where they do not materially impact on our core mission or increase our liabilities.
Prioritisation and allocation of funding
Within affordability constraints, we will seek to maintain progress and maximise value for money through the effective implementation of our strategy. This means focusing on reducing our highest hazards and risks, while ensuring that our high standards of safety, security and environmental protection for site operations are maintained.
Planned income and expenditure in 2024/25
This Business Plan sets out our anticipated income and expenditure for 2024/25. High inflation has continued to place additional cost pressure on many areas of our spend but has also resulted in increases to certain areas of our income.
Our total planned expenditure for 2024/25 is £4.098 billion, of which £2.940 billion will be funded by UK Government and £1.158 billion from commercially generated revenue.
Planned expenditure on-site programmes will be £3.931 billion, while non-site expenditure is expected to be £0.167 billion.
£4.098bn total planned expenditure 2024/25
£2.940bn funded by UK Government 2024/25
£3.931bn planned site expenditure 2024/25
£0.167bn planned non-site expenditure 2024/25
Businesses/Sites | Decom and Clean-up Costs (A) £m | Total Operations Costs: Running Cost (B) £m | Total Operations Costs:Capex (C) £m | 2024/25 Plan Total (A+B+C) £m | 2023/24 Plan Total £m | |
Sellafield Limited | 1,387 | 720 | 693 | 2,800 | 2,800 | |
Nuclear Restoration Services – Sites Delivery Business | 540 | - | - | 540 | 540 | |
Nuclear Restoration Services – Dounreay Delivery Business | 225 | - | - | 225 | 221 | |
Nuclear Waste Services | 247 | - | - | 247 | 240 | |
Nuclear Transport Solutions | - | 84 | - | 84 | 111 | |
Springfields Fuels Limited | 18 | - | - | 18 | 22 | |
Capenhurst | 17 | - | - | 17 | 24 | |
Non-site expenditure | 167 | - | - | 167 | 185 | |
Total | 2,601 | 804 | 693 | 4,098 | 4,133 | |
Income | - | - | - | 1,158 | 1,170 | |
Net (grant funded) | - | - | - | 2,940 | 2,963 |
Numbers may not cast due to rounding
Final Annual Site Funding Limits issued in March 2024 may be adjusted to reflect efficiency, performance and portfolio pressures.
The NDA reserves the right to reallocate funding to meet prioritised programme needs.
Summary of NDA funding 2024/25 onward
Summary of NDA funding | 2024/25 £m | 2025/26 £m | 2026/27 £m | |
Income | 1,158 | tbc | tbc | |
Government funding | 2,940 | tbc | tbc | |
Expenditure | (4,098) | tbc | tbc | |
Net | - | - | - |
2024/25 breakdown of non-site expenditure
Non-site expenditure | 2024/25 Plan £m | 2023/24 Plan £m | |
NDA operating costs | 32 | 38 | |
Critical enablers | 74 | 74 | |
Estate insurance | 13 | 12 | |
Other central spend | 48 | 61 | |
Total | 167 | 185 |
2024/25 breakdown of planned income by category
Income source | 2024/25 Plan £m | 2023/24 Plan £m | |
Reprocessing and fuel management services | 917 | 906 | |
NDA – INS transport | 43 | 73 | |
NDA-generated revenue | 154 | 152 | |
Intra-site services | 44 | 39 | |
Total | 1,158 | 1,170 |
Current plans indicate it will take 100+ years to complete our core mission of nuclear decommissioning and waste management.
Our strategic approach and themes
We use five strategic themes to describe all the activities needed to deliver the NDA’s mission.
Our strategic themes
The first four strategic themes, Spent Fuels, Nuclear Materials, Integrated Waste Management and Site Decommissioning and Remediation, relate directly to decommissioning work and are known as driving themes.
The fifth theme describes the important activities needed to support the delivery of our mission and is known as Critical Enablers. The diagram below demonstrates how they interact.
Integration of our strategies
Currently, the most urgent tasks are dealing with our sites’ highest-hazard materials, spent fuel, nuclear materials and highly-radioactive wastes. Once the inventory has been removed and either securely stored or disposed of, the redundant nuclear facilities can be dismantled and demolished.
Our themes and strategic outcomes
Across our four driving themes, we break our mission down into 47 strategic outcomes. These outcomes represent the significant pieces of work that must be achieved to deliver our mission.
In March 2021 we published our new Strategy. As a consequence, we have revised some of the detail around a number of outcomes to ensure they continue to align with our strategic approach.
Increasingly, we’re building a more accurate picture of the work that has been completed across our 47 outcomes and that which is still left to do.
Spent Fuels
Our strategy defines our approach to managing the diverse range of spent fuels for which we are responsible, which are divided into Magnox, Oxide and Exotic. Once spent fuel is removed from a reactor, it is stored in a pond or dry store until it can be dispatched to Sellafield. For more information on the types of spent fuels we manage, see our Strategy document.
The NDA’s strategy has been to bring the reprocessing programme to an end. The THORP reprocessing plant and the Magnox reprocessing plant have now closed. All remaining spent fuel will be safely stored until a permanent solution for disposal is available. The strategy for all remaining spent fuels is to place them in an interim store pending a future decision on whether to classify them as waste for disposal in a GDF. For planning purposes, we assume that all the remaining spent fuels will be disposed of in a GDF.
Nuclear Materials
Our strategy defines our approach to dealing with the inventory of uranics and plutonium currently stored on some of our sites. These nuclear materials are by-products from different phases of the fuel cycle, either manufacturing or reprocessing. All nuclear materials must be managed safely and securely, by either converting them into new fuel or immobilising and storing them until a permanent UK disposal facility is available.
All of our plutonium is stored at Sellafield. Our uranium is located at a number of our sites and we are continuing to consolidate it at sites which we consider are best suited to its management. For more information on the types of nuclear materials we manage, see our Strategy document.
Integrated Waste Management
Our strategy considers how we manage all forms of waste arising from operating and decommissioning our sites, including waste retrieved from legacy facilities.Managing the large quantities of radioactive waste from electricity generation, research, the early defence programme and decommissioning is one of the NDA’s biggest challenges. Some of this radioactive waste is in a raw (untreated) form, some has been treated and is being interim stored and, in the case of low level waste, some has already been permanently disposed of.
Retrieving, treating and interim storing the radioactive waste from Sellafield’s four legacy ponds and silo facilities is the NDA’s highest priority. For more information on the types of waste we manage, see our Strategy document.
Site Decommissioning and Remediation
Our strategy defines our approach to decommissioning redundant facilities and managing land quality in order that each site can be released for its next planned use.
After the buildings on our sites have been decommissioned, decontaminated and dismantled, the land will be cleaned up to allow it to be released for other uses. At that point, its ownership would transfer to the new user of the land.
The NDA is currently assessing alternatives for the final stages of decommissioning that could lead to earlier release of land, continued employment and opportunities to reuse the land.
Critical Enablers
Our fifth strategic theme, critical enablers, covers the important activities needed to support the overall delivery of our mission. See pages 25 to 31 for more detail.
Work featuring in 2024-2027
The next few pages present in more detail examples of some of the important work that will either be completed or advanced in the next three years. These near-term activities are mapped against our strategic themes and specifically to the 47 outcomes* that make up our mission. All dates reflect the latest information and are subject to change.
The case studies also show how our work is contributing to the United Nations Sustainable Development Goals (SDG), which are a blueprint for peace and prosperity, now and into the future. Much of our work can be related to one or more of the SDGs, and we are continuing to work to maximise these outcomes.
*Our 47 outcomes cover all our strategic themes except ‘critical enablers’.
As the data range matures over the next 120+ years, along with the reduction of uncertainty of the inventory, progression in the lifecycle and strategy development, it may well be subject to change. The dates for each strategic outcome contained within this plan are correct up to 31 March 2023. For more information see NDA Mission Progress Report 2023.
Spent Fuels 2024-2027
Spent magnox fuel.
Outcome number | Activity | End date | |
1 | All sites defueled | Completed | |
2 | All legacy Magnox fuel retrieved | 2039 | |
3 | All Magnox fuel reprocessing completed | Completed | |
4 | All remaining Magnox fuel in interim storage | 2042 | |
5 | All remaining Magnox fuel disposed | 2125 |
Spent Oxide Fuel
Outcome number | Activity | End date | |
6 | All EDFE Oxide fuel received | 2035 | |
7 | All legacy oxide fuel retrieved | Completed | |
8 | All oxide fuel reprocessing completed | Completed | |
9 | All remaining oxide fuel in interim storage | 2035 | |
10 | All remaining oxide fuel disposed | 2125 |
Spent Exotic Fuel
Outcome number | Activity | End date | |
11 | All exotic fuel defueled | 2024 | |
12 | All exotic fuel consolidated | 2028 | |
13 | All exotic fuel reprocessing completed | Completed | |
14 | All remaining exotic fuel in interim storage | 2028 | |
15 | All remaining exotic fuel disposed | 2125 |
Case study - DFR defueling and consolidation to Sellafield
UN goal numbers 9 and 12
Some breeder fuel elements remain within the Dounreay Fast Reactor (DFR) and are still to be removed. Historically, DFR fuel was reprocessed at the Sellafield site, but technical challenges removing some elements and the 2022 end of reprocessing has meant that an alternative strategy was needed for what remains.
This revised approach sees the remaining fuel removed and brought to Sellafield over the next three years and placed in long-term storage, allowing timely decommissioning of the Dounreay site.
Consolidating the fuel at Sellafield, which already manages a much larger fuel inventory, helps deliver a more efficient approach to UK spent fuel management.
Case study - AGR defueling
UN goal numbers 9, 12 and 17
Preparations have continued for the NDA and NRS to decommission the UK’s Advanced-Gas Cooled Reactors (AGR).
Hunterston B will be the first site to transfer and in September defueling of its first reactor was completed. NRS and EDF Energy are working together to create implementable decommissioning plans, at the point of transfer, recognising that these plans will be matured further as they are integrated into NRS business. Post-transfer the AGR work will be funded by the Nuclear Liabilities Fund.
EDF Energy worked closely with Sellafield to ensure defueling was completed on time and on budget. The aim is to have the second reactor defueled and all spent fuel sent to Sellafield by mid-2025, prior to transfer of site ownership to the NDA in 2026. NRS will manage the decommissioning of all seven AGRs, after they stop generating nuclear power and are defuelled. The sites will progressively move to the NDA group over the next ten years.
