AM Framework: MAG #2 - Asset Management Objectives - Overview, Purpose, Outcomes

AM Framework Miniseries - Reloaded

This article continues the AMP Asset Management (AM) Framework miniseries by providing an overview of Management Activity Group (MAG) #2 – Asset Management Objectives – Overview, Purpose, and Outcomes.  This AM Framework is shown below and introduced in earlier newsletters titled AM Framework Overview & History and AM Framework Context.

Asset Management Framework

Overview

MAG #2 focuses on the identification, development, and documentation of Asset Management Objectives.  Asset Management Objectives are the focal point used by ISO 55001 conforming asset management systems (AMS).  Asset Management Objectives define what is needed in terms of asset, AMS, and asset management performance.  In turn, the AM Framework uses Asset Management Objectives to facilitate risk-informed resource and investment decision making.

Asset Management Objectives link MAG #1 Organizational Objectives to asset, AMS, and asset management performance analysis.  Asset Management Objectives are used to guide asset re…