ISO 55000 2024 Ed.2

Asset management — Vocabulary, overview and principles

Gestion d'actifs — Vocabulaire, aperçu général et principes

󰁉󰁮󰁴󰁥󰁲󰁮󰁡󰁴󰁩󰁯󰁮󰁡󰁬 󰁓󰁴󰁡󰁮󰁤󰁡󰁲󰁤

󰁉󰁓󰁏 󰀵󰀵󰀰󰀰󰀰

󰁓󰁥󰁣󰁯󰁮󰁤 󰁥󰁤󰁩󰁴󰁩󰁯󰁮 󰀲󰀰󰀲󰀴󰀭󰀰󰀷

󰁒󰁥󰁦󰁥󰁲󰁥󰁮󰁣󰁥 󰁮󰁵󰁭󰁢󰁥󰁲 󰁉󰁓󰁏 󰀵󰀵󰀰󰀰󰀰󰀺󰀲󰀰󰀲󰀴󰀨󰁥󰁮󰀩 󰂩 󰁉󰁓󰁏 󰀲󰀰󰀲󰀴

I N T E C O A U T O R I Z A E L U S O E X C L U S I V O D E E S T A N O R M A P A R A : F U N D A C I O N T E C N O L O G I C A D E C O S T A R I C A ( F U N D A T E C ) L I C E N C I A P A R A U N U S U A R I O . C O P I A Y U S O E N R E D P R O H I B I D O S I N T E C O A U T O R I Z A E L U S O E X C L U S I V O D E E S T A N O R M A P A R A : F U N D A C I O N T E C N O L O G I C A D E C O S T A R I C A ( F U N D A T E C ) L I C E N C I A P A R A U N U S U A R I O . C O P I A Y U S O E N R E D P R O H I B I D O S

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ii

ISO 55000:2024(en)

© ISO 2024 – All rights reserved

COPYRIGHT PROTECTED DOCUMENT

© ISO 2024

All rights reserved. Unless otherwise speciied, or required in the context of its implementation, no part of this publication may be reproduced or utilized otherwise in any form or by any means, electronic or mechanical, including photocopying, or posting on the internet or an intranet, without prior written permission. Permission can be requested from either ISO at the address below or ISO’s member body in the country of the requester.ISO copyright oficeCP 401 • Ch. de Blandonnet 8CH-1214 Vernier, GenevaPhone: +41 22 749 01 11Email: copyright@iso.orgWebsite:

www.iso.org

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ISO 55000:2024(en)

Foreword

....................................................................................................................................................................................................................................................

ivIntroduction

.............................................................................................................................................................................................................................................

v1 Scope

.............................................................................................................................................................................................................................................

12 Normative references

.................................................................................................................................................................................................

1

3 Terms and deinitions

................................................................................................................................................................................................

1

3.1 Terms relating to assets

..............................................................................................................................................................................

13.2 Terms relating to asset management

..............................................................................................................................................

3

3.3 Terms relating to asset management system

...........................................................................................................................

4

4 Overview of asset management

.......................................................................................................................................................................

8

4.1 General

........................................................................................................................................................................................................................

84.2 Principles of asset management

...........................................................................................................................................................

94.2.1 General

.....................................................................................................................................................................................................

94.2.2 Value

...........................................................................................................................................................................................................

94.2.3 Alignment

..............................................................................................................................................................................................

94.2.4 Leadership

.............................................................................................................................................................................................

94.3 Outcomes and beneits from asset management

..................................................................................................................

94.4 Relationship between asset management, asset management system and assets

.............................

104.5 Asset management improvement and maturity

.................................................................................................................

11

Bibliography

.........................................................................................................................................................................................................................................

13Index

.............................................................................................................................................................................................................................................................

14

iii


Contents

Page



ISO 55000:2024(en)

