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

Course 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.


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.                                                                                                

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:

  1. A step-by-step guide to asset management - starting with foundations and building up to best practice 
  2. A solid understanding of  best practice techniques for achieving effective asset management
  3. An understanding of a range of technical and human risks associated with asset management and how they can be mitigated
  4. The ability to design a tailored asset management improvement plan for their organisation which tackles the major risk areas
  5. A practical approach to developing an action plan to utilize 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
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 
  • Operations
  • Reliability Engineering & Technical Support


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.


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