Physical Asset Management: With an Introduction to the Iso55000 Series of Standards

This book presents a systematic approach to the management of physical assets from concept to disposal, building upon the previous editions and brought up-to-date with the new international standards ISO55002 and ISO/TS50010. It introduces the general principles of physical asset management and covers all stages of the asset management process, including initial business appraisal, identification of physical asset needs, capability gap analysis, financial evaluation, logistic support analysis, life cycle costing, strategic asset management planning, maintenance strategy, outsourcing, cost-benefit analysis, disposal and renewal. Features include:

• providing a textbook for asset management courses to university level;
• relating closely to the ISO55000 international asset management standard series;
• providing a basis for the establishment of physical asset management as a professional discipline; and
• presenting case studies, analytical techniques and numerical examples with solutions.

Written for practitioners and students in asset management, this book provides an essential foundation to the topic. It is suitable for an advanced undergraduate or postgraduate course in asset management and also offers an ideal reference text for engineers and managers specializing in asset management, reliability, maintenance, logistics or systems engineering.

Dr. Nicholas Anthony John Hastings has worked for over 45 years in the field of engineering asset management. His early career was in the British Army, where he attended the Royal Military Academy Sandhurst and the University of Cambridge and served in the Royal Electrical and Mechanical Engineers. He worked initially in maintenance management and later in asset management policy, focussing on planning for the ongoing sustainment of equipment fleets, through repair/replace decision making and related logistic issues.

In 1994, he took up the Mount Isa Mines Chair in Maintenance Engineering at Queensland University of Technology, Brisbane, Australia. He subsequently worked on asset-related projects in mining, electricity supply, water supply, gas extraction and processing and defence. Following his retirement from full-time university work, he was awarded the Medal of the Maintenance Engineering Society of Australia for contributions to reliability and engineering asset management. In 2009, he was an expert witness on asset management issues for the Victorian Bushfire Royal Commission into the Black Saturday bushfires, Australia’s worst bushfire disaster. He is Director of Albany Interactive Pty. Ltd., a consultancy firm in engineering asset management, and is External Lecturer in Asset Management Systems at Central Queensland University.