ISO 55000: Here’s a Book Worth Reading

In addition to its contents, the extensive index makes this book a valuable resource for those working with ISO 55000.

Scanning the Internet, as I so often do for news and views on asset management, including as it applies to ISO 55000, I recently came across a book titled Physical Asset Management, 2nd Edition, by Nicholas Anthony John Hastings (Springer Intl. Publishing AG, Basel, Switzerland.) As the article headline notes, it’s very much “a book worth reading.”

In it, the Melbourne, Australia-based author has leveraged his 50-yr. career in engineering-asset management to produce a 540-page volume that can serve as a textbook, a reference book, and a comprehensive introduction to ISO 55000. As its 29 chapters unfold, this asset-management body of knowledge weaves in crucial footnotes that reference specific ISO 55001 clauses. The final chapter provides a cross-referenced introduction to ISO 55000:2014.

Specifics

Personnel at any level and at any point on an asset-management journey—be they new to the field, experienced end users, consultants, or suppliers to industry—will find value in this well-designed, easy-to-use reference. Geared to answer many common and not-so-common questions, the book’s major sections include:

• General Introduction
• Acquisition and Development of Assets
• Managing In-Service Assets
• General Management Considerations
• Technical Areas
• Financial Analysis
• ISO 55000 Standard

But don’t be fooled about the quality and comprehensiveness—or possible lack thereof—of a technical book with only seven sections. Hastings’ amazingly thorough table of contents spans 23 pages. This, along with a finely detailed index, help make the book an outstanding resource for physical-asset-management aficionados of all stripes.

Individuals who are just embarking on asset-management journeys will find the author’s examples from a variety of industries to be quite useful. Each of the chapters ends with self-assessments and case exercises, based on a number of industrial settings, that support readers in refining their knowledge.

Remember, though, the subject of asset management is not new. Its already huge worldwide body of knowledge is growing rapidly. The first edition of Hastings’ book was published in 2010. As reviewed here, the second edition’s updating and cross-referencing to ISO 55001 clauses in 2014 benefits readers in two ways: specific footnote references and summary cross-reference figures and/or tables in the final chapter.

Among other things, a section outlining a Strategic Asset Management Plan (SAMP), as described in ISO 55001, clause 4.4, provides some particularly important insights. The Functional Gap Analysis in Chapter 29 offers a means for organizations to compare their current asset-management systems with those specified by the clauses in ISO 55001.

If you’re someone who wants to learn more about and keep abreast of issues related to ISO 55000, I highly recommend Physical Asset Management, 2nd Edition, by Nicholas Anthony John Hastings.

Whether you’re a top manger, department leader, practitioner, or student of the topic, consider this publication to be a must-have for your asset-management library. It’s available through most major online booksellers or by downloading directly from the publisher. For more information, visit springer.com.