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 is available in three parts:
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:
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.
appropriateness of decisions taken and their associated risks
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:
The following enabling elements are also considered to be essential for the successful implementation of these principles:
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.
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.