Best Practices for Asset Management

Are terms like ‘best practice’, ‘world class’, ‘operational excellence’ mere management level jargons, loosely bandied about as buzzwords or are these definable and quantifable with clearly laid out road maps ? If so, then measurable parameters have to be set to know what is the current level or status of an organization and where it has to reach in its path towards ‘world class’. Obviously, all these terms would necessarily mean the right practices to get the best out of one’s assets.
The authors, who are from the 249 year old Lloyds’ Register Group, reputed for its knowledge in Risk & Asset Management, have explained in this article, the application of the British Standard – PAS55, which defines the framework for development of asset management and the APM (Asset Performance Management) approach, which together provide an integrated suite designed to improve the performance and profitability of capital assets.