Developing an Asset Management Policy and Strategy

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What is it all about?

ISO 55000: 2014 states that an organisation should develop an asset management (AM) policy as a statement of the intent and the principles by which it will apply AM to achieve its organisational objectives. It also states the need for an AM strategy which defines the strategic initiatives required to achieve the organisational objectives.

This 2-day training course unpacks the somewhat obscure requirements of ISO 55000 in a clear and practical way. Learners gain understanding about what the different terms and definitions mean in the context of their organisation. Armed with this vocabulary, learners will learn a structured methodology to develop an AM policy, with a clear line of sight to organisational objectives and stakeholder expectations. This is followed by a practical process to develop an effective AM strategy, consisting of the strategic initiatives to address the gaps highlighted by a focused 3-pronged assessment exercise.

Throughout the course, an international case study is used to illustrate the application of the principles and processes. There are also frequent references to the requirements of ISO 55000 and the relevant subjects in the AM Landscape. Regular discussions and exercises allow learners to get to grips with the material and learn from their peers. This ensures they return to their organisations with the ability to facilitate the strategic AM planning process.

This course is aligned with the GFMAM’s AM Landscape, with a specific focus on the following subjects: AM policy, AM strategy and objectives, strategic planning, demand analysis, AM leadership and stakeholder engagement.

Who should attend?

Senior managers in asset intensive organisations
Technical/Operations directors
Asset managers
Maintenance managers
Production/Operation managers

What makes it different?

This training course is based on proven methodologies and industry best practices to provide learners with:

an understanding of ISO 55000’s requirement for strategic AM planning
a clear picture of what a good AM policy and strategy should look like
a structured process to develop an AM policy with a clear line of sight to the organisational objectives
a structured process to develop an AM strategy to close the gaps in asset performance, the AM system maturity and asset capacity/condition
an understanding of the benefits, pitfalls and key success factors of effective AM strategic planning  a real life case study of a large utility’s AM strategic planning journey with examples of their documents

Course outline and expected outcomes

Concepts and Definitions

Learners are provided with definitions of the relevant concepts and requirements for AM strategy planning which include:

assets, asset management and asset management systems
ISO 55000: 2014
AM Landscape and its 39 Subjects
The IAM’s Anatomy of AM
the AM strategic planning process
an AM policy and AM strategy

Developing an Asset Management Strategy

This module covers the consolidation and phasing of these initiatives into an effective AM policy:

consolidation of strategic initiatives
prioritisation of these initiatives, using three basic criteria
documenting the AM strategy according to a structured format
developing a visual AM road map

Examples of actual AM strategies are evaluated against these criteria.

Deploying Organisational Objectives into AM Objectives

This module gives a structured process to deploy an organisation’s strategic objectives into AM objectives as the basis for the AM policy and strategy:

understanding “line of sight”
deploying financial objectives
translating stakeholder requirements
addressing asset-related risks
complying to relevant legislation and regulations

Implementing the AM Strategy Successfully

This module describes an effective process to implement the AM strategy. Concepts covered are:

technical plans for critical asset types and asset systems
plans to implement the AM system
selecting and deploying AM KPIs to measure the success of the strategy
governance structures to monitor progress and success
change management and the role of leadership as a key success factor
benefits to be expected

Developing an Asset Management Policy

This module defines the structure and content of a good AM policy which include:

an appropriate framework for AM
the link to AM objectives
the policy as a statement of intent
the policy as guiding principles
management commitment
the ideal layout of an AM policy

Examples of actual AM policies are evaluated against these criteria.

Network Rail Case Study

Each module is contextualised by the Network Rail journey from taking over a failing rail network to being one of the leading AM organisations in Britain. Their AM policy and strategy are reviewed with each topic to apply the learnings.

Defining Strategic AM Initiatives

This module covers the identification of strategic AM initiatives which will form the content of the AM strategy, covering:

the AM strategy planning process
current performance and initiatives to reach the performance targets
the AM maturity assessment and initiatives to achieve the AM policy
the current capacity/condition of assets and initiatives to satisfy future demand
initiatives to address asset-related risks
consideration of technological opportunities and applicable legislation/regulations