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10 Things that Explain ISO 55000

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The development of ISO 55000 brings in a host of improvements in asset management for any business. Also known as ISO 55k, the standardised international tool for productivity is a transformation from the previous PAS 55.

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10 Things that Explain ISO 55000

  1. 1. 10 Things that Explain ISO 55000
  2. 2. The development of ISO 55000 brings in a host of improvements in asset management for any business. Also known as ISO 55k, the standardised international tool for productivity is a transformation from the previous PAS 55. ISO 55000 series contains three documents (55000/01/02) that put greater emphasis on long term strategic planning for management systems. The following explains what are new, and which items are improved in this release: 1. ISO 55000 includes of organisational context, leadership, plans, support, operation, performance evaluation, and improvement in the structure. 2. Existing Management Systems Standards that have not yet updated their structure will follow the new standard in its next revision.
  3. 3. 3. ISO 55000applies to any asset that creates value for an organisation based on legal responsibility. This is not confined to physical assets in production. It focuses more on risk and value management to stakeholders than on the management of the assets. 4. This is based on the elements found in the parts 1 and 2 of the British Standards Institute Publically Available Specification 55’ (BSI PAS 55). 5. Change management plays a role in implementing this standard to ensure clear executive sponsorship subsists. It treats the people and technical side of change as factors in a change management plan and integrated project management.
  4. 4. 6. The visual phases required to ensure the substructure exists to leverage this standard through the implementation model of the Risk-based Asset Management. 7. It aims to navigate this transformation with the Reliability Excellence Model giving the visual model of the building block requirements. 8. Emphasises the asset management system components: policy, objectives, plans, and strategic plan. 9. It proposes 4 key relationships, including the asset portfolio and the assets in the management system. 10. Improves an organisation’s ability to develop the adequacy, suitability, and effectiveness of its asset management and the asset. ISO 5000 compliance plays an important role in ensuring the productivity of a company or organisation by means of standards for best practices around the world. With this, the competition in the globalisation is levelled out for the better. Resources: http://www.mainpac.com.au http://www.fmmagazine.com.au/blog/fm-industry/iso-55000- standards-implications-for-australian-fm/#.Ve_EpNKqqko https://theiam.org/knowledge/What-ISO-55000?

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