Nuclear Materials 2024-2027
Outcome number | Activity | End date | |
16 | All plutonium produced | Completed | |
17 | All plutonium consolidated | Completed | |
18 | A: All plutonium repacked in long-term storage B: All cans not suitable for extended storage repackaged | 2060 | |
19 | All plutonium in modern interim storage | 2060 | |
20 | All plutonium reused or disposed | 2120 |
Outcome number | Activity | End date | |
21 | All uranium produced | Completed | |
22 | All uranium consolidated | 2025 | |
23 | All uranium treated | 2055 | |
24 | All uranium in interim storage | 2055 | |
25 | All uranium reused or disposed | 2120 |
Case study - Accelerating hazard reduction at Sellafield
UN goal numbers 9 and 17
The NDA is working with Sellafield, NWS and regulators to re-classify a small quantity of plutonium bearing residues to allow their future disposition as a waste product using existing capabilities at Sellafield. Processing the materials in this way accelerates risk and hazard reduction and avoids future processing in the Sellafield Product and Residue Store Retreatment (SRP) plant.
Although the quantities proposed are modest it would be a significant step forward in proving this route for the future.
Case study - Reducing risks from plutonium storage
UN goal number 9
Work is underway to repackage plutonium so that it remains safe and suitable for extended storage in line with our strategy. Packages will also be moved from the oldest stores to more modern facilities, reducing risks and enabling redundant buildings to be closed. The amount of plutonium being stored is also expected to reduce, by treating and appropriately disposing of some low plutonium content materials that are residues from historical processing activities.
Construction and installation work continues on the Sellafield Product and Residue Store Retreatment Plant, which will ultimately be used for the repackaging and retreatment of plutonium.
Integrated Waste Management 2024-2027
Low level waste.
Outcome number | Activity | End date | |
26 | All LLW produced | 2127 | |
27 | All LLW treated - to enable diversion or reuse | 2127 | |
28 | All waste suitable for disposal in NDA facilities | 2127 | |
29 | All waste suitable for permitted landfill disposed | 2127 |
Intermediate Level Waste
Outcome number | Activity | End date | |
30 | All ILW produced | 2120 | |
31 | All ILW waste retrieved | 2060 | |
32 | All ILW treated | 2120 | |
33 | All ILW in interim storage | 2120 | |
34 | All ILW disposed | 2314 |
High Level Waste
Outcome number | Activity | End date | |
35 | All HLW produced | 2039 | |
36 | All HLW treated | 2039 | |
37 | All HLW waste in interim storage | 2039 | |
38 | All overseas HLW exported | 2029 | |
39 | All HLW disposed | 2104 |
Case study - Waste retrieval at Sellafield
UN goal numbers 12, 14 and 15
Decommissioning of the Sellafield site has taken a significant step forward with the first removal of waste from the Pile Fuel Cladding Silo in August 2023.
This means that for the first time ever Sellafield is retrieving waste from all four legacy ponds and silos which represent some of the most complex and difficult decommissioning challenges in the world. It will take many years for these projects to be completed.
In March a team of specialist nuclear divers entered the Pile Fuel Storage Pond, the first time anyone had entered the pond since 1958, to carry out vital clean-up and decommissioning work.
Over the next three years retrievals will continue from all of these facilities with new supporting capabilities being brought on line to support delivery.
Case study - Winfrith TRS drums to LLW Repository site
UN goal number 12
The Treated Radwaste Store (TRS) was constructed in the late 1980s to store encapsulated waste from the Steam Generating Heavy Water Reactor (SGHWR) at Winfrith, and held 1,068 500-litre drums of encapsulated sludge. From 2016, NWS staff worked with Winfrith to explore alternatives to managing the waste more effectively, adopting a one NDA approach. As a result, it was confirmed that the TRS drums could be disposed of at the repository in the gaps that could not be filled by other disposal containers. It has also led to lower uncertainty and risk profile, alongside a higher lifecycle maturity and cost certainty.
- The previous completion date for this strategic outcome was 2125, but this has been extended due to the differing policy in Scotland for disposing of radioactive waste – the date represents extended long term storage in Scotland.
Site Decommissioning and Remediation 2024-2027
Operational and planned.
Outcome number | Activity | End date | |
40 | All planned new buildings operational | 2090 | |
41 | All buildings primary function completed | 2127 |
Decommissioning and demolition
Outcome number | Activity | End date | |
42 | All buildings decommissioned | 2131 | |
43 | All buildings demolished or reused | 2133 |
Outcome number | Activity | End date | |
44 | All land delicensed or relicensed | 2135 | |
45 | All land in End State - all planned physical work complete | 2134 | |
46 | All land demonstrated as suitable for reuse | 2135 | |
47 | All land dedesignated or reused | 2334 |
Case study - Development phase of reactor dismantling at Trawsfynydd
Building on conceptual phase work completed between 2020-2022, a four-year programme of work has been sanctioned to further develop reactor dismantling designs and plans for the site. Work has commenced in the following key areas:
five dismantling scheme design packages that will deliver greater technical clarity on how to deliver dismantling
characterisation and waste strategy development to underpin estimates of reactor inventory and ensure that all wastes generated have appropriate routes available
to develop an appropriate commercial model for long-term delivery.
This work will provide the technical, commercial and programme underpinning necessary to demonstrate that the benefits of the business case are achievable, and the programme represents overall value for money.
Case study - Berkeley blower house demolition
In May 2023, work began to demolish four ‘blower house’ superstructures that surround Berkeley site’s two reactor buildings.
Once responsible for circulating gas through the reactors to transfer heat into 310 tonne boilers, creating steam to turn the turbines, the buildings will be emptied of the residual low-level waste, undergo a full asbestos clean and be demolished.
One of the largest decommissioning projects seen at the site for several years, the project, originally planned for 2070’s, has been brought forward by five decades and will take eight years to complete.
Critical Enablers 2024-2027
Our fifth strategic theme, critical enablers, covers the important activities needed to support the overall delivery of our mission.
Critical enabler number 1 - Health, safety, environment and wellbeing
Safety is, and always will be, our number one priority. Our focus is to reduce the highest hazards and risks, while ensuring our high standards of safety, security and environmental protection for operations at our sites. It’s our duty to carry out this highly complex mission safely and efficiently while ensuring people and the environment are safeguarded at all times.
We aim to be recognised as a leading environmental remediation organisation. Our environment strategy is maturing and we are working towards a low carbon future and improved environmental outcomes to ensure that our mission outcomes are delivered in an environmentally sustainable manner.
Our strategy for health and wellbeing is to provide a supportive working environment across the NDA group by actively promoting and working with our employees and trade unions (see People) to develop and implement policies and standards with employee health and wellbeing at the forefront.
Critical enabler number 2 - Sustainability
Sustainability is one of the NDA’s critical enablers, added for the first time as part of our 2021-2026 Strategy published in 2021, with the objective to ensure that mission outcomes and the journey to deliver them are sustainable.
Therefore, sustainability entails a broad commitment to the way our work is delivered, aligned with the 17 United Nations Sustainable Development Goals. Extensive engagement has been undertaken to understand the impact of our work and the factors that influence it, which has resulted in the identification of four sustainability legacies – decommissioning, environment, socio-economics and culture. The NDA supports Government aspirations to be carbon net zero by 2050, and 2045 in Scotland. For more information see our Sustainability Strategy.
Critical enabler number 3 - Security and resilience
Security is a fundamental element of all civil nuclear operations. We are committed to providing proportionate security and resilience solutions throughout the decommissioning lifecycle.
We recognise the many threats that face the NDA and its supply chain and have appropriate mitigations in place for a range of internal and external threats.
Our strategy brings the NDA operating companies together, taking a group-wide approach to security and resilience in order to improve collaborative working and, where appropriate, implement a shared approach to security arrangements.
Critical enabler number 4 - Cyber security
Our cyber security strategy is well established and well supported by all the operating companies within the NDA group.
The nature of the threat continues to evolve and is so prevalent that we have established a Group Industrial Cyber Capability to ensure that we become an increasingly harder target for those who seek to do harm to our businesses or our sites.
We will ensure that we can collectively protect ourselves, detect cyber incidents early and have mature response and recovery plans to minimise disruption to our core mission of nuclear clean-up and environmental restoration.
Critical enabler number 5 - Research, development and innovation
Research, development and innovation are essential in transforming how we deliver our mission and grow skills for the future.
We require fresh thinking and novel approaches to address our diverse challenges and help us deliver safe, secure and sustainable solutions. Collaboration, with our UK supply chain, other sectors and abroad, is a core part of our strategy to deliver value for money. Our areas of research interest and five year research and development plan can be found on gov.uk.
Critical enabler number 6 - People
We strive to create great and diverse places to work so that we can retain our people, maintain our skills base and recruit into our businesses.
Our people strategy has three main focus areas: ensuring we have the right people at the right time to deliver the mission; creating the culture in which our people can thrive; and working in partnership with our recognised trade unions and the broader stakeholder community. For more information see our Nuclear Decommissioning: attracting and retaining skills brochure.
Critical enabler number 7 - Asset management
The NDA group has assets in all stages of the asset management lifecycle and we have a responsibility to secure sustainable asset management across the group which is cost-effective and provides the necessary safety, security and environment protection demands on it.
Our strategy continues to address the enduring risk that poor asset performance adversely impacts our mission. We have matured through-life asset management planning for legacy assets and look to integrate this into new assets.
To ensure our assets and support processes achieve this objective, we need to accelerate formal and scientific continuous improvement practices informed by good practice that focuses on value for money mission delivery across all aspects of our business.
Critical enabler number 8 - Supply chain
A diverse, ethical, innovative, and resilient supply chain is essential to delivering the NDA mission and supports environmental, social and economic value for stakeholders, with a key consideration to value for money for the UK taxpayer.
With our one NDA way of working, we are now uniquely placed to identify synergies across the group and develop further collaborative procurement activities. We continue to broaden the routes to market and our supply base for the NDA group.
A more diverse and sustainable range of suppliers with nuclear experience will provide greater resilience and access to innovative solutions for safe, secure and cost-effective decommissioning.
