Functional policy
PAS 55-1:2008, Asset Management: Part 1: Specification for the optimized management of physical assets, written by the Institute of Asset Management, and published by BSi in September 2008, defines a functional policy as the: ‘specified approach, rules and boundaries set out by an organization, that provide direction and the framework for the control of specific asset-related processes and activities NOTE Functional policies, strategies and objectives relate to asset management activities or processes, such as capital investment, construction methods, maintenance and purchasing, These should not be confused with asset management policies, asset management strategy and asset management objectives, which are cross-functional, considering the life cycle optimization of all relevant activities.’
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