Infrastructure Asset Management is the discipline of managing infrastructure assets that underpin an economy, such as roading, water supply, wastewater, stormwater, power supply, flood management, recreational and other assets. In the past these assets have typically been owned and managed by local or central government. Investment in these assets is made with the intention that dividends will accrue through increased productivity, improved living conditions and greater prosperity.^[1]

A well-defined Standard of service (SoS) is the foundation of Infrastructure Asset Management. The SoS states, in objective and measurable terms, how an asset will perform, including a suitable minimum condition grade in line with the impact of asset failure. There are two main objectives of Infrastructure Asset Management relating to standard of service:

A) Sustain SoS (System Preservation): to sustain or deliver an agreed standard of service in the most cost-effective way through the operation, maintenance, refurbishment, and replacement of assets. Management of this objective is the focus of Asset Management Plans.

B) Change SoS (Capacity Expansion): to make strategic changes and improvements to the standard of service of the asset portfolio through the creation, acquisition, improvement and disposal of assets. Changes to the SoS are usually managed as a programme based on strategic objectives regarding the asset portfolio.