Basic Principles of Asset Management, PAS 55 & ISO 55000 Maximising Returns from Capital Investments

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Organisation profile

We provide Asset Optimisation and Compliance through People. We work with people to implement and carry out maintenance and asset management and also to optimise performance. We believe that it is people that make things work and only through training people and supporting them is anything sustained and improved. It isn’t easy, but it works. We can help you implement lasting improvements, improve your competitive position and meet regulatory compliance. Our customer portfolio spans the life sciences, food & drink, engineering, utilities and manufacturing sectors.

Training aim

This 3 day workshop is designed to be a hands-on, stimulating experience. The program is highly interactive with many discussion and facilitated practice sessions. Key points will be emphasised with case study examples. There will be a combination of presentation sessions and workshops during this programme.

Learning objectives

Asset management is vitally important for all capital intensive industries which rely on cost effective and trouble free operation of their plant and equipment in order to deliver products and services to their customers. Every organisation carries out asset management – the key question is how well is this done? Typically asset management is inherently a cross-functional activity involving aspects such as new project design, commissioning, operation & maintenance. Getting the right dialogue taking place between these groups is necessary so that joined up thinking takes place and the life cycle costs of assets are minimised.
This course discusses in depth the key features involved in asset management throughout the life cycle of equipment. Best practices drawn from a range of different industries are introduced. In addition, the skills, attitudes and competencies necessary for effective asset management are fully discussed. The latest tools and techniques are introduced and explained with a minimum of jargon so that delegates can see how to use them in their situation. The asset management standard PAS 55 is introduced and reviewed. The link between its sections and important aspects of asset management which have been discussed is highlighted. Where to obtain further information about the standard and how to assess one’s organisation against it are discussed.                                                                                                

Course outline

The following aspects are covered in a straightforward way:
Life cycle costing advantages and issues
Asset policies & strategies derived from the business plan
Formulating effective asset management plans and ensuring  that they are carried out
Continuous improvement and the learning organisation
Learning objectives
At the end of this course, delegates will be able to make a substantial, positive impact on the asset management best practices within their organisation, specifically:
A step-by-step guide to asset management - starting with foundations and building up to best practice 
A solid understanding of  best practice techniques for achieving effective asset management
An understanding of a range of technical and human risks associated with asset management and how they can be mitigated
The ability to design a tailored asset management improvement plan for their organisation which tackles the major risk areas
A practical approach to developing an action plan to utilise these technologies in their own areas of responsibility, fitting them into the overall asset management strategy, and measuring benefits

What is asset management & why is it important?
The role asset management can play in delivering organisational strategy & objectives
The relationships between asset management policy, strategy & plans
Principles of whole life costing
Main advantages of an asset management approach
Information required for asset management plans
The main stages of the asset management life cycle
The differences between policies & strategies & their importance?
Examples of regulations & stakeholder interests which may affect decommissioning / disposal decisions
Implementation & monitoring the effectiveness of an asset management strategy
Description of what an asset management organisation needs to know in order to manage risk
Examples of the legal, regulatory, ethical and social requirements likely to affect asset management planning
Strategies, Plans & Organisation
The relationships and difference between strategies & plans
The principle of asset whole life costing & useful performance indicators
Main components of a business case for investment & for tracking benefits
Structure, roles, responsibilities, reporting lines and culture of an organisation
Performance management and career paths in asset management
Examples of how asset management affects user requirements for goods and services
How asset management affects, maintenance, renewal and disposal of assets?
Assessing asset condition and performance
Options for extending asset lives
Evaluation of options for risk control, life extension, disposal or decommissioning
The main types of asset risk and how they can be mitigated
Performance Management & what the organization needs to know
Framework, tools, IT systems and behaviours required for continuous improvement
Asset Management Standard PAS 55 & ISO 55,000
Development of the standard & its key features
Assessing performance against it
Demonstration of an assessment tool
The competency framework
Development of an ISO standard for asset management
The aims & objectives of the Institute of Asset Management
How to contact it
PAS 55 is just the start
Continuous performance improvement

Summary & conclusions

Trainer's profile

Paul Wheelhouse BSc (Hons) C.Eng. MIEE:
For the past 10 years Paul has been engaged in Maintenance & Asset Management consulting. This has involved identifying solutions for clients to enhance their return on assets through improved equipment reliability, reduced working capital and effective use of resources. His assignments have been across a multitude of industries located around the world & regularly makes contributions to maintenance conferences and maintenance-related publications.

Paul is a Chartered Engineer, a member of the Institution of Electrical Engineers, a Council member of the Institute of Asset Management and an associate member of the Institute of Management. He is also a visiting lecturer at the University of Manchester in the UK where he lectures on maintenance for MSc and MBA programmes.

Course duration

Three Days

Assessment & certification

See above

Who should attend

It is highly recommended that professionals who are involved in any aspect of asset management should attend this course. This would include staff from: 
Project, Design & Asset Management 

Reliability Engineering & Technical Support