Specification for the optimized management of physical assets
About this specification
The development of the Publicly Available Specification was led by the Institute of Asset Management (IAM) in collaboration with the British Standards Institute (BSI). They were assisted by a large number of organisations and individuals. It was first published in 2004 and substantially revised in 2008. It reflects a wide international consensus about good practices in the management of physical assets.
PAS 55-1 defines asset management as: the systematic and coordinated activities and practices through which an organisation 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 organisational strategic plan.
PAS 55-1 specifies the requirements for an asset management system for the management of physical assets and asset systems over their life cycles. The PAS is intended to cover the life cycle management of assets that are core to an organization’s purpose such as utility networks, power generation, road rail and air transport systems, oil and gas installations, manufacturing and process plants, buildings and facilities. The PAS can also be applied to any portfolio of plant, equipment and infrastructure that needs to be optimally managed over its life cycle.
Physical assets have to be managed holistically with other categories of assets including human assets, information assets, intangible assets and financial assets. However the other categories are only considered in the PAS where they have a direct impact on the optimized management of the physical assets.
PAS 55-1 is applicable to any organisation where physical assets are a key or a critical factor in achieving its business goals.
The main clauses of the PAS are:
* Asset management system requirements
* General requirements
* Asset management policy
* Asset management strategy, objectives and plans
* Asset management enablers and controls
* Implementation of asset management plan(s)
* Performance assessment and improvement
* Management review
Clients are also recommended to use the excellent guidance publication in this series:
PAS 55-2:2008 Asset management. Guidelines for the application of PAS 55-1.
This contains valuable information, explanations, examples and illustrations that aid understanding and implementation.
Benefits to your organisation
Organisations can expect several benefits from implementing optimised life cycle asset management:
* Enhanced corporate governance and risk management
* Ability to develop increasingly sophisticated strategies for managing cost, risk and performance of assets over their life cycles
* Acquisition, analysis and application of asset data and information for optimization of asset strategies, plans and programmes
* Effective management of capital investment and maintenance programmes
* Improved delivery of capital programmes, operation and maintenance of the assets
* Stronger control and clearer relationships in an owner/operator contractual arrangement
* Disciplined long-term planning with improved performance and availability
* Robust decision making, planning and expenditure control with auditable information and risk inputs
* Protection and enhancement of investor asset value and organisation reputation
* Enhanced customer satisfaction as a result of effective performance and control of product or service processes
* Improved health, safety and environmental performance
* Compliance with legal, regulatory and other requirements
* Improved employee motivation, awareness, communication and competence.
Our services:
Using our services will help your organisation to implement and maintain an asset management system that works for you and is non-bureaucratic with flexible and effective processes. We provide a range of services to our clients in most industry sectors.
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