Foreword

ISO (the International Organization for Standardization) is a worldwide federation of national standards bodies (ISO member bodies). The work of preparing International Standards is normally carried out through ISO technical committees. Each member body interested in a subject for which a technical committee has been established has the right to be represented on that committee. International organizations, governmental and non-governmental, in liaison with ISO, also take part in the work. ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of electrotechnical standardization. The procedures used to develop this document and those intended for its further maintenance are described in the ISO/IEC Directives, Part 1. In particular, the different approval criteria needed for the different types of ISO document should be noted. This document was drafted in accordance with the editorial rules of the ISO/IEC Directives, Part 2 (see

www.iso.org/directives

).ISO draws attention to the possibility that the implementation of this document may involve the use of (a) patent(s). ISO takes no position concerning the evidence, validity or applicability of any claimed patent rights in respect thereof. As of the date of publication of this document, ISO had not received notice of (a) patent(s) which may be required to implement this document. However, implementers are cautioned that this may not represent the latest information, which may be obtained from the patent database available at www.iso.org/patents. ISO shall not be held responsible for identifying any or all such patent rights.Any trade name used in this document is information given for the convenience of users and does not constitute an endorsement. For an explanation of the voluntary nature of standards, the meaning of ISO speciic terms and expressions related to conformity assessment, as well as information about ISO’s adherence to the World Trade Organization (WTO) principles in the Technical Barriers to Trade (TBT), see www.iso.org/iso/foreword.html

.

This document was prepared by Technical Committee ISO/TC 251,

Asset management

.

This second edition cancels and replaces the irst edition (ISO 55000:2014), which has been technically

revised.

The main changes are as follows:— the document has been restructured to provide an insight and understanding of asset management and its principles, its outcomes and beneits, the relationship between asset management, an asset management system and the assets of an organization, and indicators of asset management maturity;— the principles of asset management have been revised;— the outcomes of asset management have been introduced;— the beneits have been rephrased and extended;— the explanation of the elements of an asset management system has been deleted;— the integration of management systems has been introduced;— the maturity of an asset management organization has been introduced;— the annexes have been deleted.Any feedback or questions on this document should be directed to the user’s national standards body. A complete listing of these bodies can be found at www.iso.org/members.html

.iv




ISO 55000:2024(en)

Introduction

0.1 Purpose

This document provides an overview of asset management, its principles, and the outcomes and expected beneits from adopting asset management, and introduces the asset management system and relevant terminology.This document sets the context for ISO 55001 and ISO 55002, and also later documents in the ISO 55000 family of standards.

0.2 Relationship with other standards in the ISO 55000 family of standards

ISO 55001 speciies requirements for an asset management system. ISO 55002 gives guidance on the design and application of the asset management system. This document, ISO 55001 and ISO 55002 can be used in combination with relevant sector-speciic or asset-type-speciic standards and technical speciications to achieve the objectives of asset management.Other standards on asset management developed by ISO/TC 251 can be used in the context established by this document, ISO 55001 and ISO 55002, including:— ISO/TS 55010, which provides guidance on aligning inancial and non-inancial functions in asset management, and promoting understanding, implementation and improvement of this alignment for organizational beneits;— ISO 55011, which offers guidance for developing public policy to promote asset management, focusing on the external context of organizations responsible for assets, with the aim of creating an enabling environment through consistent public policy instruments;— ISO 55012, which focuses on people involvement and competence within an asset management system, offering guidance to enhance personnel commitment, effectiveness, knowledge and awareness, and promoting continual improvement;— ISO 55013, which provides guidance on managing data assets, helping organizations increase and sustain the usefulness of data assets to meet asset management and organizational objectives.

0.3 Target audience

This document is primarily intended for use by:— senior executives who wish to adopt asset management and implement an asset management system in their organization;— those involved in asset management or intending to become practitioners;— anyone who would beneit from a short introduction to asset management.

v






International StandardISO 55000:2024(en)

Asset management — Vocabulary, overview and principles

1 Scope

This document deines terms and establishes principles and outcomes for asset management. It describes:— the beneits of asset management and an asset management system;— the relationship between asset management, the asset management system and asset portfolio;— asset management improvement and maturity.This document is applicable to all types of assets and all types and sizes of organizations.This document does not provide inancial, accounting, human resources nor technical guidance for managing speciic asset types.

NOTE For the purposes of this document, ISO 55001 and ISO 55002, the term “asset management system” is used to refer to a management system for asset management.

2 Normative references

There are no normative references in this document.

3 Terms and deinitions

ISO and IEC maintain terminology databases for use in standardization at the following addresses:— ISO Online browsing platform: available at https://

www .iso .org/

obp— IEC Electropedia: available at https://

www

.electropedia

.org/

3.1 Terms relating to assets

3.1.1asset

item, thing or entity that has potential or actual

value

(

3.3.28) to an

organization

(

3.3.1)

Note 1 to entry: Assets can be physical or non-physical.Note 2 to entry: A grouping of assets referred to as an

asset system

(

3.1.6) can also be considered as an asset.

