Last edited 27 Oct 2016

BS ISO 55000:2014 Asset management. Overview, principles and terminology

BS ISO 55000:2014 Asset management. Overview, principles and terminology, was published by the British Standards Institute (BSI) in January 2014.

British Standard (BS) publications are technical specifications or practices that can be used as guidance for the production of a product, carrying out a process or providing a service. ISO's (International Standard Organisation) are international standards intended to be used throughout the world. BS ISO's are published as Britain adopts ISO's.

BS ISO 55000:2014 was developed from PAS 55 Asset Management, which was published in 2004. Publicly available specifications (PAS) are fast-track standards, specifications, codes of practice or guidelines developed by sponsoring organisations, under the guidance of BSI, to meet an immediate market need. Within 2 years, they are reviewed to assess whether they should be revised, withdrawn, or whether they should become formal British Standards or international standards.

PAS 55 was one of the most popular standards of all time, recognised as '…a generically applicable definition of good practices in the optimized management of physical assets'. As a result, three British Standards were developed:

  • BS ISO 55000:2014 'Asset management. Overview, principles and terminology'.
  • BS ISO 55001:2014 'Asset management. Management systems. Requirements', specifying the requirements for an effective asset management system.
  • BS ISO 55002:2014 'Asset management. Management systems. Guidelines for the application of ISO 55001', offering interpretation and guidance for asset management systems to be implemented.

BSI also published a free transition guide to help organisations move from PAS 55 to the BS ISO 55000 series.

BS ISO 55000 defines the concepts and terminology needed to develop a long-term asset management system incorporating corporate mission, values, objectives, policies and stakeholder requirements and can be used to prepare for third-party audits and certification against the standard.

The standard seeks to:

  • Enable implementation of the key principles with clear direction and leadership.
  • Achieve staff awareness, commitment and cross-functional coordination.
  • Obtain information and knowledge of asset condition, performance, risks and costs.

The contents of the standard are:

  • Scope.
  • Asset management.
  • Terms and definitions.
  • Annex A (informative) Information on asset management activities.
  • Annex B (informative) Relationship between key elements of an asset management system.
  • Bibliography.

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