Project Description
More than 40 years have passed since the design of the Physical Asset Management System by the British Asset Management Association in the 1970s. The PAS55 standard is the most important official document of this association, the last version of which was compiled in 2008. During this time, many international asset management professionals have developed an executive model to meet the requirements of the physical asset management system, one of the most famous of which is Mr. Campbell’s UPTIME model.
Although the ISO55000 standard has replaced the PAS55 standard since 2014, reference models of physical asset management such as the UPTIME model are still used by industries.
Unlike asset management, maintenance of physical assets is not limited to the period of operation of the equipment and includes the entire life cycle of the organization’s physical assets.
The physical asset management system is not limited to the maintenance organization in the company and includes all units related to the maintenance of physical assets.
The ISO55000 standard goes even further than the PAS55 standard, and in addition to managing physical assets, it provides requirements for managing all of the company’s assets. This standard introduces seven requirements to achieve the goals of the asset management system. Since the format of the ISO55000 standard is very similar to standards such as ISO9001, the way it is audited and the steps to achieve it are different from what is presented in Mr. Campbell’s model.
In other words, with the UPTIME model checklist, which is also used by the General Directorate of Net Management of the Ministry of Petroleum and the DEA-DSM-PAM-001 document is based on it, it is not possible to apply for ISO55000 certification. To achieve this, it is necessary to use an independent audit checklist based on the requirements of the standard.
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According to the definitions provided, physical asset management includes a set of regular and coordinated activities that are performed in the field of performance improvement, risk management and reducing the life cycle costs of assets in order to achieve the strategic goals of the organization.