BS PAS 55-2:2003 pdf download Asset Management PART 2: Guidelines for the application of PAS 55-1
Although the other four categories of asset types are also critical and need appropriate consideration, the scope of thisPublicly Available Specification is limited to the management of phvsical assets and therefore they are considered in thisPublicly Available Specification only insofar as they affect the optimal management of the physical assets.For example:
human assets: the attitude, knowledge and capabilities of the workforce have a fundamental influence on theperformance of the physical assets;
financial assets: financial resources are required for infrastructure investments, operation, maintenance and materials’information assets: good quality data and information are essential to develop, optimize and implement assetmanagement plans:
intangible assets: the organization’s reputation and image can have a significant impact on infrastructure investment andoperating strategies and associated costs.
Most asset-intensive organizatins will recognise that the above influences can have a profound impact on the overallperformance of their physical assets and therefore will need to be managed holistically.
0.3 Asset management related questions
ln order to achieve its organizational strategic plan and provide the assurance its stakeholders seek, an organization needsto ask and to be able to answer the following key questions:
Do we know what assets we have, where they are, what condition they are in, what function they perform and theircontribution to value? Do we know the quality of our reference data?Do we know what we want from our assets in the short, medium and long term?Can our assets deliver our business objectives cost-effectively?Are we getting the most value from our assets? (How could we get more value for money from them?) Do we have enough capability? Have some assets become redundant, underused, unprofitable, and too expensive?Are the asset’s condition, performance and capabilities being maintained at optimum levels of investment?Are we confident that the risks of our assets causing harm to people and the environment are tolerable
and at organizationallegally accepted levels?
is our asset-related expenditure (capital investment and operating costs) insufficient, excessive or optimal and correctlyassigned across asset classes? Can we readily evaluate the benefits (performance, risk reduction, compliance) of proposedwork or investment and, conversely, quantify the total cost/risk impact to the business of not performing such work ornot investing?
Are we “mortgaging the future” in our efforts to obtain short-term gains?Have we given due consideration to the other aspects of the business that affect our asset management plans, such aspeople, knowledge, finance and intangible assets? Conversely, have we considered the impact of our assetmanagement plans on these aforementioned aspects?Do we review the appropriateness of our asset management strategy in the light of changes in
the business environment?
Are we continually improving the asset management system (processes) and asset management performance, andrealizing the benefits of the improvements? Do we know what and where improvements will be most effective?Can we answer all of these questions confidently, with a clear audit trail, and demonstrate the answers toour stakeholders?
BS PAS 55-2:2003 pdf download
PS:Thank you for your support!
