New Property Management Standard Establishes Process for Prioritizing Assets

摘要

ASSET BUDGETS ARE OFTEN THE THIRD largest line item (after personnel and information technology) for many organizations. Because of this, asset managers in both the public and private sectors need to present compelling arguments and demonstrate strategic value to core missions in framing asset decisions. With this in mind, ASTM International Committee E53 on Property Management Systems has more recently begun to define standard methodologies that can be used by property management professionals in dealing with assets. Committee E53's first standard to address this issue was E 2452, Practice for Equipment Management Process Maturity (EMPM) Model, which was approved in 2005. A new standard, E 2495, Practice for Asset Utility, continues the committee's work in this area. Practice E 2495 is under the jurisdiction of Subcommittee E53.05 on Property Management Maturity.