The Institute of Asset Management is delighted to launch Subject Specific Guideline - Asset Creation and Acquisition.

Asset creation and acquisition are most effective when approached as integrated, life cycle activities rather than isolated procurement events. This guidance highlights the importance of aligning every decision, from early need identification through commissioning, build/transition, operation, and disposal, with organizational objectives, achieving long-term value, and clearly defined outcomes. To achieve this, organizations must ensure strong leadership, robust governance, and cross-functional collaboration across planning, engineering/technical, finance, procurement, operations, and digital functions.

This guideline provides an exploration of the core principles that underpin good practice, grounding decisions in evidence and whole life thinking, evaluating options systematically, managing risk proactively, and ensuring readiness before new assets enter service. It provides a practical reference to structure your processes, support investment cases, guide cross-functional dialogue, and drive continuous improvement.

The case studies included illustrate how these principles translate into real-world contexts.

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The Institute would like to thank our IAM Patrons whose support is greatly appreciated in enabling the design and publication of this document.