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ISO 55000, 55001, 55002
A standard for the development of an Asset Management System (AMS). It serves as a best practice for asset intensive organizations.

Since 2014 it has replaced PAS 55,




Purpose of the Standard
The objectives of the standard
  • To offer a best practice
  • To serve as a benchmark for a gap analysis and roadmap



Scope of the Standard
The standard  includes three separate sub-components, as follows:
  • ISO 55000 Asset Management – Overview, principles and terminology. 
  • ISO 55001 Asset Management – Management systems – Requirements 
  • ISO 55002 Asset Management – Management systems - Guidelines on the application of ISO 55001 
ISO 550001 interlocks with other ISO standards, including
  • ISO 9001 for quality management
  • ISO 14001 for environmental management
  • OHSA 18000 for occupational health and safety
  • ISO 31000 for risk management

  • 1. Context of the Organization - The context of the organization refers to the myriad of external factors that impact upon the organization, including legal, regulatory, political, social, economic, financial, environmental, and technological factors. Resources that discuss changing regulations, codes, or end of operating agreements would typically be concerned with the context of the organization. This chapter of the ISO Standard also contemplates the stakeholder groups (both external and internal) that have an interest in the organization and can impact the organization’s decision making. It is the balance of stakeholder requirements that determine the organization’s objectives.
  • 2 Leadership - The Leadership component of ISO 55000 generally involves setting the vision and direction for the organization, and establishing commitment towards achieving the vision. For example, ensuring there is adequate money and resources to do the planning and operations for the organization. Leadership also refers to the development of the policy principles to guide the organization’s decision making processes. In addition to the vision and policies, leadership requires clearly defined roles, responsibilities and authorities, which must be coupled with appropriate structures and relationships. 
  • 3 Planning - Planning includes a variety of activities that help the organization prepare for the future. This includes the development of plans that contemplate different time horizons, such as: Strategic Plans, Tactical Plans, and Operational Plans. Plans are also organized into functional categories, such as Risk Management Plans, Sustainability Plans, and Health and Safety Plans. All plans must be aligned with the organizational objectives and integrated with one another. .
  • 4 Support- Support is about capacity building and empowerment of the organization. This includes recruitment and training of staff, procurement of equipment and supplies, and deployment of information and technology solutions that assist with the implementation of the Asset Management program. Support contemplates supply chain management, determination of when certain activities should be outsourced, and the management of the contractual relations with 3rd party suppliers. 
  • 5 Operations - Operations involves the day to day maintenance and care of a facility with the objectives of ensuring that the assets are safe, reliable, and performing to appropriate standards. Safety compliance, shutdown and outage management, incident management, project management, and consistent recordkeeping are some of the key functions of the operations stage. 
  • 6 Performance Evaluation- Performance evaluation includes the reviews and inspections an organization carries out as part of the process for monitoring and establishing the health of both the assets and the organization’s support systems. For example, periodic testing of equipment, condition assessments, investigations, and employee performance reviews. 
  • 7 Continual Improvement - Continual Improvement includes corrective actions to address deficient conditions and preventive steps to mitigate further incidents and failures. The seven chapters of ISO 55000 provide an integrated framework and form an iterative loop. 



ISO 55000 - Overview, Principles and Terminology 
Listed below is the draft table of contents of ISO 55000:

     Introduction

     1 Scope

     2 Overview and principles

          2.1 The asset management family of standards
          2.2 An introduction to asset management
          2.3 The principles of asset management
          2.4 Application of the asset management principles
                2.4.1 Enablers for good asset management
                2.4.2 Decision making in asset management
                2.4.3 Asset-related risks
                2.4.4 Sustainability 
                2.4.5 Asset management challenges
                2.4.6 Types of assets
                2.4.7 The asset management system
          2.5 The Plan-Do-Check-Act (PDCA) methodology ..

    3 Terms and definitions 


    Bibliography.




ISO 55001 - Management Systems: Requirements
Listed below is the draft table of contents of ISO 55001.


     1 Scope


     2 Normative References

     3 Terms and Definitions

     4 Context of the Organization

          4.1  Understanding of the Organization
          4.2  The Needs and Expectations of Stakeholders
          4.3  Determining the scope of the Management System
          4.4  Asset Management System
          4.5  Strategy

     5. Leadership

           5.1  General
           5.2  Management Commitment
           5.3  Policy
           5.4  Organizational Roles, responsibilities and authorities

     6. Planning

           6.1  Actions to Address Risks and Opportunitites
           6.2  Asset Management Objectives and Plans

     7. Support

          7.1  Resources
          7.2  Outsourcing of Asset Management Activities
          7.3  Tools, Facilities and Equipment
          7.4  Information Management
          7.5  Training, Awareness and Competence
          7.6  Documented Informaton

     8. Operation

          8.1  Operational Planning and Control

    9. Performance Evaluation

          9.1  Monitoring, Measurement, Analysis and Evaluation
          9.2  Internal Audit
          9.3  Management Review

     10. Improvement

         10.1  Nonconformity and Corrective Action
         10.2  Continual Improvement



ISO 55002 - Management Systems: Guidelines for Application
Listed below
is the draft table of contents of ISO 55002.