3.1.2asset life

period from

asset

(

3.1.1) ideation to asset end of life

Note 1 to entry: “Useful life” is the period over which an asset is capable of fulilling a purpose to an entity.Note 2 to entry: Asset life can differ from the period the

organization

(

3.3.1) holds responsibility for the asset.Note 3 to entry: End-of-life is when the asset can no longer cause any residual obligations.

1




ISO 55000:2024(en)

3.1.3life cycle

stages of an

asset

(

3.1.1) during its life

Note 1 to entry: Each stage identiies different activities and

processes

(

3.3.10).Note 2 to entry: The naming of the stages and the activities under each stage can vary in different industry sectors and is determined by the

organization

(

3.3.1). An example of the naming of the stages is: conception of need, design, construct, operate and maintain, renew/replace, dispose and extinguishment of liabilities.Note 3 to entry: The contractual liability of an entity can involve less than one or multiple life cycle stages and may be shorter than an

asset life

(

3.1.2).

3.1.4life cycle management

applying

asset management

(

3.2.1) over the

life cycle

(

3.1.3) of

assets

(

3.1.1)

3.1.5asset type

grouping of

assets

(

3.1.1) having common characteristics that distinguish those assets as a group or class

3.1.6asset system

set of

assets

(

3.1.1) that interact or are interrelated

3.1.7asset portf olio

assets

(

3.1.1) that are within the scope of an

asset management system

(3.3.5

)

Note 1 to entry: A portfolio is typically established and assigned for managerial control purposes.

3.1.8critical asset

asset

(

3.1.1) having the potential to signiicantly impact the achievement of an

organization’s

(

3.3.1)

objectives

(

3.3.7)

Note 1 to entry: Assets can be safety-critical, environment-critical or performance-critical and can relate to legal, regulatory or statutory

requirements

(

3.3.16).Note 2 to entry: Critical assets can refer to those assets necessary to provide services to critical customers.Note 3 to entry:

Asset systems

(

3.1.6) can be distinguished as being critical in a similar manner to individual assets.

3.1.9object

,

nounanything perceivable or conceivable

Note 1 to entry: An object can be physical (e.g. a pump, a bridge, a building), or non-physical (e.g. a project plan, copyright, software).

3.1.10data

facts about an

object

(

3.1.9)[SOURCE: ISO 9000:2015, 3.8.1]

3.1.11information

meaningful result of organizing and processing

data

(

3.1.10)

EXAMPLE Make/model/type of a pump in a speciic location, span of a bridge,

asset

(

3.1.1)

performance

(

3.3.13) indicator, an asset’s current total cost of ownership.

2



or


ISO 55000:2024(en)3.2 Terms relating to asset management

3.2.1asset management

coordinated activity of an

organization

(

3.3.1) to realize

value

(

3.3.28) from

assets

(

3.1.1)

Note 1 to entry: Realization of value normally involves a balancing of costs,

risks

(

3.3.8),

opportunities

(

3.3.9) and

performance

(

3.3.13) beneits.Note 2 to entry: Activity can also refer to the application of the elements of an


(3.3.5

).Note 3 to entry: The term “activity” has a broad meaning and can include, for example, the approach, planning and plans, and their implementation.

3.2.2organizational objective

overarching

objective

(

3.3.7) that sets the context and direction for an

organization’s

(

3.3.1) activities

Note 1 to entry: Organizational objectives are established through the strategic level planning activities of the organization.

3.2.3organizational plan

documented information

(

3.3.12) that speciies the plans to achieve the

organizational objectives

(3.2.2

)

3.2.4management

coordinated activities to direct and control an

organization

(

3.3.1)

Note 1 to entry: Management can include establishing strategies,

policies

(

3.3.6) and

objectives

(

3.3.7), and

processes

(

3.3.10) to achieve those objectives.Note 2 to entry: Management includes the processes of planning, organizing, directing and controlling (e.g. the outcomes of people, groups or organizations).Note 3 to entry: Control can include deining roles, appointing authority, assigning tasks, establishing incentives and rewards, and empowering and engaging people.Note 4 to entry: The word “management” sometimes refers to people, i.e. a person or group of people with the authority and responsibility for the conduct and control of an organization. When “management” is used in this sense, it should always be used with some form of qualiier, e.g. “top management”.Note 5 to entry: The term “management” can be qualiied by a speciic domain it addresses. Examples include public health management, environmental management and

risk

(

3.3.8) management.

