AM Framework - Objectives and Requirements

AM Framework Miniseries - Reloaded

This article continues the description of an Asset Management (AM) Framework and highlights the importance of objectives and requirements.  ISO 55000 defines these terms as follows:

• Objective – result to be achieved (ISO 55000 – 3.1.12.)

• Requirement – need or expectation that is stated, generally implied or obligatory (ISO 55000 – 3.1.20.)

The previous AM Framework article titled Alignment explained how decision making is aligned through a classical set of strategies, plans, and reporting – a decision-making line-of-sight.  This article looks at how objectives and requirements are related to frame and inform AM Framework related decision making.  The figure shown below is based on ISO 55000 – Figure 1: Relationship Between Key Terms:

Asset Management System - Objectives and Requirements Relationships, Based on ISO 