Abstract
Infrastructure Asset Management was first adopted in 1980s for challenges faced by the utilities, road and rail transport systems, mining, process and manufacturing industries in asset life cycle value optimization. International standards ISO 55000 and PAS 55 were subsequently developed to provide a basis for a structured methodology in the development of Asset Management System. This methodology with the basic framework is considered inadequate in addressing the changing and challenging environment faced by the Energy, Power and Transportation sectors. This paper introduces the concept of Reliability-Centred Management System that could leverage on the advancement in Information and Communication Technologies and the entry of the ‘Big Data’ and ‘Smarter Grid’ era.
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