While I an not an “ISO fan”, common terms, definitions, and linkages (ontology)  are requirements for facility and/or asset management.

• ISO 55000: Asset Management – Overview of Asset Management, Principles and Terminology.
• ISO 55001: Asset Management – Management Systems – Requirements for an Asset Management System from a best management practices perspective.
• ISO 55002: Asset management — Management systems — Guidelines for the application of an asset management system.

The core of ISO 55000:

1. Asset is an item, thing or entity that has potential or actual value to an organization
2. Management system – Set of interrelated or interacting elements of an organization to establish policies and objectives, and processes to achieve those objectives
3. Assets and asset management are linked to the organizational strategic plan and support the mission and objectives of the organization

The benefits of asset management are equivalent to those of efficient construction delivery methods (Integrated Project Delivery – IPD, and Job Order Contracting – JOC)

• improved financial performance
• informed asset investment decisions
• managed risk
• improved services and outputs
• demonstrated social responsibility
• demonstrated compliance
• enhanced reputation
• improved organizational sustainability
• improved efficiency and effectiveness

Focus areas include:

• Value
• Alignment
• Leadership
• Assurance

Consider for a moment the impacts that asset management practices could have upon:

• Total cost of unavailability
• Capital investment planning
• Safety
• Environment
• Reputation

But don’t forget you MUST speak the language of all stakeholders!!!

−Investment

−Accounting

−Operations

−Engineering/Maintenance

−IT

−Oversight Groups

−Architects

−Contractors

The questions to be answered before asset management can be fully addressed:

1. What do we own and where are they?
2. What are they worth?
3. What condition are they in?
4. What do I need to do to them?
5. When do I need to do it?
6. How much money will I need to invest?
7. How do we achieve sustainability?

Operational excellence – collaboration, teamwork, and continuous improvement are hallmarks of LEAN construction delivery methods and strategic asset managements.  Operational Excellence reduces operational costs and waste, without affecting quality, time delivery and cost.

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