Overview of PAS 55 - the business benefits

Asset management is a set of systematic & coordinated activities and practices through which an organization optimally manages its physical assets and their associated performance, risks and expenditures over their lifecycles for the purpose of achieving its organizational strategic plan. PAS 55 provides a good framework as the basis for good asset management practice. PAS 55 provides a framework for what to do and why for AM and ties it into the strategic business plan - it does not prescribe how. It is deliberately generic and requires interpretation for application