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Detailed review of:

Physical Asset Management



Springer - Verlag, London Limited



Nicholas A.J. Hastings



Physical Asset Management

Year of Publication











Krishna B. Misra



Review published in IJPE, Vol. 6, No. 3, May 2010, p. 288.

The book consists of 24 chapters as follows:


Chapter 1

Introduction to Asset Management

12 Pages

Chapter 2

The Asset Management Function

14 Pages

Chapter 3

From Concept to Project Approval

23 Pages

Chapter 4

Developing a Business Case

08 Pages

Chapter 5

Implementing Development Plans

16 Pages

Chapter 6

Management of In-service Assets

07 Pages

Chapter 7

Asset Continuity Planning

06 Pages

Chapter 8

Capital Planning and Budget

13 Pages

Chapter 9

Discounted Cash Flow and Asset Decisions

20 Pages

Chapter 10

Profit, Depreciation and Tax

15 Pages

Chapter 11

Asset Investment Criteria

10 Pages

Chapter 12

Cost-Benefit Analysis

07 Pages

Chapter 13

Risk Analysis and Risk Management

22 Pages

Chapter 14

Logistic Support

17 Pages

Chapter 15

Life Cycle Costing

12 Pages

Chapter 16

Equipment Replacement Decisions

13 Pages

Chapter 17


10 Pages

Chapter 18

Know your Assets

09 Pages

Chapter 19

Asset Management Information Systems

11 Pages

Chapter 20

Maintenance Organization and Budget

24 Pages

Chapter 21

Reliability, Availability, Maintainability

16 Pages

Chapter 22


23 Pages

Chapter 23

Key Parameter Indicators

04 Pages

Chapter 24

PAS-55 Asset Management Specification

19 Pages

Appendix A:      Tables

01 Page

Appendix B:      Solution to Exercises

16 Pages


04 Pages


06 Pages



9781848827509According to the asset management specification, PAS55 (Chapter 24), the assets can be categorized as: (1) financial assets; (2) Physical assets; (3) Human assets ; (4) Information assets; and lastly (5) Intangible assets. This book concerns about physical assets and provides a complete and detailed information on how to manage physical assets, which include items like plants, machinery, buildings, vehicles pipes and wires and to maintain their technical control and software systems that are used to serve a business or organization. The management activities comprise identification of necessary assets and funding requirements followed by their acquisition and to providing logistic and maintenance support for all assets and finally arranging for the disposal or renewal of new assets. The major problem an asset manager has to bother about is whether the assets are operational, safe and support the business aim. In short, the asset management is a concern from the concept to disposal. In an intensive business, asset management is essential to help carry out functions such as sales, operations, finance and human resources. This book is authored by a person, who has worked in British Army, in the industry as well as in the university environment, can be very helpful to any organization or business and particularly to managers whose concern is to maintain their physical assets. This very well-written book presents all aspects of physical assets management in a very friendly and simple language understandable even to a non-specialist and its usefulness is not restricted to a particular type of industry. This is applicable to even government or defence organizations as well. This reviewer recommends this to all of them.

Krishna B. Misra



Review published in the International Journal of Performability Engineering in Vol. 6, No. 3, May, 2010, p. 288.

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