[SOURCE: ISO 9000:2015, 3.3.3, modiied — “strategies” added to Note 1 to entry. Note 2 to entry shortened and renumbered as Note 4 to entry. Notes 2, 3 and 5 to entry added.]

3.2.5asset management plan AMP


(

3.3.12) that speciies the activities, resources, costs and timescales required for an individual

asset

(

3.1.1), or a grouping of assets, to achieve an

organization’s

(

3.3.1)

asset management

(

3.2.1)

objectives

(

3.3.7)

Note 1 to entry: The grouping of assets may be by

asset type

(

3.1.5), asset class,

asset system

(

3.1.6) or

asset portfolio

(

3.1.7).Note 2 to entry: An asset management plan is derived from the

strategic asset management plan

(

3.3.29).Note 3 to entry: An asset management plan may be contained in, or may be a subsidiary plan of, the strategic asset management plan.

3



or


ISO 55000:2024(en)

3.2.6capability

measure of capacity and the ability of an entity (system or

organization

(

3.3.1)) to achieve its

objectives

(

3.3.7)

Note 1 to entry:

Asset management

(

3.2.1) capabilities include

processes

(

3.3.10), resources,

competences

(

3.3.11) and technologies to enable the effective and eficient development and delivery of

asset management plans

(3.2.5

) and

asset life

(

3.1.2) activities, and their

continual improvement

(

3.3.14).

3.2.7level of service

parameters, or combination of parameters, which relect social, political, environmental and economic outcomes that an

organization

(

3.3.1) delivers

Note 1 to entry: The parameters may include safety, customer satisfaction, quality, quantity, capacity, reliability, responsiveness, environmental acceptability, cost and availability.

3.3 Terms relating to asset management system

3.3.1organization

person or group of people that has its own functions with responsibilities, authorities and relationships to achieve its

objectives

(

3.3.7)

Note 1 to entry: The concept of organization includes, but is not limited to, sole-trader, company, corporation, irm, enterprise, authority, partnership, charity or institution, or part or combination thereof, whether incorporated or not, public or private.Note 2 to entry: If the organization is part of a larger entity, the term “organization” refers only to the part of the larger entity that is within the scope of the


(3.3.5

).

3.3.2stakeholder

interested party

person or

organization

(

3.3.1) that can affect, be affected by, or perceive itself to be affected by a decision or activity

3.3.3top management

person or group of people who directs and controls an

organization

(

3.3.1) at the highest level

Note 1 to entry: Top management has the power to delegate authority and provide resources within the organization.Note 2 to entry: If the scope of the

management system

(3.3.4

) covers only part of an organization, then top management refers to those who direct and control that part of the organization.

3.3.4management system

set of interrelated or interacting elements of an

organization

(

3.3.1) to establish

policies

(

3.3.6) and

objectives

(

3.3.7), as well as

processes

(

3.3.10) to achieve those objectives

Note 1 to entry: A management system can address a single discipline or several disciplines.Note 2 to entry: The management system elements include the organization’s structure, roles and responsibilities, planning and operation.

3.3.5asset management system

management system

(3.3.4

) for

asset management

(

3.2.1)

3.3.6policy

intentions and direction of an

organization

(

3.3.1) as formally expressed by its

top management

(3.3.3

)

4




ISO 55000:2024(en)

3.3.7objective

result to be achieved

Note 1 to entry: An objective can be strategic, tactical, or operational.Note 2 to entry: Objectives can relate to different disciplines (such as inance, health and safety, and environment). They can be, for example, organization-wide or speciic to a project, service, product or

process

(

3.3.10).Note 3 to entry: An objective can be expressed in other ways, e.g. as an intended result, as a purpose, as an operational criterion, as an asset management objective or by the use of other words with similar meaning (e.g. aim, goal, or target).Note 4 to ent ry: In the context of

asset management systems

(3.3.5

), asset management objectives are set by the

organization

(

3.3.1), consistent with the asset management

policy

(

3.3.6), to achieve speciic results.

3.3.8risk

effect of uncertainty on

objectives

(

3.3.7)

Note 1 to entry: An effect is a deviation from the expected — positive or negative.Note 2 to entry: Uncertainty is the state, even partial, of deiciency of

information

(

3.1.11) related to, understanding or

knowledge

(

3.3.26) of, an event, its consequence, or likelihood.Note 3 to entry: Risk is often characterized by reference to potential events (as deined in ISO 31073) and consequences (as deined in ISO 31073), or a combination of these.Note 4 to entry: Risk is often expressed in terms of a combination of the consequences of an event (including changes in circumstances) and the associated likelihood (as deined in ISO 31073) of occurrence.

