The definition of Asset Management stated in by PAS 55:2008 is: Systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan.
It is an integrated approach, which aims to include a holistic, systematic, systemic, risk-based and optimized analysis of the physical assets. But what does it actually means for organizations?
This concept, very simple in its definition, gives rise to many questions during its application to organizations:
• How to balance the economic life with the technological life of an asset?
• How to deal with flexible production (Lean management and push systems), especially in manufacturing?
• How to integrate the economical/financial information with the technological information inside an organization?
• How to adapt asset management and maintenance activities to market fluctuations and other external constraints?
• How to justify the investments in health monitoring techniques and which ones are the best for a certain application?
• How to define decision thresholds on the various indicators of degradation? Today most of them are empirical!!
• Do we need standards for Engineering Asset Management?
The reply to these and other questions that can come up with the application of the concept can make it an important breakthrough to modern organizations!