Introduction

1  Scope

2  Normative references

3  Terms and definitions

4  Asset management system requirements 
     4.1 General requirements 
           4.1.1  Asset management system
           4.1.2  Review against ISO ....

     4.2 Asset management policy

     4.3 Asset management strategy, objectives and plans.
           4.3.1  Asset management strategy
           4.3.2  Asset management objectives.
           4.3.3  Asset management plan(s)
           4.3.4  Contingency planning

     4.4 Asset management enablers and controls
           4.4.1  Structure, authority and responsibilities 
           4.4.2  Outsourcing of asset management activities.
           4.4.3  Training, awareness and competence 
           4.4.4  Communication, participation and consultation.
           4.4.5  Asset management system documentation 
           4.4.6  Information management
           4.4.7  Risk management
           4.4.8  Legal and other requirements.
           4.4.9  Management of change

     4.5 Implementation of asset management plan(s) .
           4.5.1  Life cycle activities
           4.5.2  Tools, facilities and equipment

     4.6 Performance assessment and improvement.
           4.6.1  Performance and condition monitoring.
           4.6.2   Failures, incidents and nonconformities .
           4.6.3  Evaluation of compliance
           4.6.4  Audit.
           4.6.5  Improvement actions
           4.6.6  Records

     4.7 Management review

Bibliography
  The three parts to ISO 55000, 55001 and 55002 - the international standard for asset managment
Fig. The three parts to ISO 55000, 55001 and 55002
- the international standard for asset managment.


Analyzing the words inside ISO 55000/55001 to reveal patterns in the requirements
Fig. Analyzing the approximate 27,0000 words inside ISO 55000/55001 to reveal patterns in the requirements.


The many benefits of implementing an asset management system in accordance with the requirements of ISO 55001
Fig. There are many benefits to implementing an asset management system in accordance with the requirements of ISO 55001.


ISO 55000 ISO 55001 - It all starts with people
Fig. It all starts with people.


Every stakeholder has a perspective. ISO 55000 (ISO 55001) helps to align these with corporate and asset management objectives
Fig. Every stake
holder has a perspective. ISO 55000 (ISO 55001) helps to align these with corporate and asset management objectives.


People + Planet + Profit is the triple bottom line of sustainability in ISO 55000 ISO 55001
Fig. People + Planet + Profit is the triple bottom line of sustainability.


The maturity spectrum of asset management where conformity to ISO 55001 is approximately mid-way along that spectrum
Fig. The maturity spectrum of asset management where conformity to ISO 55001 is approximately mid-way along that spectrum.


The seven chapters of ISO 55000
Fig. The seven chapters of ISO 55000, including leadership, planning, support and operations


As we dig deeper into ISO55001 we find the rich fabric of concepts woven into each chapter.
Fig. As we dig deeper into ISO 55001 we find the rich fabric of concepts woven into the seven chapters. This is where the nuances and complexities of asset management start to reveal themselves.


The hierarchy of plans in ISO 550001 from OCP to SAMP to AMPs
Fig. The hierarchy of plans in ISO 55001 from OCP to SAMP to AMPs. The most important attribute of each plan is that they are aligned with the other plans.


ISO 55001 exposes the cultural layers of an organization in order to effect change
Fig. ISO 55001 exposes the cultural layers of an organization in order to effect change.


An Asset Management Plan (AMP) will optimize value by making appropriate trade-offs between risk, cost and performance
Fig. An Asset Management Plan (AMP) will optimize value by making appropriate trade-offs between risk, cost and performance.


Each organization must find its optimal resource mix, which is the appropriate balance between internal competency development of its staff and contracting with external 3rd parties.
Fig. Each organization must find its optimal resource mix, which is the appropriate balance between internal competency development of its staff and contracting with external 3rd parties.


The various sectors of industry and real estate that are contemplating ISO 55001 conformity
Fig. All sectors of the economy are contemplating ISO 55001 conformity: primary sector (extraction), secondary sector (production), tertiary sector (service-based) and perhaps also the quaternary sector (knowledge-based).


The Asset Management System (AMS) within the organization
Fig.  The relationship between Asset Management (AM) and the Asset Management System (AMS) within the organization is not always clearly articulated.


Every organization is influenced by a multi-faceted context. These facets should be recognized as landmarks that will orient the organization ast it navigates a path along the asset management journey
Fig.  Every organization is influenced by a multi-faceted context. These facets should be recognized as landmarks that will orient the organization ast it navigates a path along the asset management journey.