3.3.9opportunity

circumstance or set of circumstances that can be exploited to improve

performance

(

3.3.13), exceed original

objectives

(

3.3.7) and/or intended results, pursue additional objectives, or achieve

continual improvement

(

3.3.14)

3.3.10process

set of interrelated or interacting activities that uses or transforms inputs to deliver a result

Note 1 to entry: Whether the result of a process is called an output, a product or a service depends on the context of the reference.

3.3.11competence

ability to apply

knowledge

(

3.3.26) and skills to achieve intended results

3.3.12documented information

information

(

3.1.11) required to be controlled and maintained by an

organization

(

3.3.1) and the medium on which it is contained

Note 1 to entry: Documented information can be in any format and media and from any source.Note 2 to entry: Documented information can refer to:

— the

management system

(3.3.4

), including related

processes

(

3.3.10);— information created in order for the organization to operate (documentation);— evidence of results achieved (records).

5




ISO 55000:2024(en)

3.3.13performance

measurable result

Note 1 to entry: Performance can relate either to quantitative or qualitative indings.Note 2 to entry: Performance can relate to managing activities,

processes

(

3.3.10), products, services, systems or

organizations

(

3.3.1).Note 3 to entry: For the purposes of

asset management

(

3.2.1), performance can relate to

assets

(

3.1.1) in their ability to fulil

requirements

(

3.3.16) or

objectives

(

3.3.7) and thereby their ability to realize

value

(

3.3.28).

3.3.14continual improvement

recurring activity to enhance

performance

(

3.3.13)

3.3.15effectiveness

extent to which planned activities are realized and planned results are achieved

3.3.16requirement

need or expectation that is stated, generally implied or obligatory

Note 1 to entry: “Generally implied” means that it is custom or common practice for the

organization

(

3.3.1) and

stakeholders

(3.3.2

) that the need or expectation under consideration is implied.Note 2 to entry: A speciied requirement is one that is stated, e.g. in


(

3.3.12).

3.3.17conformity

fulilment of a

requirement

(

3.3.16)

3.3.18nonconformity

non-fulilment of a

requirement

(

3.3.16)

Note 1 to entry: Nonconformity can be any deviation from


(3.3.5

)

requir ements

(e.g. from relevant work standards, practices, procedures, legal requirements) or any failure of an

asset

(

3.1.1) to meet or perform to speciication.

3.3.19corrective action

action to eliminate the cause(s) of a

nonconformity

(

3.3.18) and to prevent recurrence

3.3.20preventive action

action to eliminate the cause of a potential

nonconformity

(

3.3.18) or other undesirable potential situation

Note 1 to entry: There can be more than one cause for a potential nonconformity.Note 2 to entry: Preventive action is taken to prevent occurrence and to preserve an

asset’s

(

3.1.1) function whereas

corrective action

(

3.3.19) is taken to prevent recurrence.Note 3 to entry: Preventive action is normally carried out while the asset is functionally available and operable or prior to the initiation of functional failure.Note 4 to entry: Preventive action includes the replenishment of consumables where the consumption is a functional requirement.

6




ISO 55000:2024(en)

3.3.21predictive action

action that predicts future behaviour of a parameter required to support decision-making

Note 1 to entry: Predict ive actions inform

asset management

(

3.2.1) decisions inclusive of preventing and/or correcting a

nonconformity

(

3.3.18) as well as the realization of maximum

value

(

3.3.28) from an

opportunity

(

3.3.9).Note 2 to entry: Predictive actions do not alter the state of

assets

(

3.1.1) and/or systems themselves.Note 3 to entry: Predictive actions are a precursor, but not a prerequisite, to decision-making.Note 4 to entry: Predictive actions may include the following activities: stock market analysis, venture capital acquisition, exploration, research, investigation, experimentation, modelling, testing, surveillance,

monitoring

(3.3.25

), statistical analyses, calculations, algorithm development, expert system development, artiicial intelligence system development, digital twinning, alarm and warning system development.