Critical enabler number 9 - Information governance
The NDA owns most of the information and data produced and managed by the NDA group. We collaborate with and support all businesses within the group in order to comply with statutory and regulatory obligations and realise the value of these assets to enable delivery of the NDA mission.
We have embedded a number of group-wide strategies, policies, procedures and guidance and deliver key centralised services including an archive and long-term records management facility (Nucleus) and a secure collaboration platform (the NDA Hub).
Critical enabler number 10 - Socio-economics
We have a statutory responsibility to support the maintenance of sustainable local economies for communities living near NDA sites and, where possible, contribute to regional economic growth.
The NDA group’s socio-economic strategy is built upon supporting sustainable incomes, resilient economies and thriving communities.
Our approach is to work locally. This means working in partnership with local authorities, constituency MPs and organisations to better understand local needs. In supporting our local communities, our primary strategy is to ensure that decisions that direct the delivery of our decommissioning mission support local sustainable and inclusive economic growth and greater social value wherever possible.
To ensure our local communities can attract future economic activity, we prioritise support and funds for projects which are consistent with our responsibilities to the UK taxpayer. We work in partnership with others to increase the impact of our funding.
For more information see our Social Impact and Communities Strategy.
Critical enabler number 11 - Public and stakeholder engagement
Open and transparent engagement is key to building support, confidence and trust, and the relationships we have built with communities and local authorities close to our nuclear sites have been instrumental in our mission progress.
We continue to explore different ways to build a better understanding of our work, among the public and our stakeholders, and encourage open and honest discussion on all matters including those issues that are difficult and complex.
We are committed to exploring a diverse range of views from across the full breadth of the stakeholder landscape and using that insight to drive and influence our strategic direction and the way we deliver the NDA’s mission.
Critical enabler number 12 - Transport and logistics
The effective delivery of the NDA mission relies on our ability to transport radioactive materials (for example, spent fuel, radioactive waste, contaminated items) and bulk materials (for example, spoil, concrete, raw materials) to, from and between our sites. Our subsidiary Nuclear Transport Solutions (NTS) is the leading global provider of safe, secure and reliable nuclear transport solutions which support the NDA group and provide value beyond the NDA mission, both in the UK and overseas.
Critical enabler number 13 - International relations
The NDA’s operating environment is inherently international and the risks we manage transcend national boundaries.
The materials in our inventory have safety and security considerations on a global scale, and the policy framework in which our strategy is developed is underpinned by international standards and guidance.
The nuclear decommissioning market is growing globally and we will continue to use our experience and relationships to enhance the reputation of the UK nuclear industry, sharing our experience and skills, accessing peer reviews, and conducting joint technology development projects.
To find out more about our critical enablers please refer to our Strategy which can be found at NDA Strategy
Cyber Security
UN Goal number 4
Case study - Cumbria Crak event
In October, the NDA hosted Cumbria’s first ever cyber security “Capture the Flag” competition for secondary schools across the county to encourage pupils to consider a career in cyber security by taking part in a variety of cyber activities and competitions. The event, which took place during Cyber Awareness Month, allowed students to also hear from cyber experts at the NDA and the Group Industrial Cyberspace Centre, as well as engage with former apprentices and graduates who started their careers in cyber in the NDA group and could talk about their own experience getting into the industry.
Security and Resilience
UN Goal numbers 9 and 17
The Challenge: security and resilience
The NDA is always seeking innovative ways to ensure our sites remain safe and secure in a resource constrained environment, whilst delivering proportionate security in line with the site risk reduction curve during the decommissioning process.
Currently, all NDA sites have high-level security measures in place designed to protect nuclear material and other radiological material, in line with associated risk reduction.
In 2022/23, the security and resilience team in conjunction with our technology and innovation team conducted a collaborative innovation competition with Defence Science and Technology Laboratory (DSTL) and Defence and Security Accelerator (DASA) to explore the potential for future security systems.
This competition to provide appropriate, efficient and cost-effective solutions concluded in July 2023 including a showcase of potential solutions for diverse stakeholders from the NDA group and beyond. Subsequent innovation trials are planned to launch later in 2023/24 for an 18 month live trial on an NDA site thereafter.
Stakeholder Relations
UN Goal numbers 3, 10 and 11
Case study - GDF and Community Partnerships: Community Investment Funding
The formation of Community Partnerships as part of the GDF programme will have unlocked around £7 million of Community Investment Funding by the end of 2023, supporting over 120 projects from community youth schemes to mental health initiatives, and driving real positive change in those places.
This shows that there are clear benefits for communities participating in the process, making a real difference to local people. All are in areas which have formed Community Partnerships to engage in a dialogue about what hosting a GDF would mean for them.
The funding, awarded over the previous two years, has helped a variety of community ventures in Mid Copeland, South Copeland and Allerdale in Cumberland access £2 million each and Theddlethorpe in Lincolnshire, £1 million. A key feature of the funding is that the organisations chosen to receive grants are decided by members of the Community Partnerships, not NWS.
Skills/People
UN Goal numbers 4, 8 and 10
Case study - Largest and most diverse cohort of graduates joins NDA group
Graduates and apprentices took centre stage at a Nuclear Week in Parliament reception hosted by the Nuclear Industry Association and sponsored by the NDA. Attendees shared first-hand experience about how the next generation of nuclear decommissioning workforce is being developed.
It comes as the NDA welcomes its largest and most diverse cohort of graduates following the launch of the NDA group graduate programme in 2022. Around 60 graduates have joined and the scheme has exceeded aspirations for diversity goals due to be achieved by 2025, with 47% of graduates being female, 26% identifying as an ethnic minority, 18% as LGBTQ and 13% reporting being a person with a disability. The number of graduate opportunities is set to double next year.
Health, Safety, Environment and Wellbeing
UN Goal number 3
Case study - Health and wellbeing
In 2024, the NDA group will launch a Wellbeing Centre of Excellence. Underpinned with a new six year, two phase strategy that will guide our organisation to the recognised excellence of ISO45003:2021 certification. This will unpack each stage of the ISO 45003 journey in the context of the group, setting out the planning and milestones that are necessary for the completion of each stage.
An online wellbeing hub will be developed as an effective, meaningful, and accessible resource that can benefit the entire group workforce. A range of leadership training and competency programmes will be launched.
Transport and Logistics
UN Goal numbers 7 and 9
Case study - Government support to develop new transport package
Nuclear Transport Solutions (NTS) secured over £1 million funding from the UK Government in July 2023 to lead on the development of an innovative package which will transport High-Assay Low-Enriched Uranium (HALEU) fuel to new nuclear reactors.
Funded via the Nuclear Fuel Fund, the new package will be versatile to allow NTS to transport HALEU in multiple forms, such as powder or fuel elements.
Research, Development and Innovation
UN Goal numbers 3 and 9
Case study - Robotics and Artificial Intelligence Collaboration (RAICo)
RAICo is a collaboration between the NDA, Sellafield, UK Atomic Energy Authority (UKAEA) and the University of Manchester looking at addressing common challenges between nuclear fission and fusion.
The partnership will pioneer the deployment of robotics and artificial intelligence to deliver sustainable decommissioning more effectively, efficiently, and for less cost to the taxpayer.
The partners have invested £28m in transformative technologies and capabilities that can be utilised across the whole NDA group. Early successes have seen robots deployed at Sellafield to access hazardous and hard to reach areas for waste chararacterisation and management – with learning shared across NDA sites to deliver benefits group-wide.
Asset Management
UN Goal number 12
Case study - Lean manufacturing of the Sellafield AGR dismantler
The Sellafield AGR Fuel Dismantling Plant was identified as a bottleneck in AGR defueling, so the NDA and Sellafield mapped and analysed data, engaging the workforce and working together identified and implement opportunities for improvement. This led to embedment of lean manufacturing tools, techniques and behaviours within the facility to improve and sustain fuel processing through the dismantler. This was a significant step up with new ways of working introduced, with the techniques and activities are now being shared with other plants.
Supply Chain
UN Goal numbers 8,9 and 12
Case study - Small and medium enterprises and supply chain diversity
At the highest level, our aim has been around a third of our supply chain expenditure (circa £2 billion) with small and medium sized businesses. This was to promote broader supply chain diversity, build longer term supply chain resilience and help stimulate enhanced economic growth in line with Government policy. In 2022/23, and following excellent collaboration between NDA and Sellafield in particular, the NDA group achieved it’s highest ever position, 39%. This places NDA as one of the highest performing bodies in this space, particularly when considering the complexity of our supply chain requirements. Sustaining this level of excellent performance remains a key focus for the group commercial functions over the coming years.
Socio Economics
Case study - sutherland spaceport investment.
The NDA has committed £3 million toward the development of the £30 million Sutherland Spaceport, the first vertical launch spaceport on UK mainland. It’s expected to create over 700 new employment opportunities in the Highlands and Islands over the lifetime of the programme and boost the local economy by £56 million per year by the end of the decade. It is also intended to become the first carbon-neutral spaceport in the world.
International Relations
UN Goal number 17
Case study - Collaborating across borders
The NDA’s Chief Strategist for Integrated Waste Management has been selected as chair of an International Atomic Energy Agency (IAEA) technical working group on radioactive waste management and technologies.
Dr James McKinney represents the UK on the group alongside representatives from around 20 other nations and will act as chair for a four-year term until 2026. The group aims to provides advice to the IAEA on technical areas relating to radioactive waste including policies and strategies, technologies and processes for sustainable management of radioactive waste, stakeholder involvement, information sharing and international collaboration. It’s one of many ways the NDA plays a leading role representing the UK on the international stage.
Information Governance
UN Goal number 11
Case study - Heritage strategy implemented
A hertiage strategy has been created in collaboration with NDA group heritage specialists and in consultation with others from the heritage sector, to maximise our ability to identify, safeguard and celebrate the history and cultural heritage of the nuclear industry.
There are many benefits of preserving, safeguarding, and celebrating nuclear heritage, ranging from learning lessons of the past so we can support decommissioning and future nuclear developments, to realising significant social value potential by connecting with local communities and stakeholders.
Capturing the legacy of the nuclear industry will enrich the NDA mission and help us deliver our outcomes more effectively.
NDA group key activities
The NDA group’s key activities for the next three years are set out on the following pages. These near-term activities are mapped against our strategic themes and specifically to our 47 strategic outcomes that make up our mission.
All activities and dates represent the latest emerging information and are subject to change.
