Standards provide guidance and requirements checklist of good practices in managing physical asset management and are equally applicable to public and private sector, regulated or non-regulated environments.

PAS 55 is one of such Standards that is getting a lot of interest and showing promise to become a defacto world-wide specification for any organizations seeking to demonstrate a high level of professionalism in whole life cycle management of their physical assets.

The standard is split into two parts:

  • Part 1 - Specification for the optimized management of physical infrastructure assets
  • Part 2 - Guidelines for the application of PAS 55-1

It is also accompanied by a comprehensive Competencies Framework for asset managers.

The standard was originally produced in 2004 by a number of organizations under the leadership of the Institute of Asset Management. It has recently undergone a substantial revision with 50 participating organizations from 15 industry sectors in 10 countries. PAS 55:2008 was released in Dec 2008 along with a toolkit for self-assessment against the specification.