3.3.22incident

unplanned event or occurrence

3.3.23audit

systematic and independent

process

(

3.3.10) for obtaining evidence and evaluating it objectively to determine the extent to which the audit criteria are fulilled

Note 1 to entry: An audit can be an internal audit (irst party) or an external audit (second party or third party) and it can be a combined audit (combining two or more disciplines).Note 2 to entry: An internal audit is conducted by the

organization

(

3.3.1) itself, or by an external party on its behalf.Note 3 to entry: “Audit evidence” and “audit criteria” are deined in ISO 19011.

3.3.24measurement

process

(

3.3.10) to determine a

value

(

3.3.28)

Note 1 to entry: In this deinition a “value” refers to a numerical value, which is different than value in the context of

stakeholder’s

(3.3.2

) value or

asset management

(

3.2.1) value.

3.3.25monitoring

determining the status of a system, a

process

(

3.3.10) or an activity

Note 1 to entry: To determine the status, there can be a need to check, supervise or critically observe.Note 2 to entry: For the purposes of

asset management

(

3.2.1), monitoring can also refer to determining the status of an

asset

(

3.1.1). This is typically referred to as “condition monitoring” or “performance monitoring”.

3.3.26knowledge

understanding of facts, information and principles acquired through experience, research or education

Note 1 to entry: Asset management knowledge can be derived from:a) internal sources (e.g. intellectual property; knowledge gained from experience; lessons learned from failures and successful initiatives; bodies of knowledge; informal sources of knowledge and experience of people; the results of improvements in

processes

(

3.3.10), products and services; simulation models); reference can be made to ISO 30401 for additional guidance;b) external sources (e.g. standards; books, academia; conferences; gathering knowledge from customers, collaborators or external providers).

7




ISO 55000:2024(en)

3.3.27sustainability

state of the global system, including environmental, social and economic aspects, in which the needs of the present are met without compromising the ability of future generations to meet their own needs

Note 1 to entry: The environmental, social and economic aspects interact, are interdependent and are often referred to as the three dimensions of sustainability.Note 2 to entry: Sustainability is the

objective

(

3.3.7) of sustainable development.Note 3 to entry: In

asset management

(

3.2.1), sustainability of

assets

(

3.1.1) or

asset systems

(

3.1.6) refer to their ability to meet present

objectives

without compromising their ability to meet future

objectives

.

[SOURCE: ISO Guide 82:2019, 3.1, modiied — In Note 2 to entry, “goal” has been replaced by “objective”. Note 3 to entry has been added.]

3.3.28value

results from satisfying needs and expectations

Note 1 to entry: Value represents t he result of considering positive and negative impacts, as well as inancial and non-inancial impacts, on

stakeholders

(3.3.2

) over a time horizon that includes all such impacts.

3.3.29strategic asset management planSAMP


(

3.3.12) that contains and aligns

asset management

(

3.2.1)

policy

(

3.3.6),

objectives

(

3.3.7), strategies and approaches for developing and managing the

asset portfolio

(

3.1.7) and the


(3.3.5

)

Note 1 to entry: A SAMP is derived from, may be contained in, or may be a subsidiary plan of, the

organizational plan

(3.2.3

).

3.3.30framework

structure of

processes

(

3.3.10) and speciications designed to support the accomplishment of a speciic task

Note 1 to entry: The framework for

asset management

(

3.2.1) decision-making is used by the

organization

(

3.3.1):— in deining and determining the

value

(

3.3.28) that it aims to derive from its

assets

(

3.1.1) by applying asset management;— in deining the criteria to be used for asset management decision-making to achieve value.

4 Overview of asset management

4.1 General

Asset management is a crucial business activity that involves various disciplines. It applies to any organization, at all levels and across all departments, as each contributes to delivering value from the portfolio of assets. It’s important for everyone in the organization and its value chain to understand the organization’s purpose, objectives and how asset management contributes.Asset management often involves resolving conlicting objectives, risks, opportunities, costs and other impacts on different stakeholders over varying time frames. Decision-making in asset management must therefore address trade-offs to determine the best value options and priorities. Asset management enables organizations to assess the need for, and the performance of, assets at different stages of their life cycles.Since long-lived assets span multiple changes in organizational leadership, the realization of value over the life cycle requires a long-term perspective and consistent stewardship aligned with organizational objectives. Effective asset management contributes to organizational objectives and sustainability by planning for, and creating and preserving value from, the total asset life cycle.

8




ISO 55000:2024(en)

To establish effective asset management, an organization should apply and adopt certain fundamental principles. These, consolidated within a structured asset management system, ensure that there is consistent focus on the right things to do and for the right reasons, and that these are delivered in a coordinated way. Such an approach will result in improved outcomes and beneits.