Where we expect an activity to complete during the Business Plan period, this is clearly stated. All other activities will continue into the following year.
Planned expenditure for 2024/25 - £32 million
Key activities | Timescale | Strategic outcome | |
Spent Fuels | |||
Spent Oxide Fuel | |||
Continue to work with EDF Energy and our subsidiaries on the integrated and collaborative delivery programme for the safe and cost-effective defueling of AGR power stations, the AGR Operating Programme | 2024-2027 | 6, 9 | |
Spent Exotic Fuel | |||
Work with our group businesses to optimise the strategy for the consolidation of exotic fuels from Dounreay to Sellafield | 2024-2027 | 12, 14 | |
Nuclear Materials | |||
Plutonium | |||
Work with the UK Government on a disposition solution that puts the UK’s plutonium beyond reach | 2024-2027 | 20 | |
Implement a programme of research and development to mature the credible options for plutonium disposition | 2024-2027 | 20 | |
Uranium | |||
In line with our Strategy, and following business case approval, implement the preferred approach to dealing with the NDA owned uranium hexafluoride at Capenhurst | 2024-2027 | 22, 23, 24, 25 | |
Integrated Waste Management | |||
Make more use of a risk informed approach for waste management and to seek solutions that help to optimise the lifecycle of both radioactive and non radioactive wastes | 2024-2027 | 26 to 39 | |
Work with group businesses to explore alternative disposal options for Higher Activity Waste | 2024-2027 | 34, 39 | |
Site Decommissioning and Remediation | |||
Work with our operating companies to support the continued optimisation of our strategies for decommissioning and clean-up, embedding a rolling programme of decommissioning across NRS reactor sites and planning for the integration of AGRs | 2024-2027 | 42, 43, 44, 45, 46 | |
Reviewing and establishing new guidance on the selection of decommissioning strategies, including our approach to prioritisation | 2024-2027 | 42, 43 | |
Dedesignate or reuse | |||
Work with Government, regulators and our operating companies to support continued development of more proportionate regulatory arrangements for final stage decommissioning and clean-up and the timely delivery of these | 2024-2027 | 45, 46, 47 | |
Continue to lead the NDA group Remediation Forum, helping embed approaches to the determination and delivery of site end-states across our sites, and sharing our learning through the wider Nuclear Industry Group on Land Quality | 2024-2027 | 45 | |
Review opportunities available under our Group Operating Framework to make better use of our land, across the NDA-owned estate, to support delivery of our decommissioning and clean-up mission and also ensuring we deliver relevant long term controls and stewardship of our sites | 2024-2027 | 46, 47 | |
Critical Enablers | |||
Develop and implement carbon reductions through carbon management plans at each operating company and meet Greening Government Commitments | 2024-2027 | CE1,CE2 | |
Build on our natural capital baseline assessment of our NDA owned land and develop a plan to improve the environmental value of this land where this aligns with other strategic land use opportunities | 2024-2027 | CE1,CE2 | |
Lead in the area of mental health and wellbeing across the NDA group and further enhance the wellbeing community across the group | 2024-2027 | CE1 | |
Implement new ICT programmes to allow smarter, flexible working across the NDA. To include digital transformation and Information Governance initiatives across the group aimed at improving the way we work and collaborate, whilst maintaining information security and legislative compliance | 2024-2027 | CE9 | |
Lead on the evolution of the Digital Vision and Strategy and the development of a Data Strategy and Operating Model for the NDA group | 2024-2027 | CE9 | |
Proactively deter, detect, defend against, recover from and be resilient to both current and evolving cyber threats | 2024-2027 | CE4 | |
Work with other nuclear and non-nuclear organisations to encourage and leverage cross-sector investment in research, development and innovation (RD&I) and lead the promotion and adoption of RD&I across the NDA group | 2024-2027 | CE5 | |
Enable and drive the delivery of our mission through our people by attracting, retaining and developing a high performing, highly skilled, talented and motivated workforce and creating a culture in which they can thrive | 2024-2027 | CE6 | |
Lead the diversity and inclusion strategy across the NDA group ensuring effective governance and co-ordination to drive a one NDA Inclusion approach, including achieving sector targets, strategy goals and commitments supporting our vision to create great places to work | 2024-2027 | CE6 | |
Secure safe, reliable, maintainable and sustainable asset performance and optimise through life cost of assets | 2024-2027 | CE7 | |
Build commercial capability which maintains a resilient, sustainable, diverse, ethical and innovative supply chain that optimises value for money for the UK taxpayer when sourcing goods and services | 2024-2027 | CE8 | |
Support the maintenance of sustainable local economies for communities living near NDA sites and, where possible, contribute to regional economic growth | 2024-2027 | CE10 | |
Provide opportunities for the public and stakeholders to better understand our mission, comment on and influence NDA planning and decision making, and draw on the knowledge and experience of stakeholders | 2024-2027 | CE11 | |
Be a world leader in facilitating international collaboration in nuclear decommissioning | 2024-2027 | CE13 | |
Develop strategic opportunities that optimise delivery of the mission | 2024-2027 | - | |
Actively participate in the Government’s Energy Security Plan and provide support on nuclear new build decommissioning plans | 2024-2027 | - | |
Develop a group-wide accommodation strategy (including welfare, warehousing, transport and logistics) allowing effective re-use of the operational land and creating great places to work | 2024-2027 | - | |
Continue to engage with UK and international bodies and partners to share our learning and knowledge, learn from others, and support development of improved approaches to decommissioning and clean-up | 2024-2027 | - | |
Implement Government led reforms of public sector pensions across the NDA group | 2024-2027 | - | |
Lead a cross-group team to improve NDA group planning capability in order to fully leverage the benefits of the new group structure | 2024-2027 | - |
Sellafield Limited
Sellafield Ltd is an NDA subsidiary, responsible for delivering the NDA mission, through operating and decommissioning Europe’s largest and most complex nuclear site. This includes cleaning up nuclear facilities and safeguarding nuclear fuel, materials, and waste - creating a clean and safe environment for future generations.
Planned expenditure for 2024/25 - £2,800 million
Site in Cumbria
276 hectares
Hectares dedesignated
0 hectares
All 276 hectares remain covered by the nuclear site licence.
The portfolio of work is balanced around the following priorities:
Safely guarding and keeping secure Special Nuclear Material
Reducing risk and hazard in high hazard areas
Keeping the nation’s lights on through management of AGR fuel and facilitating the effective defueling of reactors
Ensuring the infrastructure is resilient
Keeping enabling activities off the critical path
Progressing risk and hazard reduction in other site areas
Supporting the NDA group material consolidation
Important milestones 2024-2027
Continue to receive and dismantle AGR fuel from EDF Energy
Progress analytical services capability
Continued roll out of asset management plans and continuous improvements
Sustained retrievals from the legacy ponds and silos
Continue to support the NDA Alpha Resilience Capability (ARC) Programme
Continued focus on supporting a low carbon future
Site progress (achieved and expected)
All buildings decommissioned - TBD
All land remediated - 2125
All land dedesignated - 2125
TBD is shown when the date for completing the strategic outcome is not sufficiently clear for a specific date to be given at this time.
Key activities | Timescale | Strategic outcome | |
Spent Fuels | |||
Spent Magnox Fuels | |||
Continue to interim store in the Fuel Handling Plant (FHP) remnant Magnox fuel and fuels recovered from the First-Generation Magnox Storage Pond (FGMSP) | 2024-2027 | 4 | |
Continue to receive fuels from First Generation Magnox Storage Pond (FGMSP) | 2024-2027 | 2 | |
Complete the Enterprise Integrated Fuel Study to support the lifecycle management of spent fuels across the NDA estate | 2024-2027 | 4 | |
Spent Oxide Fuel | |||
Enhance the capacity to receive/manage and interim store Advanced Gas Reactor (AGR) spent fuel from EDF Energy to support bulk defueling | 2024-2027 | 6, 9 | |
Spent Exotic Fuel | |||
Prepare for the receipt and management of future Dounreay Fast Reactor (DFR) fuel | 2024-2027 | 12,14 | |
Integrated Waste Management | |||
Low Level Waste | |||
Continue to generate savings and preserve capacity at the Low-Level Waste Repository (LLWR) by enhancing capability to divert waste from LLWR and into the supply chain | 2024-2027 | 27 | |
Intermediate Level Waste | |||
Support risk reduction from legacy ponds through continued removal of fuel and waste from the facilities | 2024-2027 | 31 | |
Magnox Swarf Storage Silo (MSSS) • Continue retrievals from MSSS • Progress the capability required for bulk retrievals • Delivery of tasks within the MSSS containment response plan | 2024-2027 | 31 | |
Continue retrievals from Pile Fuel Cladding Silo (PFCS) | 2024-2027 | 31 | |
Support the NDA’s strategy by continuing the programmes to receive and treat waste materials from Harwell and AWE Aldermaston | 2024-2027 | 32 | |
Support future waste treatment through implementing the capability to actively demonstrate characterisation, size reduction and decommissioning | 2024-2027 | 32 | |
Support risk reduction by developing additional capability for treatment of intermediate level liquid wastes (Site Ion Exchange Effluent Plant (SIXEP) Continuity Plant (SCP)) | 2024-2027 | 32 | |
Continue to support industry and health care in the management of used radioactive sources | 2024-2027 | 32 | |
Ensure continued storage capacity in the SIXEP facility, including the identification of alternatives to additional storage such as treatment | 2024-2027 | 33 | |
Complete studies on retrieval and treatment of SIXEP stored ILW at enterprise and programme level | 2024-2027 | 33 | |
High Level Waste | |||
Continue the programme to repatriate overseas-owned vitrified waste to its country of origin | 2024-2027 | 38 | |
Support risk reduction through the continued vitrification of highly active liquor | 2024-2027 | 36 | |
In collaboration with Nuclear Waste Services (NWS) Sellafield Ltd will support the Higher Activity Waste Thermal Treatment (HAWTT) Strategic Case for Change (SCfC) | 2024-2027 | 36, 37, 39 | |
Nuclear Materials | |||
Plutonium | |||
