Originally created in 2004, PAS 55 was produced by several organisations spearheaded by IAM, the Institute of Asset Management. Since then, it has been significantly revised with the help of 50 other organisations from 10 different countries associated with 15 industry divisions.
An Overview of PAS 55
PAS is published by the BSI or British Standards Institution and stands for Publicly Available Specification. This presents 28-point guidelines specifications to establish and validate an optimised management system for all physical asset types.
It provides an objective, crucial description of requirements pertaining to demonstrating competence, establishing priorities for improvements, and fostering clearer and more effective connections among strategic plans of organisations and their daily asset functions and realities.
PAS 55’s Purpose
PAS 55 integrates all asset lifecycle aspects—from initially realising the design, acquiring, building, commissioning, operating or utilising, maintaining, renewal, modifying, and its efficient disposal at the end of its service life.
It likewise delivers a common and unifying language for discussion among cross-functional teams, a general outline to better comprehend how individual components function together, and the number of joint interdependencies that can be efficiently managed and optimised.
Using PAS 55
Those who have utilised the optimised and systematic approach as defined by PAS have considerably and consistently enjoyed improvements to their services and performance, as well as net earnings. PAS also delivers real proof of sustainable and effective governance to investors, clients, and regulators among others.
As opposed to some standards that are easily met by providing extensive documentation, PAS strictly requires clear proof of alignment between actual, real, and daily delivery and proposed intentions.
With this said, you can view PAS 55 as a priceless mechanism for guaranteeing that asset life cycle planning principles, cost over benefit, management of risks, sustainability, and client focus among others are truly and efficiently delivered within the daily tasks of an organisation’s operations, project implementation, and maintenance, among others.