This PAS gives guidance and a 28-point requirements checklist of good practices in physical asset management; typically this is relevant to gas, electricity and water utilities, road, air and rail transport systems, public facilities, process, manufacturing and natural resource industries. It is equally applicable to public and private sector, regulated or non-regulated environments. PAS 55 is getting a lot of interest and shows promise to become a defacto world-wide specification for any organizations seeking to demonstrate a high level of professionalism in whole life cycle management of their physical assets.
The standard is split into two parts:
- Part 1 - Specification for the optimised management of physical infrastructure assets
- Part 2 - Guidelines for the application of PAS 55-1
It is also accompanied by a comprehensive Competencies Framework for asset managers.
The standard was originally produced in 2004 by a number of organizations under the leadership of the Institute of Asset Management. It has recently undergone a substantial revision with 50 participating organisations from 15 industry sectors in 10 countries. PAS 55:2008 was released in Dec 2008 along with a toolkit for self-assessment against the specification. PAS 55:2008 is available in both English and Spanish versions .
The Institute of Asset Management has developed endorsement schemes for recommending competent assessors and training providers. Presently only a small number of expert organizations have demonstrated the required knowledge, experience and standards required to be endorsed as PAS 55 assessors Endorsed PAS55 assessors or asset management training providers IAM Endorsed AM trainers.