No-one's mentioned risk.
You need to have a list of risks (and opportunities); their likelihood of occuring and their impact. Multiply the two to get a factored cost of risk. Sort. (google risk management)
Decide whether you need to accept; transfer or mitigate each and everyone of them.
Certain high-impact risks will need management review regardless of their probability - eg. your datacentre burning down, or anything that could kill/maim anyone.
Initially MGT will fine-tooth comb everything you do but if you get the format
(
As other have mentioned, you need to be able to say
* what assets you have and what their potential and actual capabilities are, plus their financial state
* why you are spending the money you spend;
* how that translates into money earnt and
* what your efficency is - in terms of %availability
* what issues you have that you need MGT to deal with and when
)
For bonus points,
* discover your MTBF and MTTR distributions for all your assets
* start applying a little SPC or PCA to your failures/outages/traffic loads
* write down all you plans/procedures. Backup, repair, training, technology road map. Review and update annually.
Management has been described as the art of making and sorting lists. If you add "scheduling and acting" to that, you're pretty close to the truth