ISO 55001 interlocks with other ISO management standards (such as 9001, 14001, etc.)
Fig. ISO 55001 interlocks with other ISO management  standards (such as 9001, 14001, etc.)


Alignment of the four different types of maintenance strategies across the asset portfolio on decisions that are risk-based and consider the whole-life of assets will result in a maintenance mix that is in conformity with ISO 55001 standards
Fig. Alignment of the four different types of maintenance strategies across the asset portfolio on decisions that are risk-based and consider the whole-life of assets will result in a maintenance mix that is in conformity with ISO 55001 standards.


From gap analysis to ISO 55001 (ISO 55000) conformity certificate for the Asset Management System (AMS)
Fig.  From "Gap Analysis" to ISO 55001 conformity certificate for the asset management system (AMS).


Each stakeholder group has its own requirements that need to be identifed by the organization
Fig.  The organization must identify each of its stakeholder groups and understand their respective requirements. Optimization of stakeholder relations will sometimes include difficult trade-offs, which should be revisited regularly and recalibrated over time to reflect changing circumstances
An example of some of the key stakeholders associated with a municipality is used to illustrate.


Asset replacement policies must align to asset risk profiles
Fig.  Asset replacement policies must align to asset risk profiles in order to achieve optimization and satisfy ISO 55001 requirements.


A balanced asset replacement mix helps the organization to achieve optimization in conformity with ISO 55001 principles
Fig. A balanced asset replacement mix helps the organization to achieve optimization in conformity with ISO 55001 principles.


Supply chains are a key upstream factor in organizational success and must therefore be carefully managed. Failure to do so will result in procurement delays, downtime and business interruption.
Fig. Supply chains are a key upstream factor in organizational success and must therefore be carefully managed. Failure to do so will result in procurement delays, downtime and business interruption.


The four core principles of asset management are the foundation of ISO 55001 (ISO 55000)
Fig. 39 subject areas in the asset management body of knowledge and 7 chapters in ISO 55001. All of which rests on 4 core principles.


Decisions should consider the whole life of assets, including the I-P interval and the P-F interva
Fig. Decisions should consider the whole life of assets, including the I-P interval and the P-F interval.



A chess grandmaster is thinking ahead five moves and carefully leveraging the value of each piece. And thats where the strategic advantage lies in asset management.
Fig. Asset management is more like chess than like checkers. A chess grandmaster is thinking ahead five moves and carefully leveraging the value of each piece. And thats where the strategic advantage lies in asset management..


People + Assets = Asset Management (this is the simple view)
Fig. People + Assets = Asset Management (this is the simple view). A more complicated story is People + Planet + Profit = Sustainability.


Risk-based decision making is at the heart of asset management and this requires mindful consideration of the relationship between the probability of failure (PoF) and the consequences of failure (CoF). The complexities of these correlations can sometimes be captured on a risk matrix.
Fig. Risk-based decision making is at the heart of asset management and this requires mindful consideration of the relationship between the probability of failure (PoF) and the consequences of failure (CoF). The complexities of these correlations can sometimes be captured on a risk matrix.


Asset management requires the integration of several activities to realize value from assets. ISO 55001 helps with the alignment
Fig. Asset management requires the integration of several activities to realize value from assets. ISO 55001 helps with the alignment.


The nine "W" questions of asset management, starting with the all-powerful why and arranged into three categories.
Fig. The nine "W" questions of asset management,starting with the all-powerful why and arranged into three categories.


Some of the principal asset management associations around the world
Fig. Some of the principal asset management associations around the world.


Clearly defined roles, responsibilities and authorities are one of the signs of good leadership
Fig. Clearly defined roles, responsibilities and authorities are one of the signs of good leadership. In accordance with ISO 55000, these must be coupled with appropriate structures and relationships to establish the asset management system (AMS) within the organization.


TCO distributed across the different systems of a facilty or across the asset portfolio
Fig.  Total Cost of Ownership (TCO) distributed by system across the asset portfolio.



Conceptual models provide a high-level framework for sense-making of the numerous elements of asset management and how these elements interact over asset life cycles
Fig. Conceptual models provide a high-level framework for sense-making of the numerous elements of asset management and how these elements interact over asset life cycles. Some insightful models have been developed by learned societies and organizations around the world.


The principles of ISO 55001 help to ensure that optimization is achieved through mindful balance and measured trade-offs between decision-making criteria
Fig. The principles of ISO 55001 help to ensure that optimization is achieved through mindful balance and measured trade-offs between decision-making criteria.


The hierarchy of assets as contemplated in the ISO 55001 standard for asset management.The detailed asset classification scheme and granularity is determined by the organization's objectives and nature of the assets.
Fig. The hierarchy of assets as contemplated in the ISO 55001 standard for asset management. The detailed asset classification scheme and granularity is determined by the organization's objectives and nature of the assets.


he resource mix should reflect the organization's competencies, which will evolve over time with education, training, mentoring and experience of the team
Fig. The resource mix should reflect the organization's competencies, which will evolve over time with education, training, mentoring and experience of its own forces.


