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ISO 55000 Significantly Expands the Meaning of Assets

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Original date: 
Thursday, September 19, 2019

One of the main developments in ISO 55000 is the expansion of the meaning of "asset" to include assets that are not plant and equipment assets (e.g., human, knowledge, or reputation assets). This aspect seems to be understated somewhat in explaining what's new in ISO 55000. To better understand the expanded asset concept in ISO 55000, this presentation will explain the "three axes model of assets"; demonstrate its application by contrasting two cases (plant and equipment in a nuclear plant vs. human assets in a nuclear plant); and explore knowledge assets in a professional trade organization (e.g., PEMAC). We'll suggest how professional trade organizations (like PEMAC) might manage their knowledge assets, which actually include both content (knowledge) and trainers (human). The results are twofold: an enhanced awareness of non-traditional assets in ISO 55000 and a basic proposed plan for a knowledge-based professional organization to manage its assets in keeping with ISO 55000.

BoK Content Source: 
MainTrain 2019
BoK Content Type: 
Presentation Slides
Presentation Paper
Asset Management Framework Subject: 
00 Asset Management - General, 02 Asset Management Decision Making, 2.00 Asset Management Decision Making General, 03 Lifecycle Delivery, 3.00 Lifecycle Delivery General, 05 Organization & People, 5.00 Organization and People General, 5.03 Organizational Structure, 5.05 Competence Management
Author Title: 
Owner, Instructor
Author Employer: 
Retired, Self-employed
Author Bio: 

Ron Gavrin is retired from a 30-plus-year career as an engineer and MBA in various industries—electrical, utility, paper, mining, and petroleum. Most of his career was spent in the nuclear sector with Ontario Hydro (OPG), where he worked as the business superintendent and project controls manager for major nuclear projects in Darlington, Ont., and he has implemented programs in business risk management and nuclear system long-term planning (i.e., strategic asset management). He now teaches project management, risk management, asset management, engineering management, energy management, and cost engineering at various institutions in Toronto.