As previously noted, performance monitoring is an element in a cycle structured to support a process of continuous audit and review of the plan and the processes used. Therefore, information from the performance monitoring and reporting processes should be used to review the asset management approach. Review activities may include the following:
The performance review involves the consideration of results, the factors contributing to performance, and options for dealing with substandard outcomes; it is carried out at regular intervals, usually on annual basis.
The management review involves an assessment of the need for changes to the asset management framework, including asset management policies, strategies and objectives (see PIARC 2017). The outputs from the management review may include changes in policies, strategies, and objectives; performance requirements; resources; or other elements of the asset management approach. Some of these outputs may also generate changes in the organization’s strategic plan. Plans are normally reviewed and updated every three years because this time is considered long enough for the action indicated by the original plan to have taken effect.