Standards New Zealand is keen to hear from stakeholders about a new work item proposal (NWIP) on asset management that has been submitted to the International Organization for Standardization (ISO) by the British Standards Institution (BSI).

Asset management is the use of systematic and coordinated activities and practices by an organisation, to achieve its strategic plan, by optimally and sustainably managing its assets and asset systems and their associated performance, risks, and expenditures, over their life cycles.

There is evidence from a number of organisations (for example, the Institute of Asset Management in the UK) that demand for a common Standard for optimised life cycle asset management is global and encompasses sectors including electricity (generation, transmission, and distribution), water utilities, local government, process industries, manufacturing, mining, property, road, rail and air transport, and others.

Three Standards have been proposed for consideration as follows.

• Asset Management – Overview, principles and terminology
• Asset Management – Requirements
• Asset Management – Guidelines on the application of ISO

For more information or to submit comments including support for or reservations about the NWIP please email karen.batt@standards.co.nz by 30 October 2009.