Quantitative methods required for implementing PAS 55 or the ISO 55000 series for asset management

• Main Authors: Minnaar, Jan Rossouw, Basson, Wilandri, Vlok, Pieter-Jan
• Format: Article
• Language: English
• Published: Stellenbosch University 2013-11-01
• Series: South African Journal of Industrial Engineering
• Subjects: asset management; PAS 55; ISO 55000; numerical methods; quantitative analysis
• Online Access: http://sajie.journals.ac.za/pub/article/view/576

Asset management is an important part of any organisation, as it allows them to extract value from their assets. The publicly-available specification for asset management (PAS 55) outlines what a standardised asset management system should consist of. The newly-proposed series of standards from the International Organizations for Standardization (the ISO 55000 series) also aims to provide a standardised framework for an asset management system. Both of these documents, however, only tell organisations what should be done, not how to do it. This article provides an introductory overview of numerical tools that an organisation can use when implementing an asset management system, and provides resources for further reading.