ASTM_E_2495_-_18.pdf

Designation:E249518Standard Practice forPrioritizing Asset Resources in Acquisition,Utilization,andDisposition1This standard is issued under the fixed designation E2495;the number immediately following the designation indicates the year oforiginal adoption or,in the case of revision,the year of last revision.A number in parentheses indicates the year of last reapproval.Asuperscript epsilon()indicates an editorial change since the last revision or reapproval.INTRODUCTIONIdentifying assets that are most critical to a mission or practice is challenging for most entities.Theability of an entity to minimize the gap between its asset portfolio and ever-changing missions oftendetermines its success or failure in achieving its objectives.The goal of this practice is to providemanagers with a disciplined,quantitative approach to an inherently subjective decision-makingprocess:determining which assets are critical to an entitys mission and are therefore deserving ofpriority attention or funding.1.Scope1.1 The asset priority index(API)establishes a quantitativeprocess for prioritizing asset resources in acquisition,utilization,and disposition.1.2 In addition to the applicability of moveable and durableassets as defined in this practice,this methodology is similarlyused in the analysis of investments in buildings and buildingsystems(see Practice E1765).1.3 This practice offers instructions for performing one ormore specific operations.This document cannot replace edu-cation or experience and should be used in conjunction withprofessional judgment.Not all aspects of this practice may beapplicable in all circumstances.This ASTM standard is neitherintended to represent nor replace the standard of care by whichthe adequacy of a given professional service must be judged,nor should this document be applied without consideration ofa projects many unique aspects.The word“Standard”in thetitle means only that the document has been approved throughthe ASTM International consensus process.1.4 This international standard was developed in accor-dance with internationally recognized principles on standard-ization established in the Decision on Principles for theDevelopment of International Standards,Guides and Recom-mendations issued by the World Trade Organization TechnicalBarriers to Trade(TBT)Committee.2.Referenced Documents2.1 ASTM Standards:2E1765 Practice for Applying Analytical Hierarchy Process(AHP)to Multiattribute Decision Analysis of InvestmentsRelated to Projects,Products,and ProcessesE2135 Terminology for Property and Asset ManagementE2811 Practice for Management of Low Risk Property(LRP)3.Terminology3.1 Definitions:3.1.1 asset priority index(API),nnumerical value as-signed to an asset reflecting its value to an entitys mission orother critical assignments as defined by the criteria set forth bymanagement.3.1.2 analytical hierarchy process(AHP),ndecision-making model that reduces complex decisions to one-on-onecomparisons resulting in the ranking of a list of objectives oralternatives.Satty,199433.1.3 inconsistency measure,ninconsistent scoring withina square matrix(the same number of columns and rows,see theexample in Appendix X1,Table X1.3)using a predefinedinterval scale,for example,rating all comparisons high thusdisturbing the logic of the matrix.3.1.4 interval scale,nstandard survey rating scale,basedon real numbers,in which distances between data points aremeaningful.1This practice is under the jurisdiction of ASTM Committee E53 on AssetManagement and is the direct responsibility of Subcommittee E53.01 on ProcessManagement.Current edition approved July 1,2018.Published August 2018.Originallyapproved in 2006.Last previous edition approved in 2013 as E2495 13.DOI:10.1520/E2495-18.2For referenced ASTM standards,visit the ASTM website,www.astm.org,orcontact ASTM Customer Service at serviceastm.org.For Annual Book of ASTMStandards volume information,refer to the standards Document Summary page onthe ASTM website.3Satty,T.L.,Fundamentals of Decision Making and Priority Theory,Pittsburgh,PA:RWS Publications,1994.Copyright ASTM International,100 Barr Harbor Drive,PO Box C700,West Conshohocken,PA 19428-2959.United StatesThis international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for theDevelopment of International Standards,Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade(TBT)Committee.1 3.1.4.1 DiscussionInterval scales have no true zero pointso it is not possible to make statements about how many timeshigher one score is than another.3.2 Definitions of Terms Specific to This Standard:3.2.1 asset portfolio,nassets that are within the scope ofthe asset management system.4.Summary of Practice4.1 Asset prioritization relies on the analytical hierarchyprocess(AHP)that provides managers with the quantitativeinformation needed to select the best alternative or to rank/prioritize a set