An approach to quantify value provided by an engineered asset according to the ISO 5500x series of standards

Abstract

The purpose of any asset is to provide value to the organization and its stakeholders. In Asset Management, the concept of value encompasses quantitative and qualitative, as well as tangible and intangible benefits that assets may provide to an organization. The definitions of asset and value are not only closely linked but also complementary. An “asset” provides the means for the realisation of “value” thus the management of an asset is strategic and has to be linked to an organization’s value norms. This paper extrapolates from the definitions in ISO 5500x series of standards to describe a generic approach for quantifying the value provided by engineered assets deployed by a business organisation.