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ISO 55001 -A PROPOSAL FOR A STRATEGIC ASSET MANAGEMENT PLAN

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Proceedings M2D2022 - 9th International Conference on Mechanics and Materials in Design
Funchal/Portugal 26-30 June 2022, Editors J.F. Silva Gomes and S.A. Meguid, pp.577-590
https://paginas.fe.up.pt/~m2d/proceedings_m2d2022/

PAPER REF: 18294

ISO 55001 – A PROPOSAL FOR A STRATEGIC ASSET

MANAGEMENT PLAN
E. Pais1,2(*), J.T. Farinha3,4, A.J.M. Cardoso1, H. Raposo2,3,4
1
CISE - Electromechatronic Systems Research Centre, University Beira Interior, Covilhã, Portugal
2
Industrial Engineering and Management, Univ. Lusófona de Humanidades e Tecnologia, Lisbon, Portugal
3
ISEC, Coimbra, Portugal
4
CEMMPRE, Coimbra, Portugal
(*)
Email: edmundopais@gmail.com

ABSTRACT
Asset management has its principal function to realize value from assets, in order to obtain a
major value; the Strategic Asset Management Plan (SAMP) needs to clearly have a set of
processes in order to realize the value expected - Asset management deals with different areas
and must have a clear way to communicate inside and outside the organization because every
sector is important in the whole. However, it is strategic to evaluate periodically the
effectiveness of the SAMP, what can be done through a well-designed scoreboard supported in
adequate Key Performance Indicators (KPI), that works synchronously with SAMP. This
approach adds value when compared with other approaches that can be found in the state of the
art references.

Keywords: ISO5500x, asset management, PAS 55, SAMP, KPI.

INTRODUCTION
What is the Strategic Asset Management Plan (SAMP)? Why is it so important? The SAMP is
a set of documented information that specifies how organisational objectives must be converted
into Asset Management objectives; the approach for developing Asset Management plans, and
the role of the Asset Management System (AMS) supports its achievement in the Asset
Management objectives; so, without a well-designed and easy to implement SAMP, it is
impossible to implement an AMS.
Trindade et al. stat that Asset intensive organizations have been adopting internationally
recognized asset management principles towards the realization of value from their asset base
[1].
Asset Management (AM) involves balancing costs, opportunities, and risks with the desired
performance of assets to achieve organizational goals. It also allows the application of analytical
approaches to manage the assets at different stages of its life cycle. Asset management is the
art and the science of making the right decisions, optimizing the value delivered. A common
objective is to minimize the cost of living of assets; but, there may be other critical factors, such
as risk or business continuity, objectively considered in this decision making [2].
The SAMP must consider the Return on Assets (ROA), to evaluate the AMS (Formula 1).

= (1)

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The ISO 55002:2018 states that the fundamental purpose of the SAMP is to:
• translate organisational objective into strategic AM objectives;
• document the role of the assets, AM and the AMS in supporting achievement of the
organizational objectives;
• guide the approach for developing Asset Management Plans (AMP) and the AMS,
applying an AM policy;
• document the decision-making criteria to realise value;
• present a consolidated plan at the portfolio level for achieving the strategic AM
objectives;
• present a plan for creating and improving the AMS;
• have an overview of the organization's context, i.e., external and internal issues,
stakeholder needs and requirements and a summary of the organisational plan;
• know how the assets contribute to the organisation's activities;
• know how the AMS enables coordination, control, performance measurement, review
and continual improvement;
• have a high-level overview of the composition of the asset portfolio;
• have Strategic Asset Management objectives (e.g. at portfolio-level) and to know how
these are cascaded down to the lower levels;
• approach for implementing the asset management policy;
• have an Asset Management decision-making criteria;
• define the scope of the AMS;
• approach for achieving the strategic asset management objectives;
• have an asset portfolio-level plan, and the associated financial plan, to achieve the
strategic asset management objectives;
• have plans for creating or improving the AMS to achieve the AM objectives;
• have an approach for monitoring progress in implementing the SAMP.
The implementation of ISO 55001 will bring an umbrella over a series of areas which, in many
cases, were managed independently, without any integration among them; however, without
this integration, the conflicts among the areas were not considered, causing occurrences that
had not been taken into account and, sometimes, the risks associated [3].

