“This chapter focuses on ISO 55000, arguably the “parent” document of the three. Subsequent chapters will describe ISO 55001 and 55002.
Inside ISO 55000 you will find:
- an overview of what Asset Management is,
- a description of the benefits of Asset Management,
- a definition of “assets” as ,
- fundamentals so that users of the standards understand why these standards are of benefit,
- a description of the relationship between Asset Management and the Asset Management System,
- an overview of the Asset Management System and its elements,
- a glossary of terminology,
- a list of other related activities that are addressed in other standards and
- a diagram showing relationships of the key elements of an Asset Management System.
The influence of the British Standards PAS 55-1 and -2 are evident in how the document and both ISO 55001 and 55002 are structured. Of course PAS 55 was prepared with a long term goal that it would lead to development of an International Standard. PAS 55 went through two iterations – an original issue in 2004 and a revision in 2008. The first issue was a very difficult read, the second easier and now the ISO is much easier to read, understand and no doubt to apply. As a North American (Canadian) and an author I find the language and terminology used in the ISO far less confusing, more general, hence more conducive to good communication. It’s easier to read!
ISO 55000 is also generic – it can be applied in any industry or context and indeed that is its intention.
The requirement of the standard is straight-forward. An organization (company, plant, mine, school board, etc.) has a portfolio of assets. It has a corporate strategy (or equivalent) that provides overall objectives for the entire organization. Those assets are intended (somehow) to deliver on part of those objectives. The Asset Management System creates the link from corporate objectives, through a number of interacting elements to establish policy (i.e.: rules), asset management objectives and processes through which to achieve them. Asset Management itself, is the activity of executing on that set of processes to realize value (as the organization defines it) from those assets.
In PAS 55, organizational strategic plan informed asset management policy, then strategy, objectives and plans. ISO 55000 isn’t all that different except in how the terminology is used. Here is ISO 55000, we have strategy and objectives (corporate level) informing policy, objectives and processes. It is more direct and it uses the word “strategy” less liberally.
ISO 55000 makes it clear that “Asset Management” is an activity (something you do) to implement the Asset Management System (something you define). The AM System is not just a computerized program as some might be inclined to believe. It may well employ computerized tools and probably needs to, but the AM System is not in itself a computerized tool or system, nor does it need to be.
Asset Management is data and information intensive. It touches on nearly all aspects of any business, although many outside of our field probably recognize that so clearly. Under the heading of leadership the standard points out that this is a multi-disciplinary and multi-level endeavour involving the whole organization.
There are plenty of examples of physical assets that have had a big impact on companies. For example” …