Asset Management Guidelines

The aim of asset management is to handle physical assets in an optimal way

in order to fulfill an organization’s goal whilst considering risk, where the

goal could be maximum asset value, maximum benefit, or minimal life cycle

cost, and the risk could be defined by the probability of failure occurrence and

its consequence, for example, unavailability in power supply to customers.

There are different possible actions to handle these assets: acquire, maintain,

replace, or redesign. AM implies consequently to make right decisions

on:

? What assets to apply actions for

? What actions to apply

? How to apply the actions

? When to apply the actions

To make the right decisions, there is a need of:

? Condition data

? Failure statistics

? Reliability modeling techniques

? Reliability assessment tools

? Maintenance planning tools

? Systematic techniques for maintenance planning, for example, the

RCM and RCAM methods

The ISO is an independent nongovernmental international organization for

standardization. The ISO was created in 1946 with the objective to facilitate

the international coordination and unification of industrial standards. Currently,

the ISO comprises 163 national members [34]. The ISO 55000, Asset

Management—Overview, principles, and terminology, was first launched in

2014. It provides an overview of asset management and management systems

for the management of assets. It also provides the context for ISO 55001:

Asset management—Management systems—Requirements and ISO 55002:

Asset management—Management systems—Guidelines for the application

of ISO 55000.

The target audience of these standards is:

? Those considering how to improve the realization of value for their

organization from their asset base

? Those involved in the establishment, implementation, maintenance,

and improvement of an asset management system

? Those involved in the planning, design, implementation, and review

of asset management activities

The ISO 55000 family of standards is the first set of international standards

for asset management. They are emerging from the Publicly Available

Specification (PAS) 55. The PAS55 was launched by the British Standards

Institute (BSI), in 2004, resulting from an effort led by the Institute of Asset

Management (IAM). It is considered as the first internationally recognized

specification for Asset Management.

The ISO 55000 family of standards aligns with other major management

systems. This includes ISO 9001 for quality management, ISO 14001 for environmental

management, and ISO 31000 for risk management. The ISO 55000

family of standards provides the first management standard to implement

the ISO Annex SL. The Annex SL is a high-level structure to provide a universal

structure, identical core text, and common terms and definitions for all

management standards.

The migration to ISO 55000 from PAS55 is considered as fairly straightforward

with similar elements. A major difference is that the PAS55 is

focused on the optimal management of physical assets, but the ISO 55000

is a standard for any asset type.

In the following, a selection of definitions from the ISO 55000 is presented.

? Capability: Measure of capacity and the ability of an entity (system,

person, or organization) to achieve its objectives

? Competence: Ability to apply knowledge and skills to achieve

intended results

? Continual improvement: Recurring activity to enhance performance

? Effectiveness: Extent to which planned activities are realized and

planned results achieved

? Monitoring: Determining the status of a system, a process, or an

activity

? Measurement: Process to determine a value

? Policy: Intentions and direction of an organization as formally

expressed by its top management

? Objective: Result to be achieved. An objective can be strategic, tactical,

or operational

? Requirement: Need or expectation that is stated, generally implied or

obligatory

? Risk: Effect of uncertainty on objectives

? Asset: Item, thing, or entity that has potential or actual value to an

organization

? Asset life: Period from asset creation to asset end-of-life

? Life cycle: Stages involved in the management of an asset

? Asset management: Coordinated activity of an organization to realize

value from assets

? Strategic Asset Management Plan (SAMP): Documented information

that specifies how organizational objectives are to be converted into

asset management objectives, the approach for developing asset

management plans, and the role of the asset management system

in supporting achievement of the asset management objectives

? Asset management plan: Documented information that specifies the

activities, resources, and timescales required for an individual asset,

or a grouping of assets, to achieve the organization’s asset management

objectives

? Preventive action: Action to eliminate the cause of a potential nonconformity

or other undesirable potential situation

? Predictive action: Action to monitor the condition of an asset and

predict the need for preventive action or corrective action

? Corrective action: Action to eliminate the cause of a nonconformity

and to prevent recurrence

? Management system: Set of interrelated or interacting elements of an

organization to establish policies and objectives and processes to

achieve those objectives

? Asset management system: Management system for asset management

whose function is to establish the asset management policy and asset

management objectives

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