Whilst in documents like ISO 55000 words like “the desired balance of cost, risk and performance” roll off the tongue quite easily, much of the current challenge with asset management is actually demonstrating that this is the case to technical and non-technical stakeholders.
There is little practical guidance provided on what it really means and how to do it. The management science is quite well established and there are some tools that can easily be implemented using common applications (like MS Excel) that can assist in this objective but, whilst it will generate the technically correct answer, it is more than management science.
Stakeholders need to genuinely believe that what is being done is the right thing for the organisation, even if their particular project isn’t chosen or their problem isn’t the one that gets fixed. This is more challenging. A process of “idealised design” can assist in not only achieving this objective, but it provides a useful mental model for creating asset management plans.