Asset management is an integrated approach to monitoring, operating, maintaining, upgrading, and disposing of assets costeffectively, while maintaining a desired level of service. The publiclyavailable specification for asset management pas 55 outlines what a standardised asset management system should. Park asset management plan missoula, mt official website. Applying the guidelines of bsi pas 55 to facility management. Certification to pas 55 or the iso 55001 standard is a common management aim when companies use them. Building an inventory of your assets scheduling and tracking maintenance tasks through work orders managing your budgeted and actual annual expenses and revenue. Municipalities across the country are facing the challenging obligation to manage their aging sewer and stormwater systems at a time of urban population growth, more stringent water quality protection requirements, and. This performance can only be met by excellent management in which all aspects of asset management are covered sufficiently. Pdf measuring the performance of asset management systems. The guide has been prepared to provide greater currency to previously issued guidance material and reflects improved practices and.
Public asset management companies in east asia case studies. Report on international asset management practices 4 1 introduction 1. 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. Strategic, tactical, and technical asset management have developed at a rapid pace in recent years culminating in the development of organizations like the uk based institute of asset management iam, and development of a formalised publicly available specification pas 55 covering the optimized management of physical infrastructure assets. Presentational conventions the requirements of pas 551 are reproduced in outlined boxes. Asset management system manual or equivalent to show how the am. Practical implementation of asset management through iso. The park asset management plan catalogs the cyclical maintenance, feature renovations, and replacement needs for a majority of the citys major park assets and recreation service amenities. Asset management on an industrial site introduction of the demand and supply concept across the site the development of improvement ideas within the overall policies the interface with contractors and the levels of control the need for legislative compliance supported by strong business processes and systems. Asset management and process safety benefit from pas 55. As mentioned, pas 55 and the iso 55000 series only tell the user what to do, not how. Iso 55000 is an international standard covering management of assets of any kind. Pas 55 and enterprise asset management control global.
Implementing pas 55, asset management standard, through. Infrastructure related businesses invest heavily in asset management systems to help manage their assets and improve their overall performance. This has become an international bestseller, with widespread adoption in utilities, transport, mining, process and manufacturing industries worldwide. Pas 55 is part 1 of the standard for asset management. Asset management in npdes permits npdes wastewater. Before it, a publicly available specification pas 55 was published by the. Local government asset management better practice guide. Pas 55 complaint organizations must also provide employees and stake holders access to information that is relevant to their activities, and to their responsibilities. The new international standard for asset management. Successful businesses understand that the optimized management of their assets is vital to.
Pas 55 optimal management of physical assets specification. A holistic, efficient and whole life approach to the management of physical assets is vital to be able to manage costs and risk and align operations with business. The pas 55 specification and enterprise asset management a capital asset. New guidance has been introduced for contingency planning see 4. The british standard pas 55 asset management, published by bsi, could be named the predecessor of iso 55000. 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 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. Institute of asset management iam, released publicly available. The development of the initial pas 55 documents was led by the iam in collaboration with the bsi. Ivaras assetwise performance management software and the bentley asset performance management apm methodology, coupled with the amor group. Measuring the journey to excellence in asset management. Moving from pas 55 to bs iso 55001 the new international standard for asset management transition guide pas 55, published by bsi in conjunction with the institute of asset management and 49 organizations from 15 industries in 10 countries. National asset management unit trust investments in sri. How to build your iso 55001 asset management system quickly and make iso 55001 certification easy the iso 55001 asset management standard provides a universal framework for managing the use of physical assets, such as mobile or fixed operating plant and equipment.
The iso 55000 set of documents is a concept with universal appeal to industry worldwide. Reference guide for asset management tools is designed for state staff and technical assistance providers who are assisting small and mediumsized drinking water or wastewater systems in identifying resources that can be used to. Pas 55 asset management standard gives guidance and best practices on developing and implementing what to for asset management. However iso 55001 is a standard for any asset type, whereas pas 55 is explicitly focussed on the optimal management of physical assets.
The first version of pas 55 was published in 2004, the latest version in 2008. The specifications and guidelines were first developed in 2004 in response to industry need for a. Namal launched the first unit trust to be licensed in sri lanka national equity fund and the first listed unit trust. Asset management is essentially a riskbased process 2. The british standards institution first published publicly available specification pas 55 in 2004 after years of collaboration among consultants and private sector companies under the direction of the institute of asset management, a notforprofit organization. Asset management system requirements are becoming more sophisticated. National asset management limited namal is the pioneer unit trust management company in sri lanka established in 1991 with 26 years of experience and a successful track record of investing in equity and fixed income markets. Keywords asset management fault tree analysis clause heading asset management system asset management strategy. Heres some insight into this framework for maximizing the return on your assets and improving safety. Jemena electricity networks vic ltd it asset management plan 20162020 version 4. Pas 55 clearly indicates what is needed to manage your assets throughout the entire life cycle, starting from organizational objectives. Pas 55 is a high level guidance defining asset management as systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems.
Pas 55 was originally produced in 2004 by a number of organisations under the leadership. Why enterprise asset management is necessary for pas 55. The iso 55000 series of asset management standards was launched in january 2014 history. Guidelines for the application of pas 551 british standards institution on. Iso 55001 asset management bsi middle east and africa. Asset management is an important part of any organis, as it allows themation to extract value from their assets. 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. 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. Asset management iam, in collaboration with the british standards institution bsi, with the assistance of the following cooperating organizations and individuals.
There are hundreds of books written about leadership, and each one has some valuable point to. This is a publicly available specification pas published by the british standards institution bsi. The necessity for good asset management is growing rather than reducing. Pas 55 gives guidance and a 28point requirements checklist of proposed good practices in physical asset management. The publiclyavailable specification for asset management pas 55 outlines what. Network rails asset management system to bsi pas 55 was achieved as part. 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. Local government asset management better practice guide 2 introduction local government victoria lgv is pleased to release this better practice guide on local government asset management. In 2004, the british standards institute bsi, together with the. Implementation of asset management plans requirements for the execution and control of life cycle activities and management of the tools, facilities and equipment as required to deliver the asset management plans note this is a short section, reflecting the pas 55 focus on the management system rather than the assets. An emerging global standard for asset management written by john benders, mincom monday, june 2011 12. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext.
Pas 55 evolved into the iso 55000 asset management standard. 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. 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. The organization must design, implement and maintain a system for management asset management information. The aim of this chapter is to describe pas55, the asset management specification published by the british standards institute. Alpiq als erstes stromunternehmen europas iso 55001zertifiziert. 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. Ventyx ellipse is a fully integrated enterprise asset management solution that is aligned with pas 55. Recovery rate of npa npa recovered as a % of previous years gross npa 50 55 60 65 70 a npa recovered as a % of previous years gross npa 55. Written by the institute of asset management and published by the british standards institute in the uk, pas 55 is a publicly available specification which lays down a series of requirements for a business to undertake asset management.
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