This diagram is the high level view of the most important attributes of a joined-up management system for physical assets. The boundary of scope for PAS55 can be seen as sitting just beneath the Organizational Strategic Plan.
This is a natural transition point between the coordination and direction for a wider range of assets types (e.g. reputation, human resources, financial assets) and those which are primarily focused on the creation, utilization, care and renewal/disposal of physical assets or infrastructure.
Within the bounds of PAS55, however, there lies a vital chain of connectivity, cascading the overall business or organization objectives into mandated policy, the desired strategic approach and the specifics of what needs to be done to what assets, why, when and how (asset management plans).
Of course assets are diverse, in type, importance and capability or health - so there is a vital optimization to be done in determining what is the best mix of investment, exploitation, maintenance and renewals to deliver best value-for-money in line with the (usually conflicting) business goals.
There is also, on the right side of this diagram, a need for continuous improvement, using the reality of assets and activity experience to modify plans, strategies, the whole organization’s ambitions and even the expectations of the stakeholders.
And we also must not forget the underlying enablers or ‘lubricants’ to the whole system - these have a profound impact on the joined-up, efficient and sustainable nature of the asset management system.
For more detail, case studies and other useful insights into the subject and how it is implemented in different environments, please go to the Knowledge Centre (some material is for IAM members only).
