PAS55 is a specification for the management of physical assets (their selection, maintenance, inspection and renewal). The management of physical assets plays a key role in determining the operational performance and profitability of industries that operate assets as part of their core business.
Asset Management is the art and science of making the right decisions and optimizing these processes. A common objective is to minimize the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making.
This emerging professional discipline deals with the optimal management of physical asset systems and their life cycles. It represents a cross-disciplinary collaboration to achieve best net, sustained value-for-money in the selection, design/ acquisition, operations, maintenance and renewal/ disposal of physical infrastructure and equipment.
BSI PAS55:2008 comprises:
- Definition of terms in asset management.
- Requirements specification for good practice
- Guidance for the implementation of such good practice.
PAS 55 provides objectivity across 28 aspects of good asset management, from lifecycle strategy to everyday maintenance (cost/risk/performance). It enables the integration of all aspects of the asset lifecycle: from the first recognition of a need to design, acquisition, construction, commissioning, utilization or operation, maintenance, renewal, modification and/or ultimate disposal
PAS 55 also provides a common language for cross functional discussion and provides the framework for understanding how individual parts fit together, and how the many mutual interdependencies can be handled and optimized
In the course of the workshop, we will cover from the philosophy and strategic statements through the implementation and management of the major components of reliability optimization, knowledge management, risk assessment and evaluation and full ongoing formulas for success and continuous improvement not just a one-time implementation . Processes, procedures, accountability and key roles will be thoroughly discussed as well as ideas and proven concepts for optimized implementation , benefit and maximum return on investment from asset management utilizing the PAS-55 framework.