What is Asset Integrity Management?
ISO 55000 defines Asset management as the "coordinated activity of an organisation to realize value from assets". In turn, Assets are defined as follows: "An asset is an item, thing or entity that has potential or actual value to an organisation". This is deliberately wider than physical assets but these form an important focus for more organisations. Note there are important qualifying Notes to these definitions, which are set out in ISO 55000).
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Do you mean Asset Management or Managing Assets?
What is Risk Based Inspection (RBI)
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ISO Technical Committiee 251 (TC251) are producing guidance to clarify specific aspects of ISO 55000. Released in May 2017 "Managing Assets in the context of Asset Management" is a simple but informative clarification on what Asset Management is and isn't.
Asset Management involves the balancing of costs, opportunities and risks against the desired performance of assets, to achieve the organisational objectives. This balancing might need to be considered over diffrerent timeframes.
Asset management also enables an organzation to examine the need for, and performance of, assets and asset systems at different levels. Additionally, it enables the application of analytical approaches towards managing an asset over the different stages of its life cycle (which can start with the conception of the need for the asset, through to its disposal, and includes the managing of any potential post disposal liabilities).
Asset Management is the art and science of making the right decisions and optimizing the delivery of value. A common objective is to minimise the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making.
In it's broadest sense this is a risk assessment and management process that is focused on loss of containment of pressurized equipment in processing facilities, due to material deterioration. These risks are managed primarily through equipment inspection.
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