4.2 Principles of asset management

4.2.1 General

Principles are fundamental guidelines for decision-making, behaviour and actions within an organization. They serve as the foundation for the organization’s values and culture. Principles are applied across various aspects of an organization, such as governance, ethics and operations. They help in establishing a consistent approach to addressing challenges and making choices. The key principles of asset management are given in

4.2.2 to 4.2.4.

4.2.2 Value

Asset management focuses on the value assets provide to the organization over time. This principle encourages clear contributions to organizational objectives, life cycle management and transparent decision-making processes.

4.2.3 Alignment

Asset management aligns inancial, technical and operational decisions with the organizational objectives, promoting vertical and horizontal coordination. Vertical alignment links organizational purpose, asset management objectives, strategies, plans and activities, while horizontal alignment represents collaboration across departments, functions and responsibilities for different stages of the asset life cycle.

4.2.4 Leadership

Leadership and sustained commitment at all levels are crucial for successful asset management. Effective leadership establishes a clear direction, roles, responsibilities and authorities, with transparent consultation and the development of a collaborative culture that is aligned to organizational success.

4.3 Outcomes and beneits from asset management

The primary outcomes of asset management are the realization of value and the achievement of organizational objectives. There are also some characteristics that result from the implementation of a systematic approach to asset management, including the following:— Assurance: Asset management provides better organizational oversight and accountability. It assures that the right decisions are being made, the right resources and activities applied, and that assets can fulil their required purposes over the time frames of such requirements.— Adaptability: Asset management enables organizations to adapt more rapidly and effectively to changes in the internal and external context. This is achieved through monitoring internal and external environments, stakeholder involvement and responsive business cycles in planning and reporting.— Sustainability: Asset management promotes long-term thinking, considering future impacts, risks, uncertainties and opportunities to realize value. It considers environmental, social and economic sustainability, spanning the entire asset life cycle. Sustainability is achieved by looking beyond short-term needs and priorities to consider future impacts and consequences, in order to develop and deliver sustainable plans and activities.The more speciic beneits of asset management include, but are not limited to, the following:a) Improved inancial performance: Boosting return on investments and reducing costs without compromising organizational objectives in the short or long term.

9




ISO 55000:2024(en)

b) Better decision-making: Greater rigour, clarity and consistency in how decisions are made, in the use of data to support these decisions and in the value represented by options that are chosen.c) Managed risk and opportunity: Systematically identifying, evaluating, and controlling risks and opportunities, ensuring appropriate inancial outcomes, and enhancing asset and service resilience, occupational health and safety, and environmental and social impact.d) Greater stakeholder satisfaction and conidence: Ensuring the performance of assets, leading to better service delivery that consistently meets customer and other stakeholder expectations.e) More evident corporate social responsibility: Enhancing the organization’s ability to adopt policies, ethical business practices, and stewardship and activities that promote social and environmental well-being.f) Demonstrated compliance: An asset management system improves the ability to show adherence to legal, statutory and regulatory requirements, as well as complying with asset management standards, policies, processes and procedures.g) Enhanced reputation: Effective asset management can improve customer satisfaction, public conidence and other stakeholder perceptions through demonstrating responsible stewardship of assets and resources.h) Improved eficiency and effectiveness: Improving asset management planning, processes, procedures and asset performance produces greater eficiency and effectiveness of activities. This includes better resource utilization, risk control, teamwork, employee engagement and productivity.i) Improved co-ordination and communication: Asset management results in better collaboration, understanding, behaviours and alignment across all areas of the organization, including support functions and value chain.j) Increased value from innovation: The clearer and more consistent focus on value helps in the appropriate selection, use and beneits obtained from new methods, ideas and technologies.

4.4 Relationship between asset management, asset management system and assets

Many organizations understand that their assets are crucial for their business success. Assets provide value when they contribute to the organization’s objectives and are managed according to its strategies and policies. Organizations use an asset management system to direct, coordinate and control their asset management activities to facilitate this. Asset management improves risk control and ensures that organizational objectives are consistently achieved. Adopting asset management principles is essential for an effective asset management culture.The relationship between asset management, the organization’s asset management system and the assets it manages is shown in Figure 1

.