Continue the safe and secure storage of plutonium by developing the capability to repack plutonium, along with future storage capacity, in line with UK policy | 2024-2027 | 18, 19 | |
Continue to support NDA Disposition Programme stand-up, including delivery of the early ‘residues to waste’ opportunity | 2024-2027 | 20 | |
Continue to support the NDA Alpha Resilience Capability (ARC) Programme | 2024-2027 | 18, 20 | |
Uranium | |||
Support future decommissioning and commercial plans by implementing plans for consolidated storage and potential transfer / export of Sellafield Uranics | 2024-2027 | 22, 24 | |
Site Decommissioning and Remediation | |||
Decommissioning and demolition | |||
Continue Post Operational Clean Out (POCO) activities on key facilities | 2024-2027 | 42 | |
Continue to progress the Low Active Effluent Treatment Plant Retrieval Project to enable bulk flocculant removal | 2024-2027 | 42 | |
Continued delivery of priority Alpha Decommissioning scope | 2024-2027 | 42 | |
Continue progress of legacy hazard removal and demolition | 2024-2027 | 43 | |
Sites | |||
Continue to progress Calder Land clearance to support SIXEP Contingency Plant (SCP) and the SIXEP Waste Management Plant (SWM) | 2024-2027 | 47 | |
Progress new site wide end state assumptions | 2024-2027 | 45 | |
Critical Enablers | |||
Implementation of approved Near Term Resource Plan to ensure resources are deployed in the right place, at the right time. This will incorporate a focus on early career learners to underpin mission delivery | 2024-2027 | CE6 | |
Apprentice training contract mobilisation and transition to support a range of apprenticeships at Sellafield Limited from September 2024 | 2024-2025 | CE6 | |
Continue to embed the Sellafield security enhancement programme | 2024-2027 | CE3 | |
Manage and deliver asset management and continuous improvement capability and performance to support mission delivery | 2024-2027 | CE7 | |
Lead and manage the development of Robotics and Artificial Intelligence (AI) across the NDA group to improve safer operations and increase performance and effectiveness | 2024-2027 | CE5 | |
Develop and embed the long-term partnerships with the supply chain with a focus on Infrastructure Delivery Partnership, Decommissioning Nuclear Waste Partnership and the Projects and Asset Care Execution contracts | 2024-2027 | CE8 | |
Support small and medium enterprise organisations by increasing overall spend with them in line with the Government growth agenda | 2024-2027 | CE8 | |
Continue to progress and embed sustainability, supporting the NDA’s sustainability vision, to be recognised as a leader in transforming nuclear legacies into opportunities for local, regional, and national sustainable development, ensuring that our mission outcomes and the journey to deliver them are sustainable | 2024-2027 | CE2 | |
Develop and maintain a Carbon Management Plan which considers aspects of energy consumption and explores techniques and technologies to reduce the carbon burden in delivering the mission | 2024-2027 | CE1, CE2 | |
Ensure discharges are in line with UK discharge strategy | 2024-2027 | - | |
Continue to support future business requirements including the development and embedding of a value-led culture | 2024-2027 | - | |
Progress the transformation of project delivery on site and continue to embed the benefits of the Programme and Project Partnership (PPP) | 2024-2027 | - | |
Continue the programme to ensure the analytical services capability is available to support the mission | 2024-2027 | - | |
Implementation of an overarching Infrastructure Strategy which supports and enables delivery of the future mission | 2024-2027 | - | |
Continue to progress the land programme to ensure Sellafield Ltd has the land and property available (and this is optimised appropriately) to deliver the mission | 2024-2027 | - | |
Continue to enable improvements in delivery of the Sellafield business mission through the exploitation of digital approaches | 2024-2027 | - | |
Continue with improvements to the site utilities infrastructure | 2024-2027 | - |
Nuclear Restoration Services (NRS) was launched in October 2023 as the new brand for Magnox Ltd. This operating company is structured into two delivery businesses - the sites delivery business, which includes the 12 sites previously known as Magnox, and the Dounreay delivery business.
NRS is responsible for the safe delivery of value for money decommissioning and restoration of nuclear sites ensuring all our futures are safe, secure and sustainable.
NRS Dounreay Delivery Business
Dounreay is Scotland’s largest decommissioning project, located in the north of Scotland.
For more than 50 years it was known as the centre of the UK’s fast reactor research and development and now the team is aiming to be recognised as a centre of excellence for nuclear decommissioning.
NRS Dounreay Delivery Business is responsible for decommissioning the Dounreay site. It also operates a Low Level Waste (LLW) disposal facility to deal with waste from the site. The Lifetime Plan for decommissioning the site is currently under review.
Planned expenditure for 2024/25 - £225 million
Site in northern scotland.
60 hectares (plus 12 hectares designated for LLW facility) in Caithness.
60 hectares remain covered by the nuclear site licence, the 12 for the LLW facility are designated but not licensed.
Our interim end point (IEP) relates to achieving the following phases of work:
All buildings no longer required to be demolished
All waste generated to be in its final packaged state and in its designated storage facility, permitted disposal location or responsibility transferred.
Site land and services remediated to an optimised state
The interim end point (IEP) is to ensure the site’s condition is suitable for its future land use; higher activity waste can be retrieved for disposal and the site has implemented the required ongoing security arrangements.
Highlights 2024-2027
Natural and depleted uranium, 100% offsite (completed 2024)
Fuel Cycle Area (FCA) raffinate immobilised
Drum Cementation Plant (DCP) store extension II operational
Dounreay Fast Reactor (DFR) defueled
Free from spent fuel - TBD
Free from nuclear materials - TBD
All radioactive waste disposed - TBD
All buildings decommissioned or relicensed - TBD
All land demonstrated as suitable for reuse - TBD
All land dedesignated or reused - TBD
Key activities
Key activities | Timescale | Strategic outcome | |
Spent Fuel | |||
Spent Exotic Fuel | |||
DFR - complete removal of in reactor DFR breeder fuel and transfer to interim storage | 2024-2027 | 11 | |
DFR - progress transport of dry breeder shipments to Sellafield | 2024-2027 | 12 | |
Integrated Waste Management | |||
Low Level Waste | |||
Continue transfer of LLW to LLW facility | 2024-2027 | 27 | |
Complete LLW stores decant phase 2 | 2024-2025 | 27 | |
Intermediate Level Waste | |||
PFR raffinate immobilisation complete | 2024-2027 | 32 | |
DCP ILW stores active commissioning and handover to operations | 2024-2025 | 12 | |
Remote handling and contract handleable intermediate waste treatment facility outline business case produced | 2024-2026 | 40 | |
Site Decommissioning and Remediation | |||
Decommissioning and demolition | |||
PFR - reactor vessel residual sodium treatment facility actively commissioned and handed over to operations | 2024-2026 | 42 | |
PFR – completion of ventilation replacement and stack demolition | 2024-2025 | 42 | |
PFR – Tanks 1 and 2 Sodium removed and treated | 2024-2027 | 42 | |
FCA – D1203 ventilation replacement and decommissioning complete | 2024-2027 | 42 | |
FCA – D1204 Medium Active Cell decommissioned | 2024-2025 | 42 | |
FCA – D1217 Cell and drains decommissioning complete ready to handover to demolition phase | 2024-2027 | 42 | |
Balance of site – Shaft and Silo advanced transition works complete | 2024-2025 | 42 | |
Dedesignate or Reuse | |||
NDA and regulatory permissioning in support of the Interim End State definition and arrangements for Dounreay | 2024-2027 | 44 | |
Low Level Waste Pits Environmental Safety Case complete | 2024-2025 | 42 | |
Critical Enablers | |||
Support small and medium enterprise organisations by increasing overall spend with them in line with the Government growth agenda | 2024-2027 | CE8 | |
Continue enhancement of cyber security capability and IT infrastructure | 2024-2027 | CE4 | |
Optimise asset management capability and performance to support mission delivery | 2024-2027 | CE7 | |
Continue the Dounreay Delivery Business and Sites Delivery Business integration | 2024-2027 | - |
NRS Sites Delivery Business
NRS Sites Delivery Business is responsible for decommissioning, restoring, and remediating the ex Magnox sites, and the former research sites at Harwell and Winfrith. This business unit also has one hydro-electric power station, Maentwrog.
The original strategy for the sites was to remediate the hazard to implement a low-cost care and maintenance period from the 2030s. Following the quiescence period, the final structures would be removed. We now have greater experience, better understanding, and up-to-date knowledge.
A change in decommissioning strategy to Site Specific Strategies (SSS) is being developed which considers all contributing factors for that site as well as the strategic and funding pressures on the NRS portfolio. This will support the Rolling Programme of Decommissioning (RPD) strategy, which approaches decommissioning in a phased way, aims to reduce the overall cost, duration, and uncertainty of the company mission, enabling further beneficial re-use of some of our land for other purposes.
We endeavour to support economic growth and job creation by continuing to drive progress against a short-term plan with clear milestones. Each site will also have long-term options identified and decision points on both the decommissioning strategy and the end state. This will allow us to consider opportunities for more innovative approaches, based on the technology and external factors of the time, and provide a basis for ongoing engagement and consultation on our strategies for site decommissioning. To recognise the uncertainties in the long term, we have chosen to set out approximate dates that our best estimates of the earliest available options encompass rather than setting out specific dates for our milestones. The current best estimates for end state dates have been included in the 2024-2027 NDA Business Plan and reflect the work done to date on near-term plans and medium-term plans. These estimates are subject to change as we develop our plans and take account of contributing factors including HMG priorities, funding and approvals.
For example, further changes, as we develop our RPD plans, are liable to arise as we seek to integrate and optimise the Sites Delivery Business plans with those of the AGRs and indeed any other future missions which NRS may be asked to support in due course. We know that as we evolve our RPD plans, these will increasingly need to consider incorporating the AGR sites as and when they are handed-over post de-fueling.
