Balancing value, risk and cost across the asset life cycle
Compare acquisition, operation, maintenance, renewal and disposal as connected decisions. A saving at one stage can create different costs or risks at another.
MANAGEMENT SYSTEMS
Look across the whole life cycle
Compare acquisition, operation, maintenance, renewal and disposal as connected decisions. A saving at one stage can create different costs or risks at another.
Balance value and risk
Use the organisation’s objectives and decision criteria to weigh performance, risk and cost. The lowest purchase price alone does not demonstrate the best asset-management decision.
Retain the evidence behind choices
Link plans to condition, failure, maintenance, cost and performance records. Review assumptions when the asset or operating conditions change and document the reason for revising a decision.
Updated
A sound start verifies the real activity and applicable requirements before the service name.
ISO 55001 Asset Management SystemPrimary sources reviewed for this article