10




ISO 55000:2024(en)

Figure 1 — Relationship between key terms in asset management

ISO 55001 and ISO 55002 specify requirements and give guidance on how to apply the asset management system.Management systems can be organized in different ways, either informally or with a more formal structure, depending on the organization’s speciic needs and operational complexity. Many organizations ind incorporating these asset management system requirements into their overall management system beneicial. This integration helps them improve the eficiency and effectiveness of their management activities.The Harmonized Structure, which serves as the basis for all ISO Management System Standards, facilitates this integrated approach. An asset management system can become part of the organization’s broader management framework by aligning the requirements of various management systems. Moreover, it improves process management and makes it easier for the organization to accept each new system.As an example, if an organization already uses a risk management approach in its management system, it can be adapted to include asset management risks. This integrated approach speeds up the beneits derived from asset management and an asset management system.

4.5 Asset management improvement and maturity

Asset management maturity is key to enhancing an organization’s performance. The organization’s progress can be measured by its maturity: showing how well it is performing and where targeted improvements can be made. This involves consistently developing asset management capabilities, improving the asset management system and its implementation, and adopting the principles. This can be considered as part of the continual improvement process.An organization’s asset management and asset management system maturity are relected in its capabilities, which are essential elements enabling success. The speciic type and strength of these capabilities depend on the organization’s context and objectives. Organizations must decide whether there is identiiable value in further improvement or aiming for excellence. Mature organizations consider the changing nature of their operating environments, recognizing opportunities from internal and external sources that can enhance performance if managed effectively.Indicators of an organization’s asset management maturity include:— understanding and communicating the value the organization wants from its assets and incorporating it in the planning processes and management reviews;

11




ISO 55000:2024(en)

— adopting a complete life cycle perspective for all types of assets;— accurate information about its assets for future use and decision-making;— integration of the asset management system into the overall organization’s management system;— effective management of risks and opportunities, particularly understanding the services, assets, capabilities and processes to achieve its objectives;— awareness of the external context and potential changes, setting appropriate objectives, understanding necessary capabilities and having timely plans to achieve these;— a supportive asset management culture;— integration and collaboration across the organization, especially in setting priorities and making compromises when needed;— established continual improvement.

12




ISO 55000:2024(en)

Bibliography

[1] ISO 9000:2015,

Quality management systems — Fundamentals and vocabulary

[2] ISO 19011,

Guidelines for auditing management systems

[3] ISO 30401,

Knowledge management systems — Requirements

[4] ISO 31073,

Risk management — Vocabulary

[5] ISO 55001,

Asset management — Asset management system — Requirements

[6] ISO 55002,

Asset management — Management systems — Guidelines for the application of ISO 55001

[7] ISO/TS 55010,

Asset management — Guidance on the alignment of inancial and non-inancial functions

in asset management

[8] ISO 55011,

Asset management — Guidance for the development of public policy to enable asset management

[9] ISO 55012,

Asset management — Guidance on people involvement and competence

[10] ISO 55013,

Asset management — Guidance on the management of data assets

[11] ISO Guide 82:2019,

Guidelines for addressing sustainability in standards

13




14

ISO 55000:2024(en)

Index

A

AMP

3.2.5

asset 3.1.1asset life 3.1.2asset management 3.2.1asset management plan

3.2.5


3.3.5

asset portfolio 3.1.7asset system 3.1.6asset type 3.1.5audit

3.3.23

C

capability 3.2.6competence 3.3.11conformity 3.3.17continual improvement 3.3.14corrective action 3.3.19critical asset 3.1.8

D

data 3.1.10documented information 3.3.12

E

effectiveness 3.3.15

F

framework

3.3.30

I

incident

3.3.22

information 3.1.11interested party

3.3.2

K

knowledge 3.3.26

L

level of service 3.2.7life cycle 3.1.3life cycle management 3.1.4

M

management

3.2.4

management system

3.3.4

measurement

3.3.24

monitoring

3.3.25

N

nonconformity 3.3.18

O

object, noun 3.1.9objective 3.3.7opportunity 3.3.9organization 3.3.1organizational objective

3.2.2

organizational plan

3.2.3

P

performance 3.3.13policy 3.3.6predictive action 3.3.21preventive action

3.3.20

process 3.3.10

R

requirement 3.3.16risk 3.3.8

S

SAMP 3.3.29stakeholder

3.3.2

strategic asset management plan 3.3.29sustainability 3.3.27

T

top management

3.3.3

V

value 3.3.28





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ISO 55000 2024 Ed.2

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ISO 55000 2024 Ed.2

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