ASSET MANAGEMENT
ISO 55000:2014 defines asset management as the “coordinated activity of an organization to
realize value from assets” [4], so what are the assets, and how their value is determined? ISO
55000:2014 states that “the value (which can be tangible or intangible, financial or non-
financial) will be determined by the organization and its stakeholders, in accordance with the
organizational objectives” [4]. The concept of value used on ISO 5500x family are [5]:
• value generation (benefits from use, ownership or custodianship of assets);
• value determination (such as valuation of assets or the organization, for example, the
sale price of the asset or organization, if it is sold);
• values (principles that guide an organization’s internal and external conduct).
When specifying value, it can vary even within the organization, depending in its stakeholders,
that is because for some the organization’s value is considered in function of their risk exposure,
and return on investment, as customers are also stakeholders when defining value, their interest
relates to the price-benefit, or value for money, as well as the relationship between themselves

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and the organization. Finally, other stakeholders, such as regulators or groups, or the
community at large, can consider another aspects of value derived from the assets, such as
reductions in occupational health and safety incidents (or risk of them occurring), or
environmental protection or improvement [5]. In short, the value must be deeply linked to the
organization's objectives and, on other hand, the asset management objectives need to be
aligned with the organizational objectives (Figure 1).

Fig. 1 – Relationship of ISO 55000 and ISO 55001 references to value, objectives and decision making [5].

When determining the value of assets over their life cycle, it is important to have information
over the different stages of their life. In Figure 2, Farinha [6] presents the stages of a physical
asset life cycle from the moment where the organization make a decision about acquisition till
the Renewal/Withdrawal.

t1 - Decision about acquisition

t2 - Terms of reference
t3 - Market consultation
t4 - Acquisition
t5 - Commissioning
t6 - Starting production/maintenance
t7 - Economic/lifespan issues
t8 - Renewal/withdrawal

Fig. 2 – Stages of a physical asset life cycle [6].

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Farinha et al. [7] present the concept of Life Cycle Investment (LCI); this is a transition from
the Life Cycle Cost (LCC), what represents a change in the concept of cost, which is
traditionally assumed to be a loss. When investing on assets, a question must be made: the value
of the asset will increase? This increase can be seeing in different ways, such as a reduction of
product rejection or an increasing product production on manufacturing; in other hand, it can
be done a renewal that can extend the life cycle of the asset that will bring more return.
Pais et al. [8] introduced the Integrated Life Cycle Assessment Method (ILCAM), where
investments, such as maintenance, technology, sustainability, and technological upgrades, are
integrated to propose a means to evaluate the LCI; those are compared with tradicional methods
such as Uniform Annual Income Method (UAI), the Minimizing the Total Average Cost method
(MTAC), and MTAC with Reduction to the Present Value method (MTACM-RPV) [9] [6].
This new method evaluate asset depreciation, but, when investment is made, the value of assets
increase.
Econometric models can be an excelent tool to evaluate asset life cycle inside each asset
management plan as part of the Strategic Asset Management Plan in the Asset Management
System, Figure 3.

Fig. 3 – Vertical alignment of objectives [10].

STRATEGIC ASSET MANAGEMENT PLAN

When planning to implement Asset Management, there are seven requirements (Figure 4) to be
accomplished:
i. Context of the organization;
ii. Leadership;
iii. Planning;
iv. Support;
v. Operation;
vi. Performance evaluation;
vii. Improvement.

