The Asset Journal is the Asset Management Council’s official publication.

Commencing in 2007, this quarterly Journal continues to cover the latest asset management and maintenance topics for its members and the wider asset management and maintenance community. It contains technical articles, tutorials, informal articles about current issues in asset management, chapter news, and updates from the CEO and Chairman.

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From the Editor-in-Chief

The Asset Journal, Volume 12, Issue 4

EKrauss

Another significant Milestone has been achieved recently with the release of the updated ISO 55002 Standard, "Guidelines for the application of ISO 55001". It is certainly a welcome update to the original release of ISO 55002, providing additional clarity of the requirements of the Standard. The global input into the revision provides us with explanatory notes and d guidance to the content of an Asset Management System and expands on the requirements of the 'shall' clauses of the Standard. For me a key point made in the various clauses is that the context of the Organisation is key to the development of the Asset Management System. Saleability of the system, flexibility in approach and clarity of Objectives cannot be too strongly emphasised.

The global interest in Asset Management is a very pleasing development as we near the 5 year anniversary of release of ISO 5000 suite. In recognition of many issues that have arisen in a variety of Industries, we now also find that there is a global movement to simplify and harmonise standards everywhere. The World Economic Forum study in the use of Standards found that through harmonisation of standards in the Oil and Gas Industry alone, a benefit of 5% to 10% of capital project cost can be achieved. In Australia there are currently Oil and Gas Projects in excess of AUD 30b in discussion and prepared for development. As the greenfield projects in this Industry run typically into a few billions of Dollars, the savings and reduction of waste are considerable. It would be an interesting study to extend these findings across other Industries and Infrastructure.

These harmonisation drives for Standards will also affect the long term viability of Assets and could result in significant capital savings. This extends of course beyond the Asset Management Standard and could be further supported by the re-development of the standards directly impacting Asset Management - the System Standard, the Capital Projects Information Handover Standards (ISO 15926-101), Dependability Standards to name a few.

We wish all our readers a safe and happy Festive Season and trust that your Asset Management Projects will be successfully implemented in the New Year!

Ernst Krauss

Editor in Chief 

theasset@amcouncil.com.au 

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