Standards Development

Scope

Guidance on developing, implementing and maintaining an asset management decision-making framework in the context of the ISO 55000 series, including the organizational architecture required and the criteria to be used for decisions.

The Guidance will replace ISO 55002:2028 (Annex D).

Purpose

This project will provide guidance for developing, implementing and maintaining an organizationally appropriate asset management decision-making framework.

Reliable decision-making is fundamental to the application of ISO 55000/1/2. Whilst ISO 55002:2018 incorporates an informative annex on asset management decision making (Annex D) in the context of ISO 55001:2014, additional detailed guidance would enable users of the standard to apply the standard more effectively and derive increased benefit from it.

ISO/ DIS 55001 includes new sub-clauses on asset management decision-making (see all of clause 4.5: Asset management decision-making and value). Specifically, clause 4.5.1 states, "The organization shall establish and apply a framework for defining and determining value and asset management decision-making for the realisation of value.” This requirement, combined with the need to consider risks and opportunities in the decision-making framework, increases the need for guidance beyond the current 55002 contents. It is anticipated that the level of detail required in the guidance will extend beyond incorporating a longer version of Annex D to IS0 55002:2018 when it is revised.

Asset management decision-making is the practical culmination of much of the contents of the 55000 series; people take action to implement asset management, which requires decisions. Decision-making is bound by the value an organisation is striving for, its risk acceptance and the resources available to it. Decision-making in asset management is particularly bound by assets for which value creation changes over time with a potential for increased risk when not managed closely.

The 55000 series provides extensive information about what organizations need to consider in establishing and implementing a management system for asset management, but little detail about how decisions should be taken to achieve this. It is this gap that the additional guidance seeks to fill, providing insight by contextualising risk management in all layers of the organization for sound decision-making.

Stakeholders

Stakeholder groups affected by this guidance will be any organization which is engaged in the implementation of the ISO 55000 series or is simply seeking to align with it. This includes small and medium-sized enterprises. The guidance will include advice and examples which relate to varying sizes of organizations.

Benefits

The benefits of this additional guidance are as follows:

1. Value realization for organizations: by providing guidance about how organizations can identify and deliver value through their decisions;

2. Societal: by providing information about how to incorporate social and environmental value into decision-making in addition to economic and service factors:

3. Technological: by providing guidance and example decision-making frameworks which could support the development of decision support technology within organizations.

 Impact on existing work

1. Retention and expansion of TC251 Task Group 2 which was created to develop this NWIP;

2. Alteration of ISO 55002:2018 to accommodate this guidance when the 55002 document is revised.