According to PAS 55 and ISO 55001 , the hierarchy flows from high-level principles and intent (policy) to detailed tactical execution (plans) :

Policy – Organizational intent and principles

Strategy – Long-term approach for achieving objectives

Objectives – Specific performance and capability targets

Plans – Scheduled actions to meet objectives

Exact Extract from PAS 55-1:2008, Section 4.2.1:

“The asset management policy leads into the asset management strategy, from which objectives and corresponding plans are derived.”