The different maintenance activities during each stage of the life cycle and their possible contribution to performance are in most organizations not proper identified. The effective management of physical assets consequently will go further and be more difficult to achieve than in the past. Effective management of assets implies activities to maintain, and often increase, operational effectiveness, revenue and customer satisfaction, while simultaneously reducing capital, operating and support costs (John Steward Mitchell & Amadi-Echendu, 2007).
The concept of integration or so-called terotechnology (Husband, 1976)and later the TUE model (Geraerds, 1988) where the first attempts to address the issue above. The methodology to achieve this integration is described in the PAS55 and later in the ISO 55000. Initially the PAS 55 was a British Standards Institution’s (BSI) Publicly Available Specification for the management of physical assets. PAS 55 was originally produced in 2004 and underwent a substantial revision. PAS 55:2008 was released in 2008. It provides definitions and requirements and specification for establishing a management system for all types of physical assets. Although the structure is different, most of these elements above are now incorporated into the ISO 55001:2014.
The focus of the ISO 55000 is on managing the performance of the assets for the long term. Asset management aims at improving the overall performance by making and executing systematic decisions about the design, use and maintenance of assets. The methodology includes strategic, tactic (maintenance) and operational (technical risks, reliability, performance) decisions. Asset management, as with a quality system such as ISO 9001, requires an environment in which all knowledge, instructions, processes and experience reports are secured. This assumes an intensive collaboration between professionals with a diversity of backgrounds and fields within an organization.
In recent years, asset management concepts as PAS 55 and ISO 55000 in management literature drew more attention of asset managers, asset owners, politicians, regulators and though more limited, of scholars. Asset management has been defined as: “a strategic, integrated set of comprehensive processes (financial, management, engineering, operating and maintenance) to gain greatest lifetime effectiveness, utilization and return from physical assets (production and operating equipment and structures)” (Mitchell & Carlson, 2001). While performance measurement in general has been discussed extensively in the literature, few of these discussions focus specifically on the maintenance function and even though ISO 55000 is presented as a generic management framework in practice it is in practice mostly seen as a way to minimize maintenance cost. The ISO 55000 still lacks the adequate consideration of the maintenance during the entire asset life cycle (Amadi-Echendu, 2004).