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Asset management

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Topics

Asset Management

What is asset management?

Whats in it for you?

The business drivers

Stakeholders

Business structure

PAS 55 background

PAS 55:2008 outl ine

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Discussion

What does asset management mean to

you?

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What is Asset Management?

The core business for organisations that

are heavily dependent on physical

equipment, systems and infrastructure *

* John Woodhouse, What is Asset Management in2010

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What its NOT

Maintenance- Looking after an asset is only one part of the story

An investment portfolio- The financial services sector uses the same term, but the

meaning is very different

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Why?

According to the Institute of Asset

Management:

The management of physical assets (their

selection, maintenance, inspection and renewal)plays a key role in determining the operational

performance and profitability of industries that

operate assets as part of their core business. *

* http://www.theiam.org

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Why?

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Why?

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Why?

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What is Asset Management?

An ongoing dilemma

Cost to buy

Cost to maintain

Cost to replace

Performance

Avoidance of failure

Regulatory drivers

with many stakeholders

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Team exercise

Who do you think are your stakeholders?

Who influences your decisions?

Who is affected by your decisions?

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Stakeholders

You!

Customers Community

National government

Local government

Company executives Staff

Regulators

Environmental groups Legislators

Shareholders

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Stakeholders

Assetowner

Assetmanager

Service

provider

Return on investment

Liabilities Licence conditions

Reliability and performance

Value for money Policy and procedures

Contracts

Delivery and compliance Profit and cost

Resourcing and skills

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Why PAS 55?

Growing consensus on best practice

Industry wanted a standard

Consultation with a number of industries

First published in 2004

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What is PAS55?

Created by asset management

professionals

Led by the Institute of Asset

Management (IAM)

Sponsored by industry

Wide-ranging review panel

Publicly Available Specification

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What is PAS55?

Defines Asset Management

Good practice guide

Something you can benchmark

against

Compliance demonstrates

competence

Latest version is PAS 55:2008 ISO 55000 project underway

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PAS55 scope

Create/

acquireUtilize Maintain

Renew/

dispose

Manage assets

Manage asset systems

Manage asset portfol io

Corporate

management

PAS 55 Asset

management

system

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Break

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Strengths

Weaknesses

Opportunities

Threats