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ISO 55000 Asset Management

In 2013 the international standards of ISO 55000 were developed. ISO 55000 focuses on the development of a proactive asset management system to manage assets and asset systems over their life cycles. The system supports you in achieving the required performance and safety and optimizes your assets and reduces the total cost of ownership. The standard consists of three sub standards:

  • ISO 55000 – Overview principles and terminology
  • ISO 55001 – Management System Requirements
  • ISO 55002 – Guidance for the application of ISO 55001

ISO 55000 is based on four fundamentals:

  • Value: Assets exist to provide value to the organization and its stakeholders
  • Alignment: Asset management translates the organizational objectives into technical and financial decisions, plans and activities
  • Leadership: Leadership and workplace culture are determinants of realization of value
  • Assurance: Asset Management gives assurance that assets will fulfil their required purpose

Source: ISO 5500:2014(E), published by ISO, Geneve

ISO 55000 replaces PAS 55
The PAS 55: 2008 is replaced in 2015 for the ISO 55000. The main difference is that PAS 55 emphasis on the physical assets, while ISO 55001 focuses on all kinds of financial, organizational and physical assets.

PAS 55
PAS 55 is the Publicly Available Specification for the optimized management of physical assets. It was issued in 2004 by the British Standards Institute (BSI) as the result of a multi-industry working party of the Institute of Asset Management. It is increasingly recognized as a generically applicable definition of good practices in the whole life cycle, optimized management of physical assets.