The aim of this reading room is to provide easy access to the key knowledge needed if you are starting your Asset Management learning journey. Ensuring that you have an understanding of the important building blocks to support you not only in passing the certificate course and IAM exam but to ensure you can continually build on your knowledge as you travel along your learning journey.
There are many references to Asset Management when you use a web search. Many are software related to manage the understanding of what assets the organisation owns or the maintenance of those assets. Both are an important part of the AM knowledge tool kit and the achievement of good Asset Management, but the important reference must be Asset Management as a system as defined in ISO 55000. Many articles have been published by experts in the field of Asset Management and we have chosen a selection of these for our learners to access.
Why not start with: TC251 Managing Assets -v- Asset Management which is an easy read which provides a clear understanding of the difference between managing assets and Asset Management.
There are several documents that provide guidance relating to the international ISO standard in Asset Management ISO 55000.
• ISO 55000 specifies the overview, concepts, and terminology in Asset Management.
• ISO 55001 defines the requirements for a management system for Asset Management.
• ISO 55002 provides interpretation guidance for such management system.
At the back of each of these publications is a bibliography providing more links to useful reading documentation: iso.org/standard/55088.html
The above were written in 2014 and are now being reviewed, there has also been further guidance added:
• ISO 55010 Guidelines for the alignment between financial and non-financial Asset Management functions
• ISO 55011 is in development, provides guidance on Asset Management Policy for Government
The guidance documents have been developed by members of the Technical Committee who are working in the field. The best place to start is: https://committee.iso.org/home/tc251 where newly released information and other relevant links can be easily found.
A newly published guidance document for developing public policy on good Asset Management can be found at:
There is a great deal of supporting information available from the Institute of Asset Management’s website and much of this is free to access at:
It is important to read the IAM Asset Management Anatomy (https://theiam.org/knowledge/asset-management-an-anatomy/) which is referred to by many as the “Asset Management Bible”. Other documents include the Asset Management Landscape GFMAM which promotes the common global approach to Asset Management. The IAM has produced subject specific guidance to further develop this framework. These can all be viewed by going to above link.
There have been many HEJ articles published in 2014/15 that explored the lessons learnt from the development and implementation of an Asset Management framework and global roll out, bringing to the fore potential implications and benefits of such an approach could bring for the NHS.
• October 2014: ISO 55000 promotes a ‘joined-up’ approach.
• February 2015 ISO 55000: Creating an Asset Management System
• May 2015: Improving confidence to manage assets.
There are some key challenges that we as a society face in relation to sustainability and the environment. Take a look at what role asset management plays here:
There are a series of Subject Specific Guidance, SSG’s, published by the IAM which allow you to explore in more detail the 39 subjects in the Asset Management Anatomy. Put SSG into the IAM website search engine to see more about the work on SSG’s.
There are some great webinar recordings which are added to regularly and you can access some of these free of charge at:
Global Forum on Maintenance and Asset Management (GFMAM)
Go to: http://www.gfmam.org
ISO technical committee paper
Integrating Natural Assets
Read the Asset Wisdom Sodexo Case Study here.
Watch Asset Wisdom’s discussions with asset management industry thought leaders here.
• Visser JK and Botha TA Evaluation of the importance of the 39 subjects defined by the Global Forum for Maintenance and Asset Management. South African Journal of Industrial Engineering 26(1): 45-58
• Liu J, Love PE, Smith J, Regan M and Davis Pr (2015) Life Cycle Critical success factors for public-private partnership Infrastructure projects. Journal of Management in Engineering 31(5); 04014073
• Assets Magazine Feb 2019 optimising the Dialysis Day, Anna Will, and David McNaught.
• International Case studies in Asset Management edited by Chris Lloyd available from ICE