An introduction to pas 55 optimal management of physical assets. In accordance with adobes licensing policy, this file may be printed or viewed but. This publicly available specification pas is applicable to any organization where physical assets are a key or critical factor in achieving its business goals. Bsi proposed pas 55 as the basis for an am standard jul 2010. Download a free pdf booklet on the key industrial plant wellness way concepts for. The iso 55000 series of asset management standards was launched in january 2014 history. It is a publicly available specification pas rather than a bs or iso standard at. Pass are often produced in response to an urgent market need. Firstly, pas 55 is actually a two part document, with full titles as follows. Before it, a publicly available specification pas 55 was published by the.
It provides a 32point checklist and framework for asset intensive organisations and completes a management suite of documents that includes iso 14000 and iso 9000. A publicly available specification or pas is a standardization document that closely resembles a formal standard in structure and format but which has a different development model. Note obsolescence is declared where the content of a standard, which is superseded by new provisions in the form of a new standard, still retains a commercial need. Pas 55 industry experts at the ukbased institute of asset management, in collaboration with the british standards institute bsi, developed pas 55 as a guide to optimizing asset management efficiency.
Ive been privileged to work with the woodhouse partnership since the late 90s, from implementation of rcm and the early apt toolset, through the pas 55 years, and now in preparation for iso 55001 certification, and in delivering dst studies. This article discusses the british standards institutes publically available specification 55 pas 55, including its history, content and application. Known as pas 55, the publicly available specification pas. Preliminary meeting of iso am committee in london sept 2010. Guidelines for the application of pas 551 british standards institution on.
Specialist course overview iso 55000 has replaced pas 55 as the industry standard for excellence in asset management. Each of us has at least 20 years operational management experience. Publicly available specification pas 55 covering the optimized management of physical infrastructure assets. This new standard is a high level document outlining the best practices in asset management systems. Pas 55 was initiated by the iam, and is an internationally recognised specification defining what good asset management means and the hallmark for demonstrating competent governance of critical infrastructure. Bs iso 55000 asset management overview, principles and terminology 4. The first version of pas 55 was published in 2004, the latest version in 2008. The initial launch of the project followed a preliminary meeting in london in june 2010. Moving from pas 55 to bs iso 55001 the new international standard for asset management transition guide pas 55, published by bsi in conjunction with the institute of asset management and 49 organizations from 15 industries in 10 countries.
Pas 55 evolved into the iso 55000 asset management standard. Systems and software engineering system life cycle processes. Superseding pas 55 asset management which has proved to be one of the most popular standards of all time iso 55001, accompanied by iso 55000 overview, principles and terminology and iso 55002 guidelines for the application of iso 55001 will support businesses in achieving the best possible net return from assets while reducing the cost of ownership. Acknowledgement the development of this publicly available specification pas has been. Physical asset management, hastings, nicholas anthony john. Known as pas 55, the publically available specification pas. To find the best answer you need to supplement the standards with a methodology that inherently generates the right, best solution. Specification for the optimized management of physical assets 2. This rigorous specification is focused on optimized management of physical assets with widespread recognition among utilities, transport, mining, process and manufacturing industries worldwide. How to make pas 55 and iso 55001 successful lifetime. Bs iso 55001 asset management management systems requirements 5. I am a physical asset management specialist for our mining company and brought this book on my kindle to see how good hastings interpretation of pas 55.
You may experience issues viewing this site in internet explorer 9, 10 or 11. By identifying key risks associated with an organisations assets and their management, the organisation can ensure suitable and sufficient management is applied. In 2008, pas 55 1 and 2 were updated and the groundwork was laid to move this specification into a standard. Since publication, pas 55 has continuously increased in popularity both in the uk and around the world. Pas 55 is a publicly available specification pas published by the british standards institution in 2004 now satisfies that demand. Pas 55 clearly indicates what is needed to manage your assets throughout the entire life cycle, starting from organizational objectives. All bsi british standards are available online in pdf or hardcopy. Implementing pas 55, asset management standard, through. An introduction to pas 55 optimal management of physical. Before it, a publicly available specification pas 55 was published by the british standards institution in 2004 for physical assets.
