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• Asset Managament - The process of organizing,planning,monitoring and controlling activities undertaken on or by assets to capture its value based on the potential for the organization and its stakeholders. its the process that aims to plan the acquisition, set policies used by the organization efficiently and effectively manage its assets. Asset Management its based on a set of fundamentals ,Value, Alignment,Leadership and Assurance,
• Value- Assets exist to create value, the value of an asset for a organization is determined by the organization context and its objectives , Assets management does not focus on the asset its self but on the value that the asset can provide to the organization on the pursue of achieving its objectives which include >
• - A clear statement on how the Asset Management objectives align with the organization objectives
• - The use of life-cycle approach to realize value from its assets
• - The establishment of a decision making process that reflects the organization stakeholder value and needs defined
• Alignment- Asset management translate the organizational objectives into technical and financial decisions
• Asset management decisions (Technical,financial,operational) collectively enable the organization to achieve its objectves.
• Asset management system includes
• - The implementation of risk based and information driven decision-process and activities that transform organizational objectives into Asset management plans.
• -The integration of the asset management process with functional management process such as Finance, Human resources,Logistics,Information system.
• - The implementation of a support system for the Asset management.
• Leadership - Leadership and workplace culture have a major influence on the realization of value, commitment from all managerial levels is essential to realize value and establish an effective Asset management system .
• -This include
• - Clear defined roles,responsibility and authorities
• - Ensuring that employees are aware competent and empowered
• - Ensuring continuous communication between Top level management and employees
• Assurance- Asset management gives assurance assets will fulfill they designated purpose. Assurance arises from the need for an organization to effectively manage its assets
• -Assurance arises from the need of guaranty and surety that assets will fulfill the designated purpose.This include
• .1-Developing and implementing processes that connect the required purpose and performance of assets to the organizational objectives
• .2-Implementing processes of assurance across all life cycle stages.
• 3-Implementing process for monitoring and continual improvement.
• 4-Providing necessary recources and competent personall for the asset management system.
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ISO 55001