Asset management is designed to achieve an appropriate balance of cost, risk and asset performance. As asset management is inextricably linked to the objectives of the organisation – effective asset management objectives and asset management plans instantiate the organisational objectives – the importance of asset management to organisations has become more widely recognised.
The increased recognition of the criticality of asset management in achieving organisational objectives requires the examination of the need for, and performance of, both assets and asset management systems in a systemic and predictable manner.
The importance of asset management has been resoundingly reinforced with the release of International Standards Organisation (ISO) 5500X Asset Management suite. With the release of the ISO 5500X Asset Management suite comprising three standards, namely:
- ISO 55000 Asset management – Overview, principles and terminology
- ISO 55001 Asset management – Management systems – Requirements
- ISO 55002 Asset management – Management systems – Guidelines for the application of ISO 55001,
The importance of asset management has not only been reinforced, but there is now a clear and broadly accepted definition of assets, their business context and the requirements of an asset management system.
ISO 55001 identifies the requirements of a management system (for the management of assets) but also clearly positions asset management as a key element of the broader business management system including but not limited to safety management, people management and financial management.
The Asset Management Council is committed to advancing the knowledge and capability of the asset management community, including understanding asset management’s relationship to achieving organisational objectives.
This AMBoK Publication was created as a companion to both ISO 55000 and ISO 55001 with the specific aim of advancing the knowledge of the community in using and applying ISO 55001.
