Feature Article: Gearing Up For ISO 55000: Making Optimal Decisions For Your Assets

September 18, 2014 Boudewijn Neijens

Gearing Up For ISO 55000: Making Optimal Decisions For Your AssetsIn a world of aging assets and limited financial and human resources, companies often struggle to decide which asset-related capital projects should get the most attention. Managers are required to compare vastly diverging project justifications and must somehow decide which projects bring most value to the company. The new ISO 55000 standard clarifies some of the principles, but doesn’t help you select or apply a methodology. This article explores how combining asset failure risk evaluations with a well-defined corporate value function can lead to optimal decision making.

This article was featured in the August 2014 issue of SMRP Solutions.

 

About the Author

Boudewijn Neijens

Boudewijn is the CMO at Copperleaf, a Board Member of the Institute of Asset Management, and Chair of the Canadian committees for the International Organization for Standardization (ISO) on asset management and the International Electrotechnical Commission (IEC) on managing electrotechnical assets.

Follow on Linkedin Visit Website More Content by Boudewijn Neijens
Previous Article
Guest Post:  ISO 55000 — The Latest Developments
Guest Post: ISO 55000 — The Latest Developments

As awareness of ISO 55000/1/2 grows, more are seeking to learn: What is it? Why do we have it? What’s in it...

No More Articles