ISO 55000 Overview
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The document discusses the ISO 55000 standard for asset management, which includes guidelines on terminology, requirements, and guidance. It emphasizes the importance of effective asset management in realizing value and mitigating risk through structured policies and strategies. Additionally, the document outlines the roles of leadership and organizational alignment in achieving asset management objectives.
ISO 55000 Overview
- 1. 1© Life Cycle Engineering 2013© Life Cycle Engineering 2013 1© Life Cycle Engineering 2008 Leveraging the ISO Standard to Manage Risk and Realize Value of Your Organization’s Assets Randy Heisler LCE ISO 55000
- 2. 2© Life Cycle Engineering 2013 Why Standards? Without them bad things can happen!
- 3. 3© Life Cycle Engineering 2013 The Need for Standards Stability Level differences in how business around the world is grown and managed Increased concern over risk awareness Industrial disasters, financial instability, civil unrest and economic duress of certain nations Balancing force for international trade
- 4. 4© Life Cycle Engineering 2013 How we got here Feb 2014 CD1 For Comment Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Stage Working Drafts Cttee Drafts DIS Comments Resolution FDIS April 2013Jun 2012Feb 2012Oct 2011Mar 2011 May 2011 Distribute WD2 Sep 2011 WD2 Comments RCVD CD2 For Ballot DIS Released 13 January 2014
- 5. 5© Life Cycle Engineering 2013 ISO 55000 Primary Documents A set of three standards issued by the International Organization for Standardization ISO 55000 – Terms and Definitions ISO 55001 – Requirements ISO 55002 – Guidance Will be harmonized at a high level with other managing systems like ISO 9001 (quality) ISO 14001 (environmental) ISO 50000 (energy sustainability)
- 6. 6© Life Cycle Engineering 2013 Important ISO 55000 Themes Value recognition Risk-based Optimization of cost, risk & performance Aligned objectives Transparent decision making Recognize impact of long life cycle issues
- 7. 7© Life Cycle Engineering 2013 ISO 55000: Definitions • Asset – something with potential value to an organization and for which the organization has a responsibility • Asset System - group of assets that interact and/or are interrelated so as to deliver a required business function or service • Asset Management – actions that enable the realization of value from assets
- 8. 8© Life Cycle Engineering 2013 ASSET MANAGEMENT
- 9. 9© Life Cycle Engineering 2013 Fundamentals of Asset Management • Assets exist to provide value to the organization and its stakeholders Value • Asset management translates the organizational objectives into technical and financial decisions and plans Alignment • Leadership and workplace culture are determinants of realization of value Leadership • Asset management gives assurance that assets will fulfill their required purpose. Assurance
- 10. 10© Life Cycle Engineering 2013 Asset Management Expanded View Corporate/ Organization Management Asset Management System Management Asset Portfolio Management Asset Systems Manage Individual Assets Organizational Strategic Goals Capital investment value, Performance and sustainability Systems performance, cost & risk optimization Asset life cycle costs, risks & performance Create/ Acquire Utilize Maintain Renew/ Dispose
- 11. 11© Life Cycle Engineering 2013 Asset Management System Section 4.4 The organization shall establish, implement, maintain and continually improve an asset management system including the processes needed and their interactions. The organization shall develop an asset management strategy which includes documentation of the role of the asset management system in supporting achievement of the asset management objectives.
- 12. 12© Life Cycle Engineering 2013 Asset portfolio Managing the organization Asset management Asset management system Coordinated activity to realize value from assets Set of interrelated or interacting elements to establish asset management policy, objectives and processes to achieve objectives Assets within the scope of the asset management system Benefit: Provides risk control and gives assurance to meet objectives Relationship of asset management to the asset management system
- 13. 13© Life Cycle Engineering 2013 Key documents for asset management system 1 2 3 4 Asset management policy Asset management strategy Asset management objectives Asset management plan Dependent upon organizational objectives and organizational plan
- 14. 14© Life Cycle Engineering 2013 Asset Management System A Strategic Decision An asset management system provides a structured approach for the development, coordination and control of asset-related activities across their life cycle
- 15. 15© Life Cycle Engineering 2013 Role of leadership • Demonstrate leadership and commitment • Establish an asset management policy and strategy • Define organizational roles and responsibilities
- 16. 16© Life Cycle Engineering 2013 Elements of an Asset Management System A Common Model 1. Context of the organization 2. Leadership 3. Planning 4. Support 5. Operation 6. Performance Evaluation 7. ImprovementPolicy Strategy Objectives
- 17. 17© Life Cycle Engineering 2013 Context of the Organization Considerations External and internal context Stakeholder needs and expectations (external and internal) Scope of the asset management system
- 18. 18© Life Cycle Engineering 2013 Leadership Considerations Leadership and commitment Roles and responsibilities Change management competency
- 19. 19© Life Cycle Engineering 2013 Asset Management Objectives Essential link between the organizational objectives and the asset management plans Established at relevant functional levels
- 20. 20© Life Cycle Engineering 2013 CREATING THE POLICY
- 21. 21© Life Cycle Engineering 2013 Requirements for AM Policy 1 Consistency 2 Appropriateness 3 Compliance 4 Principles and framework 5 Continual improvement
- 22. 22© Life Cycle Engineering 2013 Policy Overview Policy documents can contain: 1. Purpose statement 2. Applicability and scope 3. Effective date 4. Responsibilities 5. Policy statements
- 23. 23© Life Cycle Engineering 2013 CREATING THE STRATEGY
- 24. 24© Life Cycle Engineering 2013 Establish an Asset Management Strategy • A strategy describes how to realize the policy • A roadmap for how to get from here to there • An approach for implementation
- 25. 25© Life Cycle Engineering 2013 Roadmap Implementation Approach • Defines what the organization intends to achieve from its asset management activities and by when • Documents relationship between organizational objectives and asset management objectives • Defines framework to achieve the asset management objectives Asset Management Strategy
- 26. 26© Life Cycle Engineering 2013 Requirements of an AM Strategy 1 2 3 4 Consistency Risk-based approach Lifecycle approach Framework 5 Stakeholders 6 Functional performance 7 Continual improvement 8 Change management
- 27. 27© Life Cycle Engineering 2013 ASSET MANAGEMENT OBJECTIVES
- 28. 28© Life Cycle Engineering 2013 Asset Management Objectives Essential link between the organizational objectives and the asset management plans
- 29. 29© Life Cycle Engineering 2013 Asset Management Objectives Criteria for objectives • Transform outcomes into activities • Tailored to organization’s needs • Specific, Measurable, Attainable, Realistic, Time-related • Aligned with organizational objectives
- 30. 30© Life Cycle Engineering 2013 Example Objectives 1.Improve availability to benchmark standards 2.Reduce hazardous chemical byproducts by 30% over 3 years 3.Assure U.S. defined environmental standards achieved in developing markets 4.Extend asset useful life through reuse of equipment 5.New capital investment will focus on total cost of ownership across asset life cycle 6.Improve organizational problem solving capabilities as a key success factor for continuous improvement
- 31. 31© Life Cycle Engineering 2013 Why do this? What are the benefits? Improved financial performance Informed asset investment decisions Managed risk Improved services and reliability Demonstrated social responsibility Demonstrated compliance Enhanced reputation Improved organizational sustainability Improved efficiency and effectiveness
- 32. 32© Life Cycle Engineering 2013 Questions? Randy Heisler Life Cycle Engineering [email protected] www.LCE.com