Prior to ISO 55000, PAS 55 was the international reference benchmark for the optimal management of physical assets, providing the definition of good practice in the whole-life management of assets.
Many organisations found that carrying out a ‘gap analysis’ against the requirements set out in PAS 55 enabled them to identify improvement opportunities and build these into a prioritised improvement plan. This leads to real improvement in the bottom line and can often enable business deliverables to be achieved more efficiently and effectively with fewer resources.
The PAM contained a series of questions to explore the maturity of an organisation’s asset management capability across all the elements of PAS 55. The self-assessment tool enabled companies to do such gap analysis effectively without recourse to external help or consultants.
The PAS 55 Assessment Methodology (PAM) was initially developed in conjunction with a group of 29 UK and overseas sponsors from across a range of industry sectors. The sponsors were a combination of leading infrastructure asset managers and asset management consultancies and service providers. The methodology was initially only available for use by this group of sponsoring organisations.
The methodology was then improved by the IAM, using feedback from this group of organisations and incorporating changes to align it with the revised PAS 55.