AI in AM: Terminology & Concepts

AMP Newsletter Series - Mastering Asset Management Decisions

Topics Covered:

• Key definitions of assets, asset management, and related frameworks from ISO standards

• Definitions and concepts of artificial intelligence (AI), AI models, and machine learning from U.S. legal and executive sources

• Core AI concepts, including human-AI interfaces, data-information-knowledge continuums, heuristic framing, and trustworthiness

• The role of AI in enhancing asset management frameworks for decision-making

• Overview of future topics in the newsletter series

Learning Objectives:

• Understand fundamental definitions and standards for asset management and AI

• Recognize how AI integrates with asset management frameworks to improve decision-making

• Explore key AI concepts such as human-AI interfaces, machine learning, and trustworthiness in an organizational context

• Identify the potential benefits and guided application of AI in asset management

• Gain insights into using heuristic framing to enable AI within asset management systems

Key Takeaways:

• Asset management frameworks provide a structured approach to realizing value from assets, and AI can augment this through predictive and decision-support capabilities

• AI is defined as a machine-based system that perceives environments, builds models, and formulates actions, but it requires human oversight for value generation

• Trustworthiness in AI systems ensures consistent, transparent support for asset management objectives

• Heuristic framing leverages organizational experience to integrate AI models, streamlining decision processes

• This microburst sets the foundation for deeper exploration of AI applications in asset management, emphasizing guided enablement for value generation