The Strategic Asset Management Plan (SAMP) is part of the requirement related to the Context
of the Organization, and must be aligned with organization objectives and a holistic view must
be always present; this meaning must incorporate all actions to be taken on the assets, ensuring
that plans and analyses all lifecycle, from cradle to grave. Recent authors, such as Sandy Dunn,

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bring old tools from other research areas such as the concept SMART (Specific, Measurable,
Achievable, Realistic and Timebound) [11][10], reinforcing the need for Asset Management
Plans and objectives to be clear and SMART (Figure 5), bringing upwards the need to clearly
identify and prioritize the actions to be included in plans. By the end, if you do not know where
you are going, any road will get you there [12].

Fig. 4 – Relationship between key elements of an Asset Management System [5].

Fig. 5 – SMART [10].

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The approach to implementing Asset Management Plan (AMP) should be defined in a SAMP,
as documented information that prioritizes, enabling and supporting elements, implementing
operational controls, detailling the asset management objectives and their relationship to the
organizational objectives and the framework required to achieve the Asset Management
objectives, asset capability and performance, as well as the outputs from asset management
activities, establishing realistic and achievable organizational objectives, “two-way” linkage
between the organizational plan and SAMP, developed through an iterative process [5].
When developing a SAMP, there are a set of informatin that needs to be included:
• the context of the organization;
• the expectations and requirements of stakeholders, including stakeholders value;
• the activities that can extend beyond the organization’s routine planning timeframe, and
which should be subject to a regular review;
• the scope of the Asset Management system;
• the financial, human and other resources that are available.

One of the functions of the SAMP should be a high-level plan that:

• translates organizational objectives into asset management objectives;
• identifies and defines the processes the organization uses to establish its asset-related
decision-making criteria;
• guides the development of the Asset Management Plan(s), which should set out the asset
level activities.

The asset management plan(s) can be cascaded into multi-levels in large organizations, or in
organizations with complex asset portfolios. There should be alignment and consistency
among:
• the organizational objectives;
• the Asset Management policy;
• the SAMP;
• the Asset Management objectives;
• the Asset Management plan(s).

So, the purposes of a SAMP are as follows?

• to detail, in documented information, the role of the assets, asset management and the
asset management system in supporting achievement of the organizational objectives,
to provide clarity and direction for everyone in the organization from top management
to delivery teams;
• to translate organizational objectives into strategic asset management objectives and
reconcile these with other strategic objectives, which can have an impact on the assets
and asset management;
• to guide the approach for developing the asset management plans and the asset
management system, while applying the asset management policy to ensure alignment;

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• to document the decision-making criteria that enables the definition of value realization
for the organization and its stakeholders and the coordinated approach for performance
evaluation;
• to present a consolidated plan at the asset portfolio level for achieving the strategic asset
management objectives and linking these to the organization’s financial plans;
• to present the plan for creating or improving the asset management system to ensure the
required capabilities and resources available to achieve the asset management
objectives.

What is the relationship between asset management objectives, SAMP and the asset
management plans?
• the plan for the asset portfolio, that is the high-level activities to be undertaken on the
assets to enable the delivery of organizational objectives;
• the plan for the Asset Management system, that is the enhancement needed for the
processes, resources, and other capabilities necessary for the effective implementation
of the SAMP and the Asset Management Plans (AMPs).
When considereing the contents of the SAMP, the why and what the organization plans to do
in managing its asset portfolio and developing its asset management capability, in order to
enable the achievement of the organizational objectives should be considered as follows:
• an executive summary that gives the key issues, rationale, and highlights of the SAMP
for top management and other key stakeholders;
• an overview of the organization’s context, that includes external and internal issues,
stakeholder needs and requirements, and a summary of the organizational plan;
• the role of the asset management system in enabling the achievement of asset
management objectives and, in turn organizational objectives, described in terms of:
o how the assets contribute to the organization’s activities; for example, in delivering
products and services to its customers;
o how the Asset Management activities realize value from assets in enabling the
achievement of organizational objectives;
o how the asset management system enables coordination, control, performance
measurement, review, and continual improvement;
o the importance of leadership, clarity of roles and responsibilities, culture,
communication, and cross-functional collaboration, including reporting
requirements for financial and non-financial information.
• a high-level overview of the composition of the current asset portfolio and its overall
capability, performance, challenges, risks, and opportunities, while considering future
demand;
• strategic Asset Management objectives derived from organizational objectives - these
should be reconciled with other strategic objectives, such as for safety, environment,
quality, financial, human resources, growth, etc., which can have an impact on assets
and asset management; the approach used in translating the organizational objectives to
Strategic Asset Management objectives should be clearly described;
• strategic Asset Management objectives (for example at portfolio-level) and how these
are cascaded down to lower levels; for example, for an individual asset or a grouping of
assets by asset type, asset class or asset system to enable Asset Management plans to be
developed; these objectives can be both quantitative and qualitative;

