PAS 55 - Optimal Management of Physical Assets Specification

This is a Publicly Available Specification (PAS) published by the British Standards Institution (BSI). PAS 55 gives guidance and a 28-point requirements checklist of proposed good practices in physical asset management; typically this is relevant to oil and gas, chemical, electricity and water utilities, road, air and rail transport systems, public facilities, process, manufacturing and natural resource industries. It is equally applicable to public and private sector, regulated or non-regulated environments. Significant amounts of money and time are spent managing business critical assets each year. Yet to date, there has been confusion over terminology and a variety of approaches have been employed. In many cases these approaches served well, but equally many of us are aware of high profile failures that hit the headlines. Of course, it is likely that lesser known issues exist as well. Sub-optimal asset management arrangements reduce performance, increase costs and fail the customer. It was clear to the Institute of Asset Management that there was a crucial need to provide a consistent framework for Asset Management systems. PAS 55: Asset Management meets this need. It is applicable to any organization that depends upon its physical assets for the performance and continuance of its business operations.