Free GFMAM Tools for learning about relevant Asset Management indicators
In November 2021 the Global Forum on Maintenance and Asset Management (GFMAM) published a document, Criteria for Evaluating Asset Management Indicators, which identifies objective criteria and a methodology to assess whether a particular indicator is relevant to Asset Management. The methodology considers whether the indicator aligns with the 39 subjects of Asset Management (ref: The Asset Management Landscape – Second Edition, GFMAM) and whether it reflects the 9 benefits of Asset Management highlighted in the ISO 55000 standard (cf. ISO 55000: 2014 Asset management - Overview, principles and terminology, pages 1-2).
Aligned with this validation model, is an online tool which measures the relevance of an indicator to the principles and benefits of Asset Management actions and projects.
The online tool asks the user to consider a specific indicator of their own choosing and then answer 40 questions to determine whether this indicator would be valid for assessing progress in Asset Management. Below is an example of the emailed results the user receives upon answering the questions:
The paper and associated tool are provided by the GFMAM free of charge as part of an invitation to practitioners to engage in an ongoing project to develop and assess relevant Asset Management metrics. The project team will analyze and publish report(s) of the collated data on a periodic basis with the goal of continuously improving the tool and advancing the global discussion on the relevance of various Asset Management indicators.