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• the approach for implementing the Asset Management policy and, as appropriate, Asset
Management fundamentals, in developing the Asset Management plans and the Asset
Management system;
• the decision-making criteria;
• the scope of the Asset Management System;
• the approach for achieving the Strategic Asset Management objectives collectively at
the portfolio level, to enable the organizational objectives;
• the approach, assumptions, and parameters (for example growth rate, discount rate) for:
o developing asset life cycle plans for an asset type or group of assets covering all
life cycle activities (that is creation/acquisition, utilization/maintenance,
renewal/disposal) and other functional plans (that is capital investment plan, energy
management plan):
o developing asset management plans (which should be detailed in separate
documented information); their structure and interrelationship to achieve the (lower
level) asset management objectives.
• the asset portfolio-level plan, and the associated financial plan, to achieve the strategic
asset management objectives, which would be developed by aggregating and balancing
the various asset management plans through an iterative top-down/bottom-up process;
• critical capabilities of the organization and resources (human, financial and other)
needed to deliver the SAMP (and the Asset Management plans); and plans for
developing new or enhanced capabilities (that is, leadership, people competences,
knowledge, processes, information, technology), including the consideration of asset
management-related risks and financial implications;
• plans for creating or improving the Asset Management System to achieve the asset
management objectives;
• the approach for monitoring progress in implementing the SAMP and its effectiveness
in achieving the Strategic Asset Management objectives, with reference to the
performance monitoring framework, that is detailed in documented information as part
of the asset management system;
• risks, opportunities, assumptions, issues, and dependencies in delivering the SAMP;
risks and opportunities can arise from changes in external environment, lack of
availability of key resources, increase/decrease in costs and timescales, etc.;
• roles and responsibilities for the creation, updating and implementation of the SAMP,
if not given in separate documented information;
• arrangements for the review, update, and improvement of the SAMP; provisions should
include ongoing review of the effectiveness of the SAMP and triggers/periodicity for
updates of the SAMP, if not given in separate documented information.
In order to fulfil requirements, there are tools that can be used (Table 1):
Table 1 – Requirements vs Tools.
Requirements Tools
SWOT, PESTLE, Brainstorming, Checklist, surveys, email, journal, OEE (Overall
Context of the
Equipment Effectiveness), market research, neural networks, five whys, FMECA, GUT,
organization
ABC analysis, Decision-making criteria, Porter's Five Forces
Leadership SWOT, Brainstorming, email, journal, RACI Matrix

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Table 1 – Requirements vs Tools (continuation).

Requirements Tools
SWOT, PESTLE, FMEA, FMECA, HACCP, brainstorming, SWIFT and
Planning
consequences/probability matrices; IEC 31010, ISO 31000

Support SWOT, Brainstorming, email, journal, ISO 31000, competency matrix

Decision-making criteria, Gantt Chart, PESTLE, FMEA, FMECA, ISO 31000, CPM,
Operation
PERT
Performance
FMECA, FMSA, FRACAS, PF, RCM, RBM
evaluation
Ishikawa diagrams (fishbone diagrams), causal tree, fault tree, event tree and logic tree.
Improvement
IEC 62740, IEC 62508. MORT, ICAM, TRIPOD

The presented tools can help to build the AMS and, when needed, can bring a quantitative
information related with AMS performance.

