Table of Contents

5.1 Definitions

Prioritisation is a method of putting proposals on a priority list ranking which proposals are funded from first to last.

Optimisation is a mathematical programming technique for allocating scarce resources within the optimisation criteria that is aimed at gaining the most benefit or return possible in the given context.

In the context of asset management, optimisation should be focussed on evaluating what are considered to be the most important aspects of asset management. These aspects usually relate to minimising total life-cycle costs while meeting community and broader social expectations.