The emergent understanding of asset management across all industry sectors has triggered a subsequent need for a standardised approach. The Institute of Asset Management (IAM) in collaboration with the British Standards Institute (BSI) and other industry groups first developed PAS 55 - Part1: Specification for the optimized management of physical assets in 2004. This was developed in response to industry demand for a standard for asset management and was recently revised in 2008 following international collaboration from industry and asset management associate groups.

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