Workshops help to elicit qualitative data within the organization
Fig. Workshops help to elicit qualitative data within the organization, such as weightings for decision criteria.


The calendar view still represents one of the best tools to visualize work distributions and to manage the many tasks in the Asset Management Plan (AMP
Fig. The "old fashioned" calendar view still represents one of the best tools to visualize work distributions and to manage the many tasks in the Asset Management Plan (AMP).



Comparing the Maintenance-Repair-Renewal (MRR) trade-offs at different organizations.
Fig. Comparing the Maintenance-Repair-Renewal (MRR) trade-offs at different organizations.


Human physiology as an analogy to illustrate the importance of system interaction.
Fig. Human physiology as an analogy to illustrate the importance of system interaction.


Comparison of the LVP asset ratios at different organizations
Fig. Comparison of the L-V-P asset ratios at different organizations.


A facilitated workshop of asset owners, managers and operators intended to generate critical thinking around asset monitoring, performance and evaluation
Fig. A facilitated workshop of asset owners, managers and operators intended to generate critical thinking around asset monitoring, performance and continual improvement.


The whole life of assets can be divided into life stages
Fig. The whole life of assets can be divided into life stages - early life, mid-life and late-life, with different maintenance strategies at each life stage.



Functional silos will defeat the organization. Rather, integration, collaboration and alignment are some of the critical success factors.
Fig. Is your department pushing on a rope or caught in a tug of war? Functional silos will defeat the organization. All kinds of rope wars are futile. Once we put the ropes away we can focus on integration, collaboration and alignment are some of the critical success factors. How do you get all your departments to alignt to align to the risk register.


Asset management is hard work and requires sustenance. Culture and strategy are two essential ingredients of the asset management recipe.
Fig. Asset management is hard work and requires sustenance. Culture and strategy are two essential ingredients of the asset management recipe.


The hierarchy of organizational purpose
Fig. The hierarchy of organizational purpose with mission following vision.


SMART goals help the organization reach its target
Fig. SMART goals help the organization reach its target.


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Fig. Organizational "knots" (problems) require patience and finesse to untangle them -- or they will get even tighter.  Do you know how to untangle the knots in your organization?


Political "knots" trap negative energy in the organization
Fig. Some examples of political "knots" that trap negative energy in the organization and need to be untangled with finesse.


Leadership reflecting on the organization's culture
Fig. Leadership reflecting on the different manifestations of the organization's culture.


Top management establishes the structure of the organization
Fig. Top management establishes the structure of the organization.


Making inevitable trade-offs and finding consensus with different stakeholder groups
Fig. Making inevitable trade-offs and finding consensus with different stakeholder groups.



Some of the key statistical elements of an asset survivor curve
Fig. Some of the key statistical elements of an asset survivor curve.


Subjectivity and bias always play a role when people are involved in decision-making
Fig. Subjectivity and bias always play a role when people are involved in decision-making.


Stakeholder requirements converted into value
Fig. Stakeholder requirements converted into value.


The four core principles of ISO 55000 (value, alignment, leadership and assurance) in action
Fig. The four core principles of ISO 55000 (value, alignment, leadership and assurance) in action.


Alignment is required between all levels of the organization - such as, from top management to line staff
Fig. Alignment is required between all levels of the organization - such as, from top management to line staff


Alignment between Maintenance, Repairs and Renewals will help the organization find the optimal MRR ratio
Fig. Alignment between Maintenance, Repairs and Renewals will help the organization find the optimal MRR ratio.


The journey to asset management maturity may sometimes feel like a maze
Fig. The journey to asset management maturity may sometimes feel like a maze.


Asset management requires integration across all the W-Questions
Fig. Asset management requires integration across all the W-Questions.


Alignment across different decision-making criteria (such as risk, cost and performance) is required for ISO 55000 conformity
Fig. Alignment across different decision-making criteria (such as risk, cost and performance) is required for ISO 55000 conformity.


ISO 55000 keyword density cloud
Fig. Word clouds to illustrate the keyword densities in the ISO55000 standard.



Word cloud to illustrate the action verbs in the ISO 55000 standard
Fig. Word cloud to illustrate the action verbs in the ISO 55000 standard.


Word cloud to illustrate the modal verbs in the ISO 55000 standard
Fig. Word cloud to illustrate the modal verbs in the ISO 55000 standard.

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Fig. The risk spectrum extending along the P-F interval to illustrate the varying strategies before Potential Failure ("P") and Functional Failure ("F") of an assets. For example, a shift from Time-Based Maintenance (TbM) to Condition-Based Maintenance (CbM).

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