Planned expenditure for 2024/25 - £540 million
Key activities | Timescale | Strategic outcome | |
Nuclear Materials | |||
Uranium | |||
Continue the programme for the transfer of nuclear materials including regulatory permissioning | 2024-2027 | 22 | |
Integrated Waste Management | |||
Low Level Waste | |||
Delivery of the Sites Delivery Business elements of the LLW Management Plan including diversion to alternative treatment including development of updated Integrated Waste Strategy | 2024-2027 | 26, 27, 28, 29 | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Progress activities to retrieve, treat and store ILW | 2024-2027 | 30, 32, 33 | |
Progress design and build of ILW retrieval plant | 2024-2027 | 30 | |
Continue to pursue opportunities to consolidate NRS ILW to interim stores | 2024-2027 | 33 | |
Site Decommissioning and Remediation | |||
Decommissioning and demolition | |||
Continue estate decommissioning and demolition activities in line with individual site plans | 2024-2027 | 42, 43 | |
Continue reactor decommissioning | 2024-2027 | 42 | |
Continue to manage and remove asbestos | 2024-2027 | 42 | |
Continue development of site specific strategies as part of a rolling programme of decommissioning | 2024-2027 | 42 | |
Dedesignate or Reuse | |||
Continue working with regulators to ensure appropriately proportionate management arrangements and permissioning for Interim States and Interim End States are determined and agreed | 2024-2027 | 44, 45 | |
Development of Interim State approaches, utilising revised management arrangements | 2024-2027 | 44 | |
Monitoring of management and maintenance arrangements for sites in Care and Maintenance | 2024-2027 | 44 | |
Progress land quality activities to support suitability for reuse | 2024-2027 | 44, 46 | |
Progress land dedesignation and release to support reuse | 2024-2027 | 47 | |
Provision of support to nuclear new build | 2024-2027 | 47 | |
Critical Enablers | |||
Support small and medium enterprise organisations by increasing overall spend with them in line with the Government growth agenda | 2024-2027 | CE8 | |
Continue enhancement of Cyber Security Capability and IT infrastructure | 2024-2027 | CE4 | |
Optimise Asset Management capability and performance to support mission delivery | 2024-2027 | CE7 | |
Progress development of workforce capability and skills for decommissioning in NRS and the supply chain | 2024-2027 | CE6 | |
Develop and deliver to the sustainability agenda | 2024-2027 | CE2 | |
Identify and realise opportunities in research, development and innovation | 2024-2027 | CE5 | |
Support Government in activities to deliver preparations for decommissioning the Advanced Gas-cooled Reactor fleet as they reach a fuel free state | 2024-2027 | - | |
Continue the Dounreay Delivery Business and Sites Delivery Business integration | 2024-2027 | - |
Site in Gloucestershire
27 hectares
Hectares dedesignated
11 hectares - 16 hectares remain covered by the nuclear site licence.
Free from spent fuel - Achieved
Free from nuclear materials - Achieved
All land in end state - all planned physical work complete - c.2060s*
*This is our best estimate of the earliest date to achieve milestones but is based on a number of dependences, assumptions, risks and exclusions and is subject to site specific strategy development and approval.
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress design and build of ILW retrieval plant | 2024-2025 | 30 | |
Complete design and build of the Gravel and Amalgam Retrieval Plant | 2024-2027 | 30 | |
Continue to progress activities to retrieve, treat and store ILW wastes | 2024-2027 | 30, 32, 33 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Commence the deplant and demolition of the Caesium Removal Plant | 2025-2027 | 42, 43 | |
Continue to progress the asbestos and plant removal from the blower houses | 2024-2027 | 42, 43 |
in care and maintenance
Site in Essex
20 hectares
0 hectares - All 20 hectares remain covered by the nuclear site licence.
All land in end state - all planned physical work complete - c.2080s*
Key activities | Timescale | Strategic outcome | |
Site Decommissioning and Remediation | |||
Dedesignate and Reuse | |||
Ongoing management of site during care and maintenance period | 2024-2027 | 44 |
Chapelcross
Site in Dumfries and Galloway
96 hectares
0 hectares - All 96 hectares remain covered by the nuclear site licence.
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress activities to retrieve, treat and store ILW | 2024-2027 | 30, 32, 33 | |
Continue to progress design and build of ILW retrieval plant | 2024-2027 | 30 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Progress preparations for pond draining and stabilisation including waste retrievals | 2024-2027 | 42 | |
Prepare and execute land remediation of the cooling tower basins | 2024-2025 | 46 |
Dungeness A
Site in Kent
20 hectares
All land in end state - all planned physical work complete - c.2050s*
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress activities to retrieve, treat and store ILW wastes | 2024-2027 | 30, 32, 33 | |
Continue to progress design and build of ILW retrieval plant | 2024-2027 | 30 | |
Continue to progress activities supporting consolidated ILW storage | 2024-2027 | 30 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Commence and progress decommissioning the Active Effluent Treatment facilities | 2024-2027 | 42 | |
Prepare and progress the demolition of the boilers and associated buildings | 2024-2027 | 43 |
Site in Oxfordshire
107 hectares
23 hectares - 84 hectares remain covered by the nuclear site licence.
Free from nuclear materials - 2026
Key activities | Timescale | Strategic outcome | |
Nuclear Materials | |||
Uranium | |||
Continue the programme for the transfer of nuclear materials | 2024-2027 | 22 | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress activities to retrieve, treat and store ILW | 2024-2027 | 30, 32, 33 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Continue preparations for decommissioning of the Radiochemistry Facility (B220) | 2024-2027 | 42 | |
Continue decommissioning, demolition, land remediation, reinstatement | 2024-2027 | 42, 43, 46 | |
Delicensing of the Liquid Effluent Treatment Plant (LETP) | 2024-2027 | 44 | |
Continue preparations for the decommissioning of the British Experimental Pile Zero reactor (BEP0)) | 2024-2027 | 42 | |
Continue preparations and planning for the decommissioning of the Active Waste Handling facility (B459) | 2024-2027 | 42 | |
Dedesignate or Reuse | |||
Continue incremental release of land to the Harwell campus through targeted demolitions, remediation and clearance of land tracts | 2023-2026 | 42, 43, 47 |
Hinkley Point A
Site in Somerset
19 hectares
0 hectares - All 19 hectares remain covered by the nuclear site licence.
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress activities to retrieve, treat and store ILW | 2024-2027 | 30, 32, 33 | |
Continue to progress design and build of ILW retrieval plant | 2024-2027 | 30 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Continue and complete asbestos removal from the reactor building | 2024-2027 | 42 | |
Continue to progress the deplanting of the reactor building | 2024-2027 | 42 |
Hunterston A
Site in Ayrshire
15 hectares
0 hectares - All 15 hectares remain covered by the nuclear site licence.
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress activities to retrieve, treat and store ILW | 2024-2027 | 30, 32, 33 | |
Continue to progress design and build of ILW retrieval plant | 2024-2027 | 30 | |
Commissioning of the solid ILW encapsulation plant | 2024-2027 | 32 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Continue the decommissioning of the Active Effluent Treatment facilities | 2024-2027 | 42 | |
Continue to progress the deplanting of the reactor building | 2024-2027 | 42 | |
Continue to progress the deplanting of the cooling pond overbuilding | 2024-2027 | 42 |
Site in South Gloucestershire
47 hectares
32 hectares - 15 hectares remain covered by the nuclear site licence.
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress activities supporting consolidated ILW storage | 2024-2027 | 33 | |
Commence the design and build of ILW retrieval plant | 2024-2027 | 30 | |
Continue to progress activities to retrieve, treat and store ILW (at Berkeley) | 2024-2027 | 30, 32, 33 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Continue to progress the decommissioning of the Active Effluent Treatment facilities | 2024-2027 | 42 | |
Commence and progress the asbestos removal, deplant and demolition of the turbine hall | 2024-2027 | 42 | |
Commence the asbestos removal from the reactor building | 2024-2027 | 42 |
Site in East Suffolk
14 hectares
0 hectares - All 14 hectares remain covered by the nuclear site licence.
All land in end state - all planned physical work complete - c.2070s*
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress activities to support consolidation of ILW storage | 2024-2027 | 33 | |
Commence design and build of ILW retrieval plant | 2024-2027 | 30 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Commence and progress the decommissioning of the Active Effluent Treatment facilities | 2024-2027 | 42 | |
Progress and complete the asbestos removal, deplant and demolition of the turbine hall | 2024-2025 | 42 | |
Commence and progress the asbestos removal from the boiler houses | 2024-2027 | 42 |
Trawsfynydd
Our lead and learn site for rolling decommissioning
Site in North Wales
15 hectares
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue and complete activities to retrieve, treat and store ILW | 2024-2025 | 30, 32, 33 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Commence, prepare, and progress reactor building height reduction | 2024-2027 | 43 | |
Continue deplanting, decommissioning and demolition of the ponds complex facility | 2024-2027 | 42 | |
Commence and progress preparations for reactor dismantling | 2024-2027 | 42, 43 |
Site in Dorset
81 hectares
10 hectares - 71 hectares remain covered by the nuclear site licence.
All land in end state - all planned physical work complete - c.2036*
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Low Level Waste | |||
Complete shipments of LLW drums from Treated Radwaste Store to LLWR | 2024-2025 | 28 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Continue DRAGON reactor decommissioning, including the completion of the construction and installation of the core segmentation equipment | 2024-2027 | 42 | |
Continue SGHWR decommissioning, including the completion of the construction and installation of the core segmentation equipment | 2024-2027 | 42 | |
Commence and progress the removal of the discharge pipelines | 2024-2027 | 42 | |
Continue land remediation activities and end state development | 2024-2027 | 46 |
Site in Anglesey
21 hectares
0 hectares - All 21 hectares remain covered by the nuclear site licence.
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Continue to progress activities to retrieve, treat and store ILW | 2024-2027 | 30, 32, 33 | |
Continue to progress design and build of ILW retrieval plant | 2024-2027 | 30 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Commence and progress the isolation, asbestos removal, deplant and demolition of the turbine hall | 2024-2027 | 42 |
Nuclear Waste Services’ (NWS) vision and mission is vitally important to the UK today and for future generations. It’s here to make nuclear waste permanently safe, sooner, and its mission is to become the ‘one-stop shop’ for the management of nuclear waste in the UK.
The creation of NWS in January 2022 brought together the expertise of LLW Repository Ltd (LLWR), Radioactive Waste Management (RWM), and the NDA group’s Integrated Waste Management Programme (IWMP). With a view of the full waste management cycle, its skilled workforce is developing new treatment technologies and services to overcome the challenges of managing and disposing of nuclear waste safely and securely.
Planned expenditure for 2024/25 - £247 million
100 hectares
Hectares Dedesignated
0 hectares - All 100 hectares remain covered by the nuclear site licence.
Our strategic objectives are:
Be leaders in the application of the nuclear waste hierarchy to ensure that the right waste is placed in the right package and is disposed of at the right facility.
