[ Asset management ]

Good asset management, according to the ISO55001 Standard, is done by maximising the (commercial) value of the asset. 

The technical fundamentals of asset management for pipelines includes the integrity management plan, the maintenance philosophies, corridor management, integrity inspections, reviews of operating pressure or location classification, safety management studies, and fitness for purpose assessments.

It’s easy to see how those listed items are asset costs; but, when done well, increase the value. So, it’s an interesting balance, then, between maximising the safety and maximising the value of a pipeline. 

A way to maximise value is to keep the pipeline running safely.

===

PECS AM002: Asset management – technical fundamentals