PAS 55-1:2008 Asset management. Specification for the optimized management of physical assets
UPDATE: Since its publication in 2004, PAS 55 has been an international success story. That’s why we’ve transformed it to become an international standard, which will soon be available in three parts:
- ISO 55000 provides the overview, concepts and terminology for Asset Management
- ISO 55001 specifies the requirements for an effective Asset Management System
- ISO 55002 offers interpretation and guidance for such a system to be implemented.
PAS 55 is applicable to any organization where physical assets are a key or critical factor in achieving its business goals. It was published in response to demand from industry for a standard for asset management.
To ensure consistency with other related management system standards and to facilitate its alignment or integration, it was considered that asset management would be best standardized as a specification, with the information on implementing asset management distilled into key requirements. The criterion for including such requirements has been that, without them, the asset management system would be regarded as deficient.
The standard is split into two parts:
Part 1 of PAS 55 specifies the requirements for an asset management system for the management of physical assets and asset systems over their life cycles. The management of physical assets is inextricably linked to the management of other asset types and these other asset types are considered within the asset management system insofar as they have a direct impact on the management of physical assets.
For example, the optimal life cycle management of physical assets is heavily dependent upon information and knowledge, human assets and financial resources, and often has a significant impact on reputation and customer satisfaction.
Applying PAS 55 can help your organization demonstrate a high level of professionalism in whole life cycle management of its physical assets. Use it to help you:
Establish an asset management system to optimally and sustainably manage physical assets
Implement, maintain and improve an asset management system
Comply with asset management policy and strategy
Demonstrate compliance to others
Seek certification/registration of your asset management system by an external organization
Make a self-determination and self-declaration of compliance with this PAS.
PAS 55-1 describes asset management as the systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan.
What are the benefits of optimized life cycle asset management?
Enhanced customer satisfaction from improved performance and control of product or service delivery to the required standards
Improved health, safety and environmental performance
Optimized return on investment and/or growth
Long-term planning, confidence and performance sustainability
The ability to demonstrate best value for money within a constrained funding regime
Evidence, in the form of controlled and systematic processes, to demonstrate legal, regulatory and statutory compliance
Improved risk management and corporate governance and a clear audit trail for the
appropriateness of decisions taken and their associated risks
Improved corporate reputation, the benefits of which may include enhanced shareholder value, improved marketability of product/service, greater staff satisfaction and more efficient and effective procurement from the supply chain
The ability to demonstrate that sustainable development is actively considered within the management of the assets over their life cycles.
Such benefits are most often associated with the application of a number of key principles and attributes in the design and implementation of the asset management system; these are explained further in PAS 55-2.
Contents of PAS 55 Part 1 include:
- Reference publications
- Terms and definitions
- Asset management system requirements
- General requirements
- Asset management policy
- Asset management strategy, objectives and plans
- Asset management enablers and controls
- Implementation of asset management plan(s)
- Performance assessment and improvement
- Management review
- Correspondence between PAS 55-1:2008, BS OHSAS 18001:2007, BS EN ISO 14001:2004 and BS EN ISO 9001:2000
The following enabling elements are also considered to be essential for the successful implementation of these principles:
- An organizational structure that facilitates the implementation of these principles with clear direction and leadership
- Staff awareness, competency, commitment and cross-functional coordination
- Adequate information and knowledge of asset condition, performance, risks and costs, and the interrelationships between these.
PAS 55-1 was first published in 2003 in response to demand from industry for a standard on asset management. This 2008 revision reflects the increasing international consensus on required good practices in the management of such physical assets.
This PAS has been developed in consultation with a large number of international organizations and individuals from a wide range of industries that are active and proficient in the field of asset management including the Institute of Asset Management (IAM).
PAS 55-1:2008 and PAS 55-2:2008 supersede PAS 55-1:2003 and PAS 55-2:2003, which have been withdrawn.
What is a PAS?
A Publicly Available Specification (PAS) is a sponsored fast-track standard driven by the needs of the client organizations and developed according to guidelines set out by BSI. Key stakeholders are brought together to collaboratively produce a BSI PAS that has all the functionality of a British Standard for the purposes of creating management systems, product benchmarks and codes of practice. After two years, the PAS is reviewed and a decision is made as to whether it should be taken forward to become a formal British Standard.
A wide range of PAS documents are available to buy in the BSI shop, many as instant downloads. Some are available free.
For more details about fast-track standards, how PASs are commissioned, and how they could help your business visit BSI's Standards Solutions area.