We have consulted our Microsoft expert at our supplier, Bytes and received the following guidance:
You can install it on University-managed computers and on personal computers or mobile devices as long as they don’t exceed the maximum number of installations (5) and as long as the University-managed device is assigned to that user.
If you were looking to install it on a shared University-managed device, such as a computer in a library for example, it would need to be installed via shared activation.
Note: please be aware that if you need to run Project or Visio you must install Office Pro Plus from downloads.it.ox.ac.uk and activate it against KMS per instructions on the ITSS wiki (ask your local IT).
You can review your installs at https://portal.office.com/Account to see how many Microsoft think you’ve used up. The same link lets you deactivate any which are no longer required.
Although deactivating a licenced installation doesn’t remove the software from that device, that installation effectively becomes a view-only product when it notices what you’ve done to it.
You can of course relicense it again, on that device, if you deactivate a product in error. The deactivate-and-relicense approach is also the way you can switch from an OnTheHub to a Nexus365 licence, or from a Nexus365 to a personally-bought Office365 licence.
Updated August 2018