Asset Management is the management of (primarily) physical assets (their selection, maintenance, inspection and renewal) plays a key role in determining the operational performance and profitability of industries that operate assets as part of their core business.
Asset management as defined in BSI PAS55: 2008( the British Standard's requirements specification for the optimal management of physical assets ) “systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their lifecycles for the purpose of achieving its organizational strategic plan.”
The function and performance of its physical assets in the delivery of services to customers is fundamental to the value delivered by Mazoon and is significantly influenced by the effectiveness of the stewardship of these assets. The strategic decision has been taken to implement a best practice integrated AMS that is aligned with the requirements of PAS 55 and ISO 55000, an emerging international standard for asset management. The AMS is a whole of business system that involves the development and alignment of asset management procedures, processes, strategies and plans with organizational outcomes thereby improving customer reliability and fully meeting Mazoon’s compliance obligations. The AMS supported by the implementation of best practice AM software and a heavy emphasis on developing internal AM capacity and capability.