In the Electric Power System (EPS), as a technically complex and distributed system with a layered organizational and management structure, it is very important to improve the electricity production, distribution and transmission, as well as introduce the new management and decision-making strategies. The paper presents the place and role of currently actual strategies, theories and algorithms of management and decision making with their basic characteristics. Several management strategies and engineering approaches have been modified and adapted to the needs of EPS. Modified and improved asset management (AM) strategy is presented in detail, which can be, partly or in whole, applied at all levels of governance and making decision. A significant place in the work occupies a description of the diagnostic center (DC). Its potential role in the in the EPS hierarchy is described in detail. Keyword: In the Electric Power System (EPS), as a technically complex and distributed system with a layered organizational and management structure, it is very important to improve the electricity production, distribution and transmission, as well as introduce the new management and decision-making strategies. The paper presents the place and role of currently actual strategies, theories and algorithms of management and decision making with their basic characteristics. Several management strategies and engineering approaches have been modified and adapted to the needs of EPS. Modified and improved asset management (AM) strategy is presented in detail, which can be, partly or in whole, applied at all levels of governance and making decision. A significant place in the work occupies a description of the diagnostic center (DC). Its potential role in the in the EPS hierarchy is described in detail.