Like the US, here in Canada we are seeing the regulators and rate review interveners challenging the budgets being put before them by utilities.  Rate increases and requests for funding that generate them are being questioned.  It's not enough to say, "trust us" any longer - utilities are increasingly being asked to "prove it".  We've participated in two significant studies for large utilities in the past year.  Both were aimed at helping the utilities prove what they were doing - either to show, without question, what funding they needed to ask for or to test current practices to make sure they were on the right track.  In both cases we found significant reason to challenge the status quo - and both of these were in companies with large and competent engineering staff.  Old practices may not always stand up to scrutiny in the light of technological advances and when using optimization techniques. In those cases there were already signfiicant questions being raised and proof beyond, "trust us", was required.

How does a company prove they are doing the right thing?  There are many engineering standards around the world.  They tend to be highly technical and limited in scope.  In most cases they address selection, design and installation but say little about managing the operational phase of the assets' life cycles.  There is only one specification that addresses how that is managed today - the UK's BSI PAS 55-1:2008.  If you look at an asset from the perspective of optimizing its cost, risk, life and performance you often find yourself making decisions different than those you might otherwise make.  The management system (not an IT system) required to deliver this thinking is what PAS 55 describes.  It's a way of managing a critical aspect of your business.  And in some cases (e.g.: utilities, highways, facilities) it may even be the entire business!  Why not manage in way that reflects proven successful practices well thought out by those in similar situations to yourself in major companies?  Why not take advantage of an approach to managing that will save you money, deliver improved and sustainable results with minimum risk?