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When considering the Scope of ASSET MANAGEMENT it is best to start with the
Basics – What does Each Term Mean?
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of an Organization to
Coordinated Activity
of an Organization to
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Planning, Organizing,
of an Organization to
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Effective leaders can influence company personnel to view situations from their
Management perspectives. Leading also involves the direct supervision of
employees work associated with accomplishing objectives and goals at specified
deadlines with optimal resource allocations.
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The fundamental materials that appear in the ISO 55K Standards have their
origins in a Publicly Available Specification - PAS 55 - that was developed by the
Institute of Asset Management. IAM is a UK Not-For-Profit Professional Body for
those involved in Acquisition, Operation and Care of Physical Assets. (Ref 6)
To appreciate the breath and depth of the ISO 55K Standards and their future
application in international Commerce, it is instructive to consider the Evolution
of the ISO 55K Standards. The Evolution Period features the efforts of two
professional bodies - one national (UK) and one global - over a development
period of TEN years and comprises the combined efforts of many dedicated
volunteers involved in Asset Management activities around the globe.
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To study the Evolution of ISO 55K STDS, we ask the following questions:
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released in both English and Spanish versions on Dec 2008 together with
companion instructions for conducting a company self-assessment against the
specification. (Ref 6)
ISO Project Committee 251 held its First Meeting in Melbourne in 2011; a Final
Meeting was in Calgary in 2013. Six years after the PAS55:2008 document was
issued, three International AM Standards documents (ISO 55000/1/2) were
published by ISO in London in 2014. (Ref 7)
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The Main Contents of the ISO 55K Standards documents present a total of 39
SUBJECTS that must be considered when applying for Certification of an
Organization to the ISO 55K Standards. The extent of the subjects indicates the
breadth and depth of the corporate management actions that must be
undertaken to accomplish the full application of an ISO 55K regimen over the
lifecycle of an asset.
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t is instructive at this point to note the 6 GROUPS that appear in the ISO 55K
STANDARDS incorporate the FOUR PRIME FUNCTIONS OF MANAGEMENT:
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The Companies listed below are a Sample of the Global Entities that have been
CERTIFIED to the ISO 55K STANDARDS: (Ref 9)
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SUMMARY
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REFERENCES
1. https://en.wikipedia.org/wiki/Asset
2. https://simple.wikipedia.org/wiki/Value
3. https://simple.wikipedia.org/wiki/Management
4. http://smallbusinss.chron/four-basic-functions-make-up-
management-process-23852.html
5. https://en.wikipedia.org/wiki/Institute-of-Asset-Management
6. https://en.wikipedia.org/wiki/ISO_55000
7. https://www.iso.org/committee/604321.html
8. https://theiam.org/what-is-asset-management/anatomy-asset-management
9.https://committee.iso.org/sites/tc251/social-links/resources/
success-stories.html
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