8.4 Asset Management Plan Review and Updates
The plan is meant to be a dynamic document, so having an electronic version of the document in a format that can be easily revised is a good idea. The plan should be reviewed each year and updated as necessary to address portions that did not provide the desired results or did not meet the needs of the utility. Because the plan will not contain the actual operational data, it does not need to be updated each time a work order is completed or condition is assessed. This continual updating should be occurring within the inventory or work order system used by the utility. The plan should be revised when changes such as the following occur: level of service goals are revised, a new approach to data collection is established, a new method of business case evaluations is developed or new approaches to funding are incorporated. A plan should be established for who will do the review of the Plan and make the updates. This may be accomplished by the Asset Management Steering Committee, if the utility has one, or by the individuals who are doing the implementation if there is not a committee.