Railway asset managers have finite resources which requires them to make strategic decisions on where, when and how the available budget will be spent on the railway, while ensuring safety limits are maintained and a high level of performance is delivered for customers. The purpose of this research is to develop a suitable framework, which can be used by railway asset managers, to quantify asset performance in a way that enables comparisons between different parts of the railway and enables the asset manager to make key decisions on how the railway can be improved. A frequently used assessment tool is RAMS (Reliability, Availability, Maintainability and Safety) analysis. In recent years RAMS analysis has been extended to include additional parameters such as: security, health, environment, economics and politics (SHEeP). This research proposes an extended RAMS framework, which considers 12 parameters in a four level hierarchy, specifically for use on railway networks by railway asset managers.