But the standards cannot tell you what the best thing to do is. Iso 55001, pas 55 and all other such standards are useful to focus on what is important to do. The main window lost the focus when the user switched to another application and then returned back to mail passview. The scope of pas 55 is primarily concerned with the management of physical assets and also takes into account the interdependency of other asset categories such as human assets, information assets, financial assets and intangible assets for example, reputation. Asset management standard, first published in 2004.
The iso 55000 series of asset management standards was launched in january 2014. Systems and software engineering system life cycle. We first featured pas 55 in the 2007 septoct issue vol. The water, gas and electricity branch in particular made an active contribution to the development of this standard. A publicly available specification pas is a sponsored fasttrack standard driven by the needs of the client organizations and developed according to guidelines set out by bsi. The iso 55000 suite of standards for asset management. Some will be lucky and hit world class performance, but most would deliver the same average performance that they now get without pas55 and iso 55000, and the rest would still be in. Jun, 2011 known as pas 55, the publicly available specification pas. Pas 55 is the british standards institutions bsi publicly available specification for the optimized management of physical assets it provides clear definitions and a 28point requirements specification for establishing and verifying a joinedup, optimized and wholelife management system for all types of physical. First published in 2004 and revised in 2008, pas 55 provides clear definitions. This pas has been based on the familiar bs iso format comparable with widely adopted standards such as.
The objective of a publicly available specification is to speed up standardization. Applying the guidelines of bsi pas 55 to facility management. Specification for the optimized management of physical assets british standard. In 2008, pas 551 and 2 were updated and the groundwork was laid to move this specification into a standard.
Home pas 55 information twpl and pas 55 buy pas 55. Pas 55 was originally produced in 2004 by a number of organisations under the leadership. Iso 55000 is an international standard covering management of assets of any kind. Guidelines for the application of pas 551 72 pages. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of. Pas 55 part 2 gives guidance on asset management and application of pas 55 1. Superseding pas 55 asset management which has proved to be one of the most popular standards of all time iso 55001, accompanied by iso 55000 overview, principles and terminology and iso 55002 guidelines for the application of iso 55001 will support businesses in achieving the best possible net return from assets while. Iso 55001 or pas 55 cannot tell you when you have made an ideal asset management choice. I was disappointed with the lack of anything to add from pas 55 with the policies, strategies and objectives. Publicly available specification no 55 2008 edition pas 55. Specification for the optimized management of physical assets.
Successfully passing a pas 55 audit doesnt just mean you are doing something to watch how well you do, as it does in the quality standards, it means that you are doing things well. The development of pas 55 led by the iam uk pas 55. Clean your pc of temporary files, tracking cookies and browser junk. Pas 55 gives guidance and an auditable 28point requirements checklist of good practices in physical asset management. This specification was issued in 2004 by the british standards institute as the result of a multiindustry working party of iam. It has been adopted and applied in most industries, in public and private sectors and different regulatory regimes, cultures and environments. In this sense, in 2008, a technical procedure with 28 points was created by the institute of asset. Pas 55 was published in response to demand from industry for a standard for asset management.
Ias 1 sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the currentnoncurrent distinction. The bsi pas 55 provides a 28point checklist of requirements for an effective asset management system. Pas 55 is becoming internationally accepted as the industry standard for quality asset management. It is a publicly available specification pas rather than a. The british standard pas 55 asset management, published by bsi, could be named the predecessor of iso 55000. Pas 55 is the asset management specification for the optimized management of physical assets. Iso 55000 is an international standard covering management of physical assets. The international standards organisation iso then accepted pas 55 as the basis for development of the new iso 55000 series of international standards. It provides a 32point checklist and framework for asset intensive organisations and completes a management suite of. It outlines, in particular, the pas 55 and iso 55000 sets of requirement specification and explains the. Pas 55 part 2 gives guidance on asset management and application of pas 551. Pas 55 helps reduce these risks by preventing organisations incurring unnecessary expenses. Bsi makes standards an asset with launch of pas 55 bsi.
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