ASTM E2495-18

Standard Practice for Prioritizing Asset Resources in Acquisition, Utilization, and Disposition

SIGNIFICANCE AND USE
5.1 The API is a metric used to communicate the relative importance of assets in terms of mission criticality, security, or other measures important to the entity. It establishes a basis for evaluating prioritization of asset resources.  
5.2 API offers a method for ranking assets based on judgment/importance factors defined by the entity, creating information to prioritize investments, security strategies, and disposition plans.  
5.3 API provides a quantitative basis for determining and documenting operational relationships between an asset portfolio and entity capital investment strategies, maintenance approaches, security design and analyses, continuity of business/risk analyses, and disposition decisions.  
5.4 The API enables entities to identify critical assets and allocate resources appropriately.  
5.5 The API model is designed to be applicable and appropriate for entities holding assets with a material impact on the entity’s mission.
SCOPE
1.1 The asset priority index (API) establishes a quantitative process for prioritizing asset resources in acquisition, utilization, and disposition.  
1.2 In addition to the applicability of moveable and durable assets as defined in this practice, this methodology is similarly used in the analysis of investments in buildings and building systems (see Practice E1765).  
1.3 This practice offers instructions for performing one or more specific operations. This document cannot replace education or experience and should be used in conjunction with professional judgment. Not all aspects of this practice may be applicable in all circumstances. This ASTM standard is neither intended to represent nor replace the standard of care by which the adequacy of a given professional service must be judged, nor should this document be applied without consideration of a project’s many unique aspects. The word “Standard” in the title means only that the document has been approved through the ASTM International consensus process.  
1.4 This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.

General Information

• Status: Published
• Publication Date: 30-Jun-2018
• ICS: 03.100.01 - Company organization and management in general
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.01 - Process Management

Relations

• Refers: ASTM E2811-17 - Standard Practice for Management of Low Risk Property (LRP)
• Effective Date: 01-Nov-2017
• Refers: ASTM E2135-10a(2017) - Standard Terminology for Property and Asset Management
• Effective Date: 01-May-2017
• Refers: ASTM E1765-16 - Standard Practice for Applying Analytical Hierarchy Process (AHP) to Multiattribute Decision Analysis of Investments Related to Projects, Products, and Processes
• Effective Date: 01-Mar-2016
• Referred By: ASTM E2608-20 - Standard Practice for Equipment Control Matrix (ECM)
• Effective Date: 01-Jul-2018
• Referred By: ASTM E2135-22 - Standard Terminology for Property and Asset Management
• Effective Date: 01-Jul-2018
• Referred By: ASTM E3035-15(2020) - Standard Classification for Facility Asset Component Tracking System (FACTS)
• Effective Date: 01-Jul-2018
• Referred By: ASTM E3298-21 - Standard Practice for Inventory by Exception (IBE)
• Effective Date: 01-Jul-2018
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 01-Jul-2018

Standards Content (Sample)

This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the
Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.
Designation: E2495 − 18
Standard Practice for
Prioritizing Asset Resources in Acquisition, Utilization, and
1
Disposition
This standard is issued under the fixed designation E2495; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
INTRODUCTION
Identifying assets that are most critical to a mission or practice is challenging for most entities. The
ability of an entity to minimize the gap between its asset portfolio and ever-changing missions often
determines its success or failure in achieving its objectives. The goal of this practice is to provide
managers with a disciplined, quantitative approach to an inherently subjective decision-making
process: determining which assets are critical to an entity’s mission and are therefore deserving of
priority attention or funding.
1. Scope 2. Referenced Documents
2
2.1 ASTM Standards:
1.1 The asset priority index (API) establishes a quantitative
E1765 Practice for Applying Analytical Hierarchy Process
process for prioritizing asset resources in acquisition,
(AHP) to Multiattribute DecisionAnalysis of Investments
utilization, and disposition.
Related to Projects, Products, and Processes
1.2 In addition to the applicability of moveable and durable
E2135 Terminology for Property and Asset Management
assets as defined in this practice, this methodology is similarly
E2811 Practice for Management of Low Risk Property
used in the analysis of investments in buildings and building
(LRP)
systems (see Practice E1765).
3. Terminology
1.3 This practice offers instructions for performing one or
3.1 Definitions:
more specific operations. This document cannot replace edu-
3.1.1 asset priority index (API), n—numerical value as-
cation or experience and should be used in conjunction with
signed to an asset reflecting its value to an entity’s mission or
professional judgment. Not all aspects of this practice may be
other critical assignments as defined by the criteria set forth by
applicable in all circumstances. This ASTM standard is neither
management.
intended to represent nor replace the standard of care by which
the adequacy of a given professional service must be judged, 3.1.2 analytical hierarchy process (AHP), n—decision-
nor should this document be applied without consideration of making model that reduces complex decisions to one-on-one
a project’s many unique aspects. The word “Standard” in the comparisons resulting in the ranking of a list of objectives or
3
title means only that the document has been approved through alternatives. Satty, 1994
the ASTM International consensus process.
3.1.3 inconsistency measure, n—inconsistent scoring within
1.4 This international standard was developed in accor-
asquarematrix(thesamenumberofcolumnsandrows,seethe
dance with internationally recognized principles on standard- example in Appendix X1, Table X1.3) using a predefined
ization established in the Decision on Principles for the
interval scale, for example, rating all comparisons high thus
Development of International Standards, Guides and Recom-
disturbing the logic of the matrix.
mendations issued by the World Trade Organization Technical
3.1.4 interval scale, n—standard survey rating scale, based
Barriers to Trade (TBT) Committee.
on real numbers, in which distances between data points are
meaningful.
1 2
This practice is under the jurisdiction of ASTM Committee E53 on Asset For referenced ASTM standards, visit the ASTM website, www.astm.org, or
Management and is the direct responsibility of Subcommittee E53.01 on Process contact ASTM Customer Service at [e-mail]. For Annual Book of ASTM
Management. Standards volume information, refer to the standard’s Document Summary page on
Current edition approved July 1, 2018. Published August 2018. Originally the ASTM website.
3
approved in 2006. Last previous edition approved in 2013 as E2495 – 13. DOI: Satty,T.L., Fundamentals of Decision Making and Priority Theory,Pittsburgh,
10.1520/E2495-18. PA: RWS Publications, 1994.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
1

