Note obsolescence is declared where the content of a standard, which is superseded by new provisions in the form of a new standard, still retains a commercial need. The iam created pas 55 together with a group of interested corporate partners, including. This comprises three documents, which can be used by organizations of all. You will then be in a position to return later to section 6 the asset management subjects to appreciate the breadth and integration offered by asset management. Certification to pas 55 or the iso 55001 standard is a common management aim when companies use them. Definitions are included in this pack for information. The management of physical assets is inextricably linked to the management of other asset types and these other asset types are considered within the asset management system insofar as they. It provides guidance on how to build an asset management system that will support optimal management of physical assets. This new standard is a high level document outlining the best practices in asset management systems. The necessity for good asset management is growing rather than reducing. Systematic and coordinated activities and practices through which an organisation optimally and sustainably manages its assets and asset systems, their associated performance, risks and.
Please ask each person to download it individually from our website. Individual or corporate, large or small, public, private, government, notforprofit or academic, the iam gives you the tools to progress on your asset management journey. With the increased adoption of the iso 55000 standard for asset management, released in early 2014, more and more companies are contacting us and asking for help in understanding the standard and developing an isocompliant asset management system. Asset management enables an organization to realize value from assets in the achievement of its organizational objectives see 2. This book explores the discipline of asset management and demonstrates how it can be used. Asset management iso 55001 optimize your assets and. Page 4 of 57 1 background there have been major global advances in asset management standards, models and principles.
Feeding out of the strategic objectives are the asset management strategy and the asset management policy, with the policy also feeding into the strategy. This performance can only be met by excellent management in which all aspects of asset management are covered sufficiently. Applying the guidelines of bsi pas 55 to facility management. Pas 55 is structured around the familiar plandocheckact cycle of continual improvement, and introduces the need for a number of essential enablers and controls to ensure alignment, integration and sustainability of efficient and effective asset management activities. Iso 55001 asset management if your organization has multiple assets at the heart of the business, youll know that an efficient asset management strategy, regardless of whether the assets are financial, physical or organizational, should contribute to better operating results, performance and ultimately improve your bottom line. Pas 55 evolved into the iso 55000 asset management standard. Iso 55000 is an international standard covering management of assets of any kind. The bsi pas 55 provides a 28point checklist of requirements for an effective asset management system.
Analysis of the new asset management standard iso 55000. Pas 55 was initiated by the iam, and is an internationally recognised specification defining what good asset management means and the hallmark for demonstrating competent governance of critical infrastructure. Asset management standards from pas55 to iso5500 where. The last time you had your car serviced or decorated your house, you were managing an asset. Excellence in asset management acrp 0116 asset and infrastructure management for airports long survey participants miami international airport. This pas is not to be regarded as a british standard. Superseding pas 55 asset management which has proved to be one of the most popular standards of all time iso 55001, accompanied by iso 55000 overview, principles and terminology and iso 55002 guidelines for the application of iso 55001 will support businesses in achieving the best possible net return from assets while. Emirates nbd asset management limited, the asset management arm of emirates nbd, on wednesday announced a strategic partnership on its global public funds with jupiter asset management, one of the uks leading fund groups and an active fund manager. It was produced in 2004 and revised in 2008 pas 55.
Evolution of iso 55000 pas 55 the work leading up to the iso family of standards. Implementing pas 55, asset management standard, through. Asset management and process safety benefit from pas 55. Infrastructure related businesses invest heavily in asset management systems to help manage their assets and improve their overall performance. All documents, publications, web pages and other written material is in english uk. In fact, the best definition of asset management may be the one that describes it as the means for enacting the strategic objectives or business plan. Pas 55 asset management gap analysis high performance requirements were imposed by the government and public opinion on one of the most completely utilized infrastructure networks in europe. The iam is the international professional body for whole life management of physical assets.
So lets put some definitions of asset management on the table and look for similarities. Asset management is essentially a riskbased process 2. Asset management is the direction of a clients cash and securities by a financial services company, usually an investment bank. Asset and infrastructure management for airports larissa james principal consultant, ghd consulting inc. The pas 55 specification includes definition of asset management terms, requirements. Publicly available specification for the optimal management of physical assets. Asset management is a critical component of any successful business. Asset management iso 55001 optimize your assets and improve. Iso 55000 means opportunities for asset managers 3. The pas 55 specification includes definition of asset management terms, requirements specification for good practice and guidance for the implementation of such good practice, and provides a common language between asset managers and finance.
These are often based on one of the documents mentioned previously pas 55, iimm or ambok, though it is worth noting that the iso 5500x series of international standards is currently in draft. This has become an international bestseller, with widespread adoption in utilities, transport, mining, process and manufacturing industries worldwide. Superseding pas 55 asset management which has proved to be one of the most popular standards of all time iso 55001, accompanied by iso 55000 overview, principles and terminology and iso 55002 guidelines for the application of iso 55001 will support businesses in achieving the best possible net return from assets while reducing the cost of ownership. Specification for the optimized management of physical assets 26 nen nta 8120, assetmanagement. In 2004, the british standards institute bsi, in collaboration with the institute of asset management, released publicly available specification 55 part 1 and 2, which was considered the first internationally recognized specification for asset management.
In 2008, 50 organizations from 15 industry sectors in 10 countries. The institution offers investment services along with a wide range. How to build your iso 55001 asset management system. Iso 55000 2014 asset management family of standards an. Eisen aan een veiligheids, kwaliteits en capaciteitsmanagementsysteem voor het elektriciteits en gasnetbeheer asset management for electricity and gas networks 28. An overview of iso 55000 standardizing asset management. Publicly available specification 55 pas55 definition asset management is the systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over the life cycles for the purposes of achieving its organizational. Pas 55 is part 1 of the standard for asset management.
Systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems. Ten things to know about iso 55000 life cycle engineering. Specification for the optimized management of physical assets 27 nen nta 8120, assetmanagement. Specification for the optimized management of physical assets british standard. Pas 55 and enterprise asset management control global.
In 2004, the british standards institute bsi, together with the institute of asset management iam, released publicly available specification 55 pas 55. Not for profit membership organization that exists to advance asset management for the public benefit. Certification to pas 55 or the iso 55001 standard is a common management aim when companies. Asset management system requirements are becoming more sophisticated. Asset management financial definition of asset management. Pas 55 1 describes asset management as the systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan. The iso 55000 set of documents is a concept with universal appeal to industry worldwide. Pas 55 is becoming internationally accepted as the industry standard for quality asset management. Institute of asset management iam, released publicly available speci.
They have developed many useful am documents and tools. Download free from the institute of asset management. In 20022004 the institute of asset management iam in conjunction with british standards institution bsi developed pas 55, the first publicly available specification for optimised management of physical assets. The renowned pas 55 has been transformed into the bs iso 55000 series.
Asset management strategy, objectives and plans requirements for the core documents that identify and deliver improvements for both the assets and the. It also introduces the 39 subjects of asset management. Part 1 of pas 55 specifies the requirements for an asset management system for the management of physical assets and asset systems over their life cycles. If your organization has multiple assets at the heart of the business, youll know that an efficient asset management strategy, regardless of whether the assets are financial, physical or organizational, should contribute to better operating results, performance and ultimately improve your bottom line. Automation asset management pas integrity aggregates, organizes, and contextualizes highly complex data from disparate, proprietary industrial automation systems to help plant personnel maximize productivity, ensure reliability, and proactively identify and address potential safety incidents. Before it, a publicly available specification pas 55 was published by the british standards institution in 2004 for physical assets. Pas 55 clearly indicates what is needed to manage your assets throughout the entire life cycle, starting from organizational objectives. Guidelines for the application of pas 551 british standards institution on. Because of its generic nature, it does not by itself provide sufficient direction. Eisen aan een veiligheids, kwaliteits en capaciteitsmanagementsysteem voor het elektriciteits en gasnetbeheer asset management for electricity and gas networks 27. The asset management landscape second edition english version isbn 9780987179920. What constitutes value will depend on these objectives, the nature and purpose of the organization and the needs and expectations of its stakeholders.
Iso 55000 definition of asset management definition as the coordinated activities of an organization to realize value from physical. The role of asset management in the public sector ernst swanepoel saama council member. This definition of asset management represents a significantly greater. The british standard pas 55 asset management, published by bsi, could be named the predecessor of iso 55000. In this recorded presentation in collaboration with reliability web, james nesbitt principal services at apg, provides an introduction to the internationally recognized pas 55. Pas55 good asset management, lifecycle strategy to. This definition of asset management represents a significantly greater scope than just the maintenance or care of physical assets, and is closer to the central purpose of an organization. Heres how pas 55 is described on the british standards institute web site. This part of pas 55 pas 552 contains guidelines for the application of pas 551. In todays competitive climate, its important to have the tools that allow the highest level of productivity at your disposal. The aim of this chapter is to describe pas 55, the asset management specification published by the british standards institute. Ma, zhou, and sheng 2014 compared pas 55 and iso 55000 standards in term of scope, definition, requirements, decisionmaking criteria, risk management, audit and documentation, and. Asset management standard, first published in 2004.
The iso 55000 series of asset management standards was launched in january 2014. Energy company scottishpower, a division of iberdrola, was the first power generator and the second company in the world to be certified on bsi publicly available specification 55 pas 55. Pas 55 is the asset management specification for the optimized management of. Ugl services has identified that pas 55 is an appropriate asset management framework to provide the required level of asset management sustainability to its facility management fm clients during and beyond the contract term. Consequently, asset management is usually delivered through a formal system of procedures and practices referred to as the asset management system. Pas 55 was originally intended for physical asset managementsi,b 2008, whereas iso 55000 is generic, being applicable to all kinds of. This specification was very successful, with widespread adoption in the energy, transport, mining, process, and manufacturing industries. Mtm fast track to asset management improvement and pas. Iso 55000 in 2014 asset management system benny mok march20.
The institute of asset management iam is a globally recognized authority in asset management. Management manage asset portfolio manage asset systemsnetworks manage individual assets over their life cycles pas 55 asset management system activities. Pas 551 describes asset management as the systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan. The projects aim is to facilitate open and practical dissemination of the principles of asset management as defined in iso 55000 to as wide an audience as possible, and this guide performs a key role in that. Known as pas 55, the publically available specification pas. Pas 55 is the first british standards institution bsi publicly available specification pas for the optimized management of physical assets. Development of iso 55000 overview 3 principles of asset management definition iso 55000 clauses links with sustainabledevelopment asset management challenges. Pas 55 free pdf download pas 55 is the british standards institutions bsi publicly available specification for the optimized. Before it, a publicly available specification pas 55 was published by the. In some cases, there is demand for the translation of certain iam resources to other languages to enable full comprehension of the material. Iso 55001 asset management bsi middle east and africa. Acrp 0116 asset and infrastructure management for airports.
The management of physical assets is the cornerstone of our economy asset management practitioners should take the lead in the management of assets towards maturity. Jan 06, 2014 in this recorded presentation in collaboration with reliability web, james nesbitt principal services at apg, provides an introduction to the internationally recognized pas 55 specification for. As such, the pas 55 framework and guidelines have been successfully applied across recent ugl services fm contracts. Guidelines for the application of pas 55 1 the new update provided clear definitions and a 28point requirements specification for establishing and verifying an aligned, optimized, and wholelife management system for all types of physical assets.
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