Foundational Thinking - The IAM

This continues the foundational thinking miniseries with an introduction to the Institute of Asset Management (IAM).?The IAM was founded in 1994 as a not-for-profit, professional body.?Its purpose is: “to advance the discipline of asset management, not only for people and organizations involved in the acquisition, operation and care of physical assets but also for the benefit of the general public”.?The IAM seeks: “to ensure the widespread understanding of asset management and the value of good practice for society”.

The IAM specializes in the development of knowledge projects, publications, and services.?Included among these are:

• Asset Management – The Big Picture
• Asset Management – An Anatomy
• Asset Management Landscape – Lists 39 critical asset management subjects
• IAM – Subject Specific Guidelines – organized by landscape groups and subjects
• IAM Hot Topics

The body of knowledge IAM maintains and keeps current is a knowledgebase organized by Asset Management Landscape Groups developed by the Global Forum on Maintenance and Asset Management (GFMAM) that are subdivided into 39 specific subjects. These subjects are:

• "Strategy and Planning
• 1 - Asset Management Policy
• 2 - Asset Management Strategy and Objectives
• 3 - Demand Analysis
• 4 - Strategic Planning
• 5 - Asset Management Planning
• Asset Management Decision Making
• 6 - Capital Investment Decision Making
• 7 - Operations and Maintenance Decision Making
• 8 - Lifecycle Value Realization
• 9 - Resourcing Strategy
• 10 - Shutdowns and Outage Strategy
• Lifecycle Delivery
• 11 - Technical Standards and Legislation
• 12 - Asset Creation and Acquisition
• 13 - Systems Engineering
• 14 - Configuration Management
• 15 - Maintenance Delivery
• 16 - Reliability Engineering
• 17 - Asset Operations
• 18 - Resource Management
• 19 - Shutdown and Outage Management
• 20 - Fault and Incident Response
• 21 - Asset Decommissioning and Disposal
• Asset Information
• 22 - Asset Information Strategy
• 23 - Asset Information Standards
• 24 - Asset Information Systems
• 25 - Data and Information Management
• Organization and People
• 26 - Procurement and Supply Chain Management
• 27 - Asset Management Leadership
• 28 - Organizational Structure
• 29 - Organizational Culture
• 30 - Competence Management
• Risk and Review
• 31 - Risk Assessment and Management
• 32 - Contingency Planning and Resilience Analysis
• 33 - Sustainable Development
• 34 - Management of Change
• 35 - Assets Performance and Health Monitoring
• 36 - Asset Management System Monitoring
• 37 - Management Review, Audit, and Assurance
• 38 - Asset Cost and Valuation
• 39 - Stakeholder Engagement

The IAM is organized through international chapters currently active in Canada, Germany, Ireland, Netherlands, the United Kingdom, and the United States of America.?The IAM is a membership organization for individuals and corporations.?IAM provides several services and products for its members seeking to develop their asset management capabilities. These include qualification and certification programs, professional development programs and workshops, the Assets magazine, many virtual and in person events every year, and knowledge products such as the examples listed above.?As a result, the IAM has become a well-recognized source for foundational asset management thinking.

Written by: James J. Dempsey | May 23, 2023

Helpful Links:

The Institute of Asset Management (IAM)

https://theiam.org/

The IAM’s Asset Magazine

https://theiam.org/assets-magazine/

Global Forum on Maintenance and Asset Management

https://gfmam.org/

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