CASE STUDY
The organization which has been studied has not an ISO 55001 certification, but already created
an Asset Management (AM) department aiming to achieve certification. It is a municipal
company responsible for supplying drinking water and draining wastewater in the municipality,
which ensures the distribution and quality assurance of drinking water, as well as the collection
and treatment of wastewater.
Among its assets in the drinking water department, there are the distribution network with all
accessories, pump stations, water meters, and quality monitoring. On the wastewater
department there is the collection network, lift station pumps, sewage treatment plant.
When considering assets, there is a clear need to improve its life cycle, not only increasing but
also ensuring its reliability and availability; on the other side, the importance of reducing
accidents and risk ensuring the safety of populations.
In order to achieve a rigorous LCI, it was compared the Uniform Annual Income Method (UAI)
[6] with the Integrated Life Cycle Assessment Method (ILCAM) [8], as an econometric model
to evaluate the Life Cycle of a given asset, in this case a pumping station (Figure 6).

Fig. 6 – Pumping station.

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Track L: Industrial Engineering and Management

To calculate the Uniform Annual Income (UAI) and determine the best time to replace an asset,
the following data are necessary:
1. Equipment acquisition cost;
2. Cession annual values (calculated according to the above methods or the market
values);
3. Annual maintenance and operation costs;
4. Apparent rate.
To calculate the depreciation value, the exponential method is used. The formula evaluates the
annual cost of depreciation during the equipment’s life according to Equations 2 and 3:

%
= ∗ (1 − # )
$$
(2)

= − (3)

Where,
dj: Annual depreciation quota
II: Initial Investment
N: Time of life corresponding to VCN
VCN: Residual value of the equipment at the end of N time periods
j: j = 1, 2, 3 … n
Vn: Equipment value in period n = 1, 2, 3 … n
The Present Net Value in year n (PNVn) is given by:

+ +,
'( = $$ + * −
(1 + -. ) (1 + -. )
(4)
/0

Where,
II: Initial Investment
Mj: Maintenance in year j = 1, 2, 3, ... n
Fj: Functioning in year j = 1, 2, 3, ... n
iA: Apparent rate
Vn: Value of the equipment over a period n = 1, 2, 3 ... n
The Apparent rate (iA) is given by:
-. = - + -1 + - × -1 (5)
Where,
iA: Apparent rate
iI: Inflation rate
iC: Capitalization rate

The Annual (n) Uniform Annual Income (UAIn) and Return Over Investment (ROI) are given
by:

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Track L: Industrial Engineering and Management

-. (1 + -. )
3 $ = ∗ '(
(1 + -. ) − 1
(6)

,
$=* − $$
(1 + -. )
(7)
/

Where,
ROI: Return Over Investment
II: Initial Investment
CFj: Cash Flow in year j = 1, 2, 3, ... n
iA: Apparent rate
UAIn represents the multi-year period in which the asset should be replaced; this value is
equivalent to a minimum rent at which the equipment would need to be invested annually.
Based on the exponential depreciation method and Uniform Annual Income, a new approach
was devised. In this approach, other investments, such as technological upgrades, technology
depreciation, and sustainability depreciation, are taken into consideration to extend the life
cycle of the asset. This approach is known as the Present Net Value Integrated in year n (PNVIn),
given by:
$+ + $, + 43$ + 45 + 65 + ∑ /0
'( $ = $$ + * −
(1 + -. ) (1 + -. )
(8)
/0

where:
II: Initial Investment
IMj: Integrated Maintenance in year j = 1, 2, 3, ... n
IFj: Integrated Functioning in year j = 1, 2, 3, ... n
TUIj: Technological Upgrade Investment in year j = 1, 2, 3, ... n
TDj: Technology depreciation in year j = 1, 2, 3, ... n
SDj: Sustainability depreciation in year j = 1, 2, 3, ... n
iA: Apparent rate
Vn: Value of the equipment over a period n = 1, 2, 3 ... n
Rj: Residual value of the upgraded part n = 1, 2, 3 ... n
The Annual (n) Integrated Life Cycle Assessment (ILCAMn) and Integrated Return Over
Investment (IROI) are given by:

