Capturing Value-Added Processes During Service Life of Public Assets in Norway—Learning from ISO 55000

Real estate projects are capital-intensive and prone to macro-economic changes in supply and demand. They are also associated with high overhead and direct costs in a Life-Cycle Costing (LCC) context. Buildings have a long life-cycle in a LCC-perspective; strategic asset management is as such a key element in sustaining the operational and technical standard of the building. The ISO 55000-series, based on PAS 55, provides guidance for asset management systems, including public assets. Based on the parent—and second paper, this third paper features the municipal agency Undervisningsbygg Oslo KF (UBF), who manages a portfolio of 177 schools and approximately 750 educational buildings, in a case study; data are gathered through a survey based on ISO 55000 and public value. The contribution of this paper is two surveys, which is designed to identify potential measures on how UBF can further optimize their asset management practice during the construction and operational phase of schools. Based on the results from the case-study, key-strategic improvements with reference to ISO 55000 is suggested for UBF’s executives who has the mandate to invest in public assets. The discussion is connected to LCC as a required performance-based parameter for public assets.