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The power plant industry has to be able to cope with stringent regulatory constraints, safety and reliability standards. Hence a power plant needs to address those problem by implementing a sound and good asset management practices to ensure level of power plant performance set are met. Usually the power plant performances set by company are difficult to be met by aging power plants. They are hardly capable of delivering the requested performance due to their operational age. Several questions are raised to deal with the aging power plant such as should the power plant be maintained, improved and or discarded? Those questions are difficult to be answered as for any power plant there were great deal amount of money has been involved since the very beginning of power plant construction until their operation stage. Due to this fact a novel approach on how to deal with the problems is proposed in this paper. A novel framework of assets management will be developed by considering many factors and criteria of power plant performance related to efficiency reliability and economics aspect of the power plant through its entire life. The framework is called as Holistic Operation and Maintenance Excellence (HOME). In this paper, the authors would like to present literature survey related to the HOME framework. It is expected that the will be proposed HOME framework will be capable of dealing with problems raised previously based on the works in the power plant asset management previous research reported in this paper. The HOME framework objectives are integrating power plant asset management, obsolescence and economic planning to optimize operation and maintenance, efficiency, reliability and service life of Systems, structures and components. An LCM plan is a guide to make operational & maintenance decision for a piece of equipment over its life cycle. The developed LCM framework addresses a wide range of theoretical and practical issues, including the models, methods, and the strategies employed to optimize power plant asset in term of fuel, operation and maintenance was provide. Potential gap has been discussed and proposed for next research.