-. (1 + -. )
$8 + = ∗ '( $
(1 + -. ) − 1
(9)

,
$ $=* − $$
(1 + -. )
(10)
/

Where,
IROI: Integrated Return Over Investment
II: Initial Investment
CFj: Cash Flow in year j = 1, 2, 3, ... n
iA: Apparent rate

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RESULTS
When comparing UAI with ILCAM (Figure 7), the Life Cycle is increased: on UAI the
replacement time occurs on the year seven, while with ILCAM the value still decreasing till the
year 30, and the asset’s ROI is also higher. The results demonstrate the importance of the Life
Cycle Assessment (LCA) when increasing the value of assets.

Fig. 7 – UAI vs. Integrated Life Cycle Assessment Method (ILCAM).

When building a SAMP, one of the main focus is to bring more value from the assets; basically
the SAMP is a strategic plan and should contain tools to help managers to bring value from its
assets and the ILCAM is a decision-making tool to help to achieve it, at same time the Key
Performance Indicators (KPI), such as the Return On Investment (ROI) for each asset and the
Return on Assets (ROA), when looking for all the assets, will help to evaluate the performance
of the all system.
Besides the realized value from the assets, there are other benefits from using ILCAM, like the
increase of sustainability and energy costs reduction; on the other hand, the design must
promote the easy replacement of certain parts, such as those with greater wear and, at the same
time, with greater technological outdatedness.

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In order to make all this happen, it is necessary to make the transition from a linear economy to
a circular economy, and this involves a change of mind-set and change the organizations
culture.

CONCLUSIONS
The paper aims to help building a SAMP, this because the SAMP will help to fulfil the AMS
purpose; in other way, the SAMP cannot be a document with many pages that will be put on a
shelf, it needs to be a user-friendly document.
The SAMP must have financial and environmental indicators; for example, the balanced
scoreboard is excellent to use with SAMP; it can improve the performance of the assets
regarding to their life cycle costing increasing the ROA.
It’s clear that the SAMP is the central figure of the AMS, and a well-developed SAMP will
bring a reduction of operation and maintenance costs, in this way we are increasing the useful
life of the entire organization itself and not just of its assets and will be easy to asset managers
demonstrate to stakeholders the improvement brought from an AMS.
The ISO 55001 is clearly the standard for our days, where daily decisions made that will affect
future generations, as the use of limited resources well above their regenerative capacity, and
in some cases the regeneration periods are so extensive that we do not even consider that they
can regenerate.
So, are we concerned with the planet that we leave to our posterity? Does the climate change is
a part of our thoughts? It’s time to Walk the Talk.

ACKNOWLEDGMENTS
The authors gratefully acknowledge the funding by the European Union’s Horizon 2020
research and innovation programme, under the Marie Sklodowvska-Curie grant agreement
871284 project SSHARE, the European Regional Development Fund (ERDF) through the
Operational Programme for Competitiveness and Internationalization (COMPETE 2020),
under Project POCI-01-0145-FEDER-029494, and by National Funds through the FCT-
Portuguese Foundation for Science and Technology, under Projects PTDC/EEI-
EEE/29494/2017, UIDB/04131/2020, UIDP/04131/2020 and UIDB/00285/2020.

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[4] International Organization for Standardization, ISO 55000:2014. Asset management:
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[5] International Organization for Standardization, ISO 55002:2018. Asset Management,

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