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.
It is published by BSI British Standards with the rigour of a Publicly Available Specification. Part 1 is the checklist of what needs to be in place. Part 2 provides extensive guidance and illustrations of how to achieve the requirements of Part 1. PAS 55 was initiated by and is now distributed and supported worldwide through the Institute of Asset Management.