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The ISO 55 00X Asset Management Standard: What is in for Rocket Sciences'?

The ISO 55 00X Asset Management Standard: What is in for Rocket Sciences'?
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Author(s): Franziska Hasselmann (Institute of Accounting, Control and Auditing (ACA), University of St. Gallen (HSG), Switzerland)
Copyright: 2016
Pages: 24
Source title: Project Management: Concepts, Methodologies, Tools, and Applications
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-5225-0196-1.ch087

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Abstract

Asset management (AM) is the core business function of grid-based asset management organizations (GAMO). GAMO are looking for compliance with a new international AM standard (ISO 55 000). Currently, a limited perspective – consisting of New Public Management (NPM) and project management (PM) – provides meaning for the new AM standard. However, the limited perspective is not sufficient in aligning AM / GAMO with energy transition and environmental management successfully. The article is aiming at enabling the ISO AM standard to become a co-creational force in energy transition and environmental management. Based on professional engagement and substantial literature review the article employs ‚reflective practice' and causal loop diagrams to identify and elaborate issues of concern that need to be addressed by an enriched perspective on ISO AM: 1) organizational ‚line of sight' (complement key performance indicators with evidence-based causal relationships), 2) control of work (complement formal institutions with AM professionalism), 3) management accounting (advance decision support for the management of the capex/opex relationship), 4) transition modeling (advance agent-based models of AM), and 5) the sustainable management of the resource soil (assess the ecosystem services/disservices that arise from underground urban space use by GAMO during transition times).

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