Fundamentals of Asset Management

Fundamentals of Asset Management

PAS 55 & ISO 55000 Standards, Processes and Implementation Guidance


The management of physical assets like chemical plants, power distribution networks, rolling stock, offshore platforms, roads, waterways, buildings, etc. is critical to the economy of many countries. How we manage physical determines the efficiency of companies and how competitive we are in the world market. Much money is spent annually on maintaining and developing the asset base and providing services to improve asset management has in itself become a major competitive market internationally.

Asset Management has been increasingly recognized as the key to improved investment decision making across all sectors, from Oil & Gas, Defence, Aerospace, Manufacturing, Public Transport and Electricity and Water Production & Distribution. Regulators require developing and present strategic Asset Management Plans aligned with the corporate strategy. The implementation of ‘good Asset Management practice’ will contribute in realizing the corporate strategy and it becomes more and more important to prove this by showing results.

This training seminar will highlight:

  • The Basic Principles of Asset Management
  • ISO 55000, the International Standard on Asset Management
  • The Implementation of ‘Good Asset Management Practice’
  • How to realize higher performance at lower cost within compliance
  • Assessing the current state of your Asset Management process and determine the gaps
  • How to draw up an Asset Management implementation plan


At the end of this training seminar, you are able to:

  • Explain what Asset Management is and how it can contribute to the realization of the corporate strategy of your organization
  • Understand the content and value of ISO 55000, the international standard on Asset Management
  • Apply ‘good Asset Management practice’, starting with foundations and building up to best practices that will deliver maximum business benefits
  • Assess the current state of Asset Management best practices
  • Set up an implementation plan for Asset Management



Training Methodology

The training course is composed in such a way that it can be held for all professionals involved in managing or implementing asset management processes. There will be a variance of lectures and practical exercises. Experiences from different areas will be discussed. There will be many opportunities for discussion and sharing experiences.

Organizational Impact

The organization will:

  • Understand how Asset Management can contribute to realization of the corporate strategy
  • Understand the background, application and benefits of ISO 55000
  • Understand the most important key performance areas and related activities and methodologies of Asset Management
  • Be able to implement the basic Asset Management methodologies and technologies
  • Have insight in the current status of the Asset Management processes

Personal Impact

By attending, the participants will:

  • Gain understanding and practical insight of ‘good Asset Management practice’
  • Improve their level of personal knowledge
  • Work more effectively by focusing on the processes and activities that really contribute to the corporate goals of the organization
  • Add value for themselves
  • Be able to plan and develop a future career

Who Should Attend?

This training course is suitable to a wide range of professionals, but will greatly benefit:

  • All professionals involved in managing or participating in Asset Management and Facilities Management processes, including all staff in the Asset Management & Maintenance department, Facilities Management, Building Maintenance, IT, Operations and Finance
  • Anyone who wishes to update themselves on Asset Management and how to implement it for the benefit of their organizations




Seminar Outline


Introduction to Asset Management

  • Introduction to the Subject
  • Asset Management as a business process
  • The Asset Management Landscape Model (Conceptual Framework)
  • Strategy Aspects
    • Line of Sight
    • Asset Management Policy, Asset Management Strategy
    • Goal Setting
    • (Strategic) Asset Management Plan (SAMP)
    • Feedback & Improvement
  • Asset Management Roles – about roles, expectations and responsibilities
  • ISO 550000 – the International Standard on Asset Management
  • Certification Procedure


Good Asset Management Practice – Risk Management

  • Identifying Risk
  • Significance of Risk
  • Risk Management on Business Level
  • Stakeholder Management
  • Risk Based Maintenance (RBM) for Assets
  • Smart Maintenance 2.0


Good Asset Management Practice – Sourcing & Outsourcing

  • Sourcing & Outsourcing – who does what and why?
  • Procurement Aspects
  • Defining Level of Service
  • Defining the Right Key Performance Indicators – leading & lagging indicators
  • How to Measure the Contractor Performance
  • Vendor Management


Good Asset & Facilities Management Practice – Life Cycle Management

  • Life Cycle Management for Assets
    • Demand Forecasting
    • Systems Engineering
    • RAMS
  • Condition Assessment and Monitoring
  • Information & Configuration Management
  • Life Cycle Costing (LCC)


Assessment – Gap Analysis & Implementation Aspects

  • Asset Management assessment – assessment tools
  • Asset Management Teams
  • Changing the Behaviour of People
  • Implementation of Asset Management
  • Wrap-up


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