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E2495 − 18
3.1.4.1 Discussion—Interval scales have no true zero point 5.3 API provides a quantitative basis for determining and
so it is not possible to make statements about how many times documenting operational relationships between an asset port-
higher one score is than another. fol
...

This document is not an ASTM standard and is intended only to provide the user of an ASTM standard an indication of what changes have been made to the previous version. Because
it may not be technically possible to adequately depict all changes accurately, ASTM recommends that users consult prior editions as appropriate. In all cases only the current version
of the standard as published by ASTM is to be considered the official document.
Designation: E2495 − 13 E2495 − 18
Standard Practice for
Prioritizing Asset Resources in Acquisition, Utilization, and
1
Disposition
This standard is issued under the fixed designation E2495; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
INTRODUCTION
Identifying assets that are most critical to a mission or practice is challenging for most business
entities. The ability of a business an entity to minimize the gap between its asset portfolio and
ever-changing organizational missions often determines its success or failure in achieving designedits
objectives. The goal of this practice is to provide managers with a disciplined, quantitative approach
to an inherently subjective decision-making process: determining which assets are critical to an
entity’s designated mission and are therefore deserving of priority attention or funding.
1. Scope
1.1 The asset priority index (API) establishes aquantitativee a quantitative process for prioritizing asset resources in acquisition,
utilization, and disposition to provide entities with a proven methodology to prioritize asset resources.disposition.
1.2 The API is a metric used to communicate the relative importance of equipment in terms of mission criticality, security, or
other measures important to the business entity. It offers a method for ranking assets based on judgment/importance factors defined
by the organization, creating information to justify compelling arguments for investment, security strategies, and disposition plans.
1.3 The API also provides a quantitative basis for determining and documenting operational relationships between an asset
portfolio and business objectives capital investment strategies, maintenance approaches, security design and analyses, continuity
of business/risk analyses, and disposition decisions.
1.4 The API enables management to identify critical assets and allocate resources appropriately.
1.5 The API model is designed to be applicable and appropriate for entities holding equipment with a material impact on the
entity’s mission.
1.2 In addition to the applicability of moveable and durable assets as defined in this practice, this methodology is similarly used
in the analysis of investments in buildings and building systems (see Practice E1765).
1.3 This practice offers instructions for performing one or more specific operations. This document cannot replace education
or experience and should be used in conjunction with professional judgment. Not all aspects of this practice may be applicable
in all circumstances. This ASTM standard is neither intended to represent ornor replace the standard of care by which the adequacy
of a given professional service must be judged, nor should this document be applied without consideration of a project’s many
unique aspects. The word “Standard” in the title means only that the document has been approved through the ASTM International
consensus process.
1.4 This international standard was developed in accordance with internationally recognized principles on standardization
established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued
by the World Trade Organization Technical Barriers to Trade (TBT) Committee.
2. Referenced Documents
2
2.1 ASTM Standards:
1
This practice is under the jurisdiction of ASTM Committee E53 on Asset Management and is the direct responsibility of Subcommittee E53.01 on Process Management.
Current edition approved Jan. 1, 2013July 1, 2018. Published February 2013August 2018. Originally approved in 2006. Last previous edition approved in 20072013 as
E2495 – 07.E2495 – 13. DOI: 10.1520/E2495-13.10.1520/E2495-18.
2
For referenced ASTM standards, visit the ASTM website, www.astm.org, or contact ASTM Customer Service at [e-mail]. For Annual Book of ASTM Standards
volume information, refer to the standard’s Document Summary page on the ASTM website.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
1

---------------------- Page: 1 ----------------------
E2495 − 18
E1765 Practice for Applying Analytical Hierarchy Process (AHP) to Multiattribute Decision Analysis of Investments Related to
Projects, Products, and Processes
E2135 Terminology for Property and Asset
...