Wednesday, April 17, 2013

Effective Asset Management

Look for asset management to mature to the point where you start having standards and program/process certifications. 

This is one example:

The first such guidelines appeared in the form of ISO50001, a specification created by the International Organisation for Standardisation (ISO) for establishing, implementing, maintaining and improving energy management. However while this was welcomed by the industry as a key step in the shift towards greater professionalism in asset management, some argue it was limited in its scope.

When PAS 55, Asset Management Publicly Available Specification (PAS) was published in 2008 by the Institute of Asset Management (IAM) in collaboration with British Standards Institute (BSI), many felt it was more encompassing of asset management practices overall, more insightful and thorough, and included within it much of the information deemed to be absent in ISO 50001.

PAS 55 covers the lifecycle management of assets, establishing a framework for trade-offs between performance, cost and risk. It provides objectivity across 28 aspects of asset management, from lifecycle strategy to everyday maintenance against the parameters of cost, risk and performance. It enables the integration of all aspects of the asset lifecycle: from the first recognition of a need to design, acquisition, construction, commissioning, utilisation or operation, maintenance, renewal, modification and/or ultimate disposal. It also provides a common language for cross-functional discussion and provides the framework for understanding how individual parts fit together, and how the many mutual interdependencies can be handled and optimised.

Link to the article with additional details.

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