Institute of Asset Management
Encyclopedia
The Institute of Asset Management, known usually as the IAM, is an international, not-for-profit organisation and learned society, currently based in the United Kingdom
. It is the professional
and membership body both for individuals and also for organisations / companies interested in or engaged in asset management
.
Asset Management
is a young discipline bringing together concepts and techniques from general management and finance / accountancy as well as engineering, construction and technology. It is concerned with decision making and actions throughout the whole of life of physical assets (tangible assets, including infrastructure / property / manufacturing / etc. and also information in that context). From the first identification of the need for an asset (whether for commerce or private use) decisions are made that affect the cost, use and value of these assets to all concerned. These stages are, typically: design, construction, commissioning, operation or service life, maintenance, repair, renewals and finally decommissioning and disposal.
the developing standard for asset management and is currently coordinating its revision ,
In order to enable the maximum provision of learning at every level from foundation to research in the discipline, the IAM makes this Framework freely available to all together with Guidance on its proper use on the condition that users keep themselves aware of updates and do not alter it.
The IAM does not offer training through 3rd parties, by working with commercial and other training providers to make available foundation courses following an IAM-endorsed syllabus. Some distance learning and video downloads are available from the websites of The IAM and partners. (See Links)
The IAM has collaborated with industrial co-sponsors to develop an Assessment Methodology, which organisations may also use for self-assessment. This is available as a software ‘tool’ at cost.
The IAM does not offer an assessment or certification service directly but encourages good practice in this activity by endorsing known good assessors, most of whom become Corporate Members and observe the IAM’s Code of Conduct.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It is the professional
Professional body
A professional association is usually a nonprofit organization seeking to further a particular profession, the interests of individuals engaged in that profession, and the public interest.The roles of these professional associations have been variously defined: "A group of people in a...
and membership body both for individuals and also for organisations / companies interested in or engaged in asset management
Enterprise Asset Management
Enterprise asset management means the whole life optimal management of the physical assets of an organization to maximize value. It covers such things as the design, construction, commissioning, operations, maintenance and decommissioning/replacement of plant, equipment and facilities...
.
Asset Management
Enterprise Asset Management
Enterprise asset management means the whole life optimal management of the physical assets of an organization to maximize value. It covers such things as the design, construction, commissioning, operations, maintenance and decommissioning/replacement of plant, equipment and facilities...
is a young discipline bringing together concepts and techniques from general management and finance / accountancy as well as engineering, construction and technology. It is concerned with decision making and actions throughout the whole of life of physical assets (tangible assets, including infrastructure / property / manufacturing / etc. and also information in that context). From the first identification of the need for an asset (whether for commerce or private use) decisions are made that affect the cost, use and value of these assets to all concerned. These stages are, typically: design, construction, commissioning, operation or service life, maintenance, repair, renewals and finally decommissioning and disposal.
Purpose & Function
The IAM exists to:- Advance for the public benefit the science and practice of asset management
- Promote and recognise high standards of practice and professional competence
- Generate widespread awareness and understanding of the discipline.
Standards & Publications
The IAM promoted the development of PAS 55PAS 55
PAS 55 - Optimal management of physical assets is a Publicly Available Specification published by the British Standards Institution.This PAS gives guidance and a 28-point requirements checklist of good practices in physical asset management; typically this is relevant to gas, electricity and water...
the developing standard for asset management and is currently coordinating its revision ,
Training & Course Providers
The IAM has led the development of a Competence Framework to facilitate the orderly provision of training and learning to individuals. This Framework is currently at Version 2 and deliberately integrates with existing management competence frameworks to enable easy addition to existing courses and programmes of learning. These recognised standards are in line with many international and nationally accredited requirements.In order to enable the maximum provision of learning at every level from foundation to research in the discipline, the IAM makes this Framework freely available to all together with Guidance on its proper use on the condition that users keep themselves aware of updates and do not alter it.
The IAM does not offer training through 3rd parties, by working with commercial and other training providers to make available foundation courses following an IAM-endorsed syllabus. Some distance learning and video downloads are available from the websites of The IAM and partners. (See Links)
Assessment of Organisations
Many companies and organisations wish to demonstrate evidence of good stewardship of their assets to shareholders or stakeholders. In the same way that organisations show evidence of compliance for quality purposes to relevant standards such as ISO 9001, evidence of achievement in asset management may be demonstrated by compliance with BSI PAS 55:2008.The IAM has collaborated with industrial co-sponsors to develop an Assessment Methodology, which organisations may also use for self-assessment. This is available as a software ‘tool’ at cost.
The IAM does not offer an assessment or certification service directly but encourages good practice in this activity by endorsing known good assessors, most of whom become Corporate Members and observe the IAM’s Code of Conduct.