Support accelerated decommissioning through innovation with waste streams managed in the most sustainable and efficient way, supported by technology development and expertise, setting worldwide standards, and delivering value for money for the UK taxpayer.
Important milestones
Optimise the business, delivering efficiency commitments by 2024/25
Establish a group wide waste characterisation service by 2024/25
Mobilisation and commencement of the next phase of capping operations at our LLWR site in 2024/25*
- Introduce a standard container catalogue by 2025/26
Decision on first community to progress to deep borehole drilling, to be submitted to the Secretary of State for approval by 2026/27
Submission of the LLWR site Environmental Safety Case to the Environmental Agency by 2026/27*
(*) indicates activities related to specific work at NWS Low Level Waste Repository site
All land dedesignated or reused - 2135 (*)
Key activities | Timescale | Strategic outcome | |
Integrated Waste Management | |||
Intermediate Level Waste | |||
Work with consigning site licence companies (SLCs) to improve waste forecast and inventory and continue segregated waste, treatment, and disposal services | 2024-2027 | 26 to 39 | |
Manage and operate LLWR site safely to provide an effective UK disposal service* | 2024-2027 | 26 to 30, 34 | |
Implement Government policy on geological disposal of higher activity waste presenting our decision to government to proceed towards deep borehole investigation | 2024-2027 | 5, 10, 15, 20, 25, 34, 39 | |
Matured preparation of Development Consent Order (DCO) and environmental permit applications for deep boreholes, to support GDF Programme schedule | 2024-2027 | 5, 10, 15, 20, 25, 34, 39 | |
Establish an innovation partnership for asbestos | 2024-2027 | 27, 29, 34, 39 | |
Establish a waste characterisation standard group-wide service | 2024-2027 | 34, 39 | |
Deliver LLWR site Environmental Safety Case* | 2024-2027 | 34, 39, 41 | |
Continue to explore the feasibility of the development of a Near Surface Disposal capability for some ILW, subject to Government policy | 2024-2027 | 34 | |
In collaboration with Sellafield Ltd, Nuclear Waste Services (NWS) will support the Higher Activity Waste Thermal Treatment (HAWTT) Strategic Case for Change (SCfC) | 2024-2027 | 36, 37, 39 | |
Introduce a standard NDA group waste container catalogue | 2024-2027 | 26 to 30, 32 to 39 | |
Site Decommissioning and Remediation | |||
Support hazard reduction across the NDA group | 2024-2027 | 44, 45, 46, 47 | |
Complete enabling works for phased construction and start of the final capping work for the LLWR site* | 2024-2027 | 42 to 47 | |
Critical enablers | |||
Continue enhancement of cyber security and IT infrastructure | 2024-2027 | CE5 | |
Mature and deliver asset management and continuous improvement capability and performance to support mission delivery | 2024-2027 | CE7 | |
Develop and implement a Sustainability strategy | 2024-2027 | CE2 | |
Continue to pursue overall cost savings in delivery of the Lifetime Plan | 2024-2027 | - | |
Implement NWS Lifetime Plan | 2024-2027 | - |
Nuclear Transport Solutions
Established in 2021, Nuclear Transport Solutions (NTS) is a centre of excellence and a strategic UK capability for the transport of radioactive and other critical materials.
Delivering our mission relies on being able to transport radioactive materials and other freight safely and sustainably. NTS supports this by transporting spent nuclear fuel from UK power stations to Sellafield, returning reprocessed products to customers overseas, and providing packaging and licensing solutions to the NDA group.
It also generates revenue through commercial opportunities in the UK and overseas – offsetting the cost of delivering decommissioning and clean-up work at the UK’s oldest nuclear sites.
NTS operates Direct Rail Services (DRS) and Pacific Nuclear Transport Ltd (PNTL) to deliver rail and shipping services for customers, building on decades of experience of providing safe, secure and reliable transport solutions.
Planned expenditure for 2024/25 - £84 million
Key activities | Timescale | Strategic outcome | |
Spent Fuels - Spent Oxide Fuel | |||
Support AGR fuel movements by rail for EDF from stations to Sellafield, including preparations for the AGR defueling programme | 2024-2027 | 6 | |
Nuclear Materials - Plutonium and Uranium | |||
Support national nuclear material rail movements for Harwell and Dounreay | 2024-2027 | 22 | |
Integrated Waste Management - High Level Waste | |||
Continue to deliver important international transports of vitrified High Level Waste (HLW) and conditioned Intermediate Level Waste (ILW) | 2024-2027 | 34, 38 | |
Critical Enablers | |||
Establish and implement an Integrated Transport Programme to identify opportunities and realise benefits from better coordination and optimisation of NDA group transports | 2024-2027 | CE12 | |
Seek opportunities for new business within nuclear shipping, rail, packaging and design by providing transport enabling solutions to UK and international markets | 2024-2027 | CE12 | |
Maintain and operate a fleet of specialist transport assets which meet the highest standards of quality, safety and security in order to support NDA operations | 2024-2027 | CE12 | |
Attract and retain the necessary skills, capability and diversity of talent to deliver business in a safe, secure and reliable manner | 2024-2027 | CE6 | |
Develop and implement a carbon reduction plan to successfully achieve carbon net zero aspirations | 2024-2027 | CE1, CE2 | |
Undertake appropriate non-nuclear business to maintain and enhance the skills and capabilities required to support the core nuclear mission | 2024-2027 | - | |
Support the discharge of NDA obligations with respect to MOD nuclear rail transportation | 2024-2027 | - | |
Continue to deliver NDA’s contractual obligations for transport of mixed oxide (MOX) fuel from France to Japan | 2024-2027 | - |
NDA Archives Limited
NDA Archives is an NDA subsidiary, responsible for Nucleus (the Nuclear and Caithness Archives) and related operational activities across the NDA group. The Nucleus facility is currently operated by a commercial partner and provides the centre of excellence for long-term records management, archive services, digital preservation and heritage management.
Key activities | Timescale | |
Critical Enablers | ||
Engaging in a programme of continual improvement with the commercial partner for operations at Nucleus | 2024-2026 | |
Continuing to meet the environmental targets set across the NDA group in alignment with our obligations under the Greening Government Commitments Scheme | 2024-2027 | |
Development of accommodation options, including strategies/proposals for dealing with increased capacity needs at Nucleus and the NDA group’s material and samples management and storage requirements | 2025-2027 | |
NRS Sites Delivery Business collection sift completed and ready for accession | 2024-2025 | |
Sellafield off-site collection sift completed and ready for accession | 2024-2027 |
NDA Properties Limited
NDA Properties Ltd is an NDA subsidiary, holding and managing the majority of the non-nuclear property assets within the NDA group.
Key activities | Timescale | |
Critical Enablers | ||
Effective and efficient management and assurance of retained landholding consisting of 1,106 hectares across 87 properties | 2024-2027 | |
Review and deliver progressive environmental stewardship across the portfolio estate. Identify beneficial projects and collaborate in delivering these for community or environmental gain. Support NDA work on nature recovery plans and bio-diversity net gain initiatives | 2024-2027 | |
Proactively dispose/release surplus assets no longer required by the NDA group or wider parts of Government, including those that have high socio-economic value | 2024-2027 | |
To engage and collaborate with NDA group and stakeholders to target carbon reduction opportunities to support achieving carbon net zero objectives | 2024-2027 |
Rutherford Indemnity Limited
Rutherford Indemnity Limited provides insurance cover for the NDA group. The company is a wholly-owned subsidiary, managed for the NDA by Marsh Management Services Guernsey Limited, and has no direct employees.
Key activities | Timescale | |
Critical Enablers | ||
Provide optimal insurance coverage to the NDA to support its NDA group-wide insurance programme, exploiting opportunities to reduce overall cost of insurance risk and offering insurance solutions (including support for claims handling enhancements) to meet the evolving needs of the group | 2024-2027 | |
Continue to deliver the target return on the investment portfolio, protecting Rutherford’s ability to offer insurance on a cost-effective basis, maintaining liquidity in order to be able to respond promptly to a major loss | 2024-2027 | |
Continue to use a prudent proportion of Rutherford’s assets to support infrastructure investment within the NDA group | 2024-2027 | |
Maintain capability for payment of dividends to the shareholder | 2024-2027 |
Energus is an NDA subsidiary offering conference and events facilities and a range of training, education and business support services geared to providing and enhancing skills within both the local and national nuclear workforce.
Key activities | Timescale | ||
Critical Enablers | |||
Continue to work closely with the NDA and stakeholders across the nuclear sector to upskill and develop the workforce of today and tomorrow | 2024-2027 | ||
Continue to manage and facilitate a range of training opportunities for the NDA group and wider nuclear sector, including: • Nuclear Graduates • functional programmes for both graduates and apprentices including cyber security, finance, audit and risk, radiation protection, commercial, business and civil engineering • bespoke programmes to support the NDA People Strategy and the British Energy Security Strategy • Support the development of the NDA group graduate programme | 2024-2027 | ||
Continue to work in partnership with the National Cyber Security Centre (NCSC) and NDA Cyber Security Resilience Programme (CSRP) to deliver a pipeline of cyber security young talent into the sector including: • CyberFirst • Level 3 programme to Energy Coast UTC • Apprentices • Graduates and be the venue of choice for Cyber Security training in the North West | 2024-2027 | ||
Provide a range of managed services within the people and skills arena including recruitment programmes, work experience and STEM engagement – supporting the NDA commitment to equality, diversity and inclusion and achieving greater levels of social value and socio-economic benefit to our communities and broader stakeholders | 2024-2027 | ||
Provide a high quality training environment for all Sellafield apprentices, working with a range of education partners and suppliers | 2024-2027 | ||
Continue to be a Cumbrian venue of choice for the NDA group’s events, conferences and delivery of training and education | 2024-2027 |
Springfields
Planned expenditure for 2024/254 - £18 million
81 hectare site in Lancashire.
All 81 hectares remain covered by the nuclear site licence.
Springfields Fuels Ltd (SFL) is owned by Westinghouse Electric UK Holdings Ltd
Springfields is a nuclear fuel manufacturing site and is located near Preston in Lancashire. The site is operated by SFL and is used to manufacture a range of fuel products for UK and international customers, the processing of historic uranic residues and decommissioning of redundant facilities.
From April 2010, the NDA permanently transferred ownership of the company to Westinghouse Electric including the ability to invest for the future under the terms of a new 150-year lease. SFL is contracted to provide decommissioning and clean-up services to the NDA to address historic liabilities.
Key activities | Timescale | Strategic outcome | |
Nuclear Materials | |||
Uranium | |||
Continue to appropriately manage, care and maintain NDA stock of uranic materials | 2024-2027 | 23, 25 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Continue decommissioning of the Magnox Island | 2024-2026 | 42, 43 |
Planned expenditure for 2024/25 - £17 million
30 hectare site in Cheshire
17 hectares have been dedesignated
Modification of Designating Direction signed by the Minister in May 2010 and July 2012.
Remaining 13 hectares are covered by the nuclear site licence.
Urenco Nuclear Stewardship (UNS) is owned by URENCO.
The NDA Capenhurst site is located near Ellesmere Port in Cheshire.
In 2012, the site was transferred to URENCO, owners of the adjacent licenced site, and was amalgamated into a single nuclear licensed site. As part of this transfer, URENCO established UNS, formerly known as Capenhurst Nuclear Services (CNS), to provide management of uranic materials and carry out remediation work on behalf of the NDA.
UNS manages a large proportion of the NDA’s uranic inventory and provides broader decommissioning and demolition works for redundant facilities, in order to reduce liability and optimise space utilisation on site.
Key activities | Timescale | Strategic outcome | |
Nuclear Materials | |||
Uranium | |||
Continue the safe storage and management of uranic materials, including treatment of uranium hexafluoride tails prior to processing through the Tails Management Facility | 2024-2027 | 22, 23, 24, 25 | |
Site Decommissioning and Remediation | |||
Decommissioning and Demolition | |||
Continue decommissioning of key facilities | 2024-2026 | 41, 42, 43, 47 |
Delivery of our mission up to 2042 - Spent Fuels and Nuclear Materials
Delivery of our mission up to 2042 - Integrated Waste Management and Site Decommissioning and Remediation
Useful links
Department for Energy Security and Net Zero
Springfields Fuels Ltd
Useful documentation
NDA Strategy - March 2021
NDA Mission Progress Report 2023
NDA Mid-Year Performance Report 2023 to 2024
NDA Annual Report and Accounts 2022 to 2023
NDA Business Plan 2022 to 2025 and NDA Business Plan 2023 to 2026
NDA Research and Development 5 year plan: 2019 to 2024
Nuclear Decommissioning: attracting and retaining skills (brochure) Nov 2016
NDA group gender pay gap report: 2021 to 2022
NDA: working with our communities
NDA areas of research interest
The NDA group Sustainability Strategy 2022
NDA Value Framework: how we make decisions
NDA Social Impact and Communities Strategy
NDA group local, social and economic impact practitioners’ guidance: grant funding
AGR - Advanced Gas-Cooled Reactor
BEIS - Department for Business, Energy and Industrial Strategy
BOS - Balance of Site
DESNZ - Department for Energy Security and Net Zero
CAPEX - Capital expenditure
DCP - Dounreay Cementation Plant
DFR - Dounreay Fast Reactor
DRS - Direct Rail Services Ltd
EDFE - EDF Energy
ED&I - Equality, Diversity and Inclusion
FCA - Fuel Cycle Area
FGMSP - First Generation Magnox Storage Pond
FHP - Fuel Handling Plant
GDF - Geological Disposal Facility
HAL - Highly Active Liquor
ILW - Intermediate Level Waste
INS - International Nuclear Services Ltd
LETP - Liquid Effluent Treatment Plant
LLW - Low Level Waste
LLWR - Low Level Waste Repository
MOD - Ministry of Defence
MOX - Mixed Oxide Fuel
MSSS - Magnox Swarf Storage Silo
NDA - Nuclear Decommissioning Authority
NDAPL - NDA Properties Ltd
NRS - Nuclear Restoration Services
NTS - Nuclear Transport Solutions
NWS - Nuclear Waste Services
POCO - Post Operational Clean Out
PFR - Prototype Fast Reactor
PFSP - Pile Fuel Storage Pond
PPP - Programme and Project Partners
RD&I - Research, Development and Innovation
RWM - Radioactive Waste Management Ltd
SDG - United Nations Sustainable Development Goals
SGHWR - Steam Generating Heavy Water Reactor
SLC - Site Licence Company
SME - Small and Medium Enterprise
THORP - Thermal Oxide Reprocessing Plant
UKGI - UK Government Investments
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IMAGES
COMMENTS
1) Executive summary. Our executive summary section provides you with a well-crafted and comprehensive template that empowers you to curate your asset management brand, supplying the details in a more attractive way. Integrated into the segment are some core subsections that serve to make your executive summary more engaging and impactful.
set Management (EAM). 2. Set Levels of ServiceA vital part of a successful asset management plan is ensuring the level of serv. ce assets provide matches customer expectations. Levels of s. rvice refer to the quality of the given service. Levels of service help outline the overall quality, capacity, function, and safe.
The asset management strategy converts the objectives of the organisational assetsstrategic plan and the asset management policy standards and other useful reference information. The into a high-level, long-term action plan. for the assets and/or asset system(s), the asset portfolio 4 and/or the asset management system.
How to Create Your Business's Asset Management Plan. Remember that the entire purpose of having this type of plan is so that you can come up with the means in which you can fully utilize all of your business's assets. Developing and implementing a strategic asset management sample plan will allow for a detailed understanding of what physical assets are currently held, their value, future ...
Asset Management 101. agement PlanAsset Management 101A Step by Step Asset Management PlanBridges, roads, parks and even sewage and garbage management are things we all take for granted but greatly a. ect us when they are not working to the levels we have come to expect. We all rely on infrastructure assets to enjoy our quality of life ...
This data tells you if the asset needs preventive maintenance to reach its expected useful life. 3. Prepare and implement an asset management action plan. These asset management initiatives altogether help you create an action plan. This implementation plan must support the current business cycle. 💡.
An asset management plan is a business plan used so organizations can provide services to their community and accurately manage their infrastructure and assets. Not only does an asset plan allow for better communication when decision-making, but it also provides the tools so a business can plan how to manage its assets for the long term. ...
Step 1. Complete an asset inventory. You can't effectively manage your assets if you don't know what assets you have! Before constructing your plan, you must take a close look at your assets by conducting a complete asset inventory. This will serve as the basis of your plan. In the inventory, include: What assets you have. Where they are.
Here, we break down each step, from defining objectives to utilizing advanced software to streamline processes and enhance efficiencies. 1. Define Asset Management Objectives and Goals. Setting clear objectives and goals for your asset management plan (AMP) is fundamental to success. By understanding your aim, you can effectively tailor your ...
But if you are ready to dive in yourself, check out the following 5 steps to building an asset management plan for your business. 1. Come Up With A Strategy. If your organization does not already have one in place, you will first want to come up with an asset management strategy.
The 2 Year Strategic Roadmap Template is tailored to help Asset Managers systematically approach their strategic planning. It provides structure and clarity, enabling you to set a solid course for asset allocation, risk management, and investment opportunities over a two-year period. What's included in this template:
An asset management plan is one of the core documents in an asset management system. ISO 55001 establishes the following generic hierarchy for such documents: Note that names of the documents are not important - many organisations call asset management plans "whole of life plans" or "asset plans" and this does not affect their asset ...
Strategic asset management plan (SAMP) template. We have developed a Strategic Asset Management Plan (SAMP) Word template for you as a guide for establishing a SAMP that is aligned with ISO 55001 and is suitable for your organisation. Each organisation is unique with unique risks and opportunities, therefore simply adapt the template to suit ...
The ISO 55000 is a standardized document that details an effective system for creating a strategic asset management plan. The ISO 55000 can help an organization to develop a plan that is a great fit for that organization's unique needs. The ISO 55000 will take you through the entire process of creating your strategic asset management plan.
strategic asset management objectives derived from organizational objectives. the asset portfolio-level plan, and the associated financial plan, to achieve the strategic asset management objectives. plans for creating or improving the asset management system. arrangements for the review, update and improvement of the SAMP.
A strategic asset management plan (SAMP) must be developed by the agency as part of its asset management framework. The SAMP must be fit-for-purpose, meaning it must reflect the scope and complexity of the agency. SAMPs must contain the following as required by the AM Policy1: overview of the organisational context.
Step #2: Identify the project leader. The project leader manages the development of the asset management strategy. In this role, they are responsible for: Ensuring the process gets completed within time and budget constraints. Liaising with the project sponsor to brief them on progress.
Asset management is the process of organizing, storing, and coordinating your business assets. In other words, it's a specific type of project management for your assets. Your asset management process might involve determining an asset's value, overseeing your asset's lifecycle, finding ways to get more value out of an asset, or creating ...
This publication provides practical advice for the development of a Strategic Asset Management Plan (SAMP). It explains the process of strategic planning and how this applies to: assets and their optimal, whole life cycle management. improvements in the asset management capabilities of an organisation. The guidance is intended to complement the ...
ISO 55000 series. Asset Management Plans - General guidance and overview. ISO 55000 defines an Asset Management Plan as "documented information that specifies the activities, resources and timescales required for an individual asset, or a grouping of assets, to achieve the organisation's asset management objectives".
PDF. Size: 8.8 MB. Download. The asset management plan assigned in the sample will help you to create the best probable decisions for the city regarding the building, operation, maintenance, renovation, replacement, growth, and disposal of infrastructure assets while lowering risk and cost to taxpayers and increasing service delivery.
An asset management plan works alongside other core planning strategies of a company, which includes business planning, financial planning, sales planning, and even marketing planning. At the end of the day, an asset management plan's the gauge of effectiveness when it has successfully maximized the use of assets that greatly benefit the ...
AM plan 10-step process. Develop Asset Registry. Determine Business Risk ("Criticality") Assess Performance, Failure Modes. Optimize O&M Investment Determine Residual Life. Optimize Capital Investment. Determine Life Cycle & Replacement Costs.
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Delivery of the Sites Delivery Business elements of the LLW Management Plan including diversion to alternative treatment including development of updated Integrated Waste Strategy 2024-2027 26, 27 ...
Executive summary: The executive summary offers a snapshot of your business idea.It includes your business name, location,and the types of rental properties you plan to manage. Market analysis: For the market analysis section, research your target market and identify the demand for rental properties in your chosen area.Also analyze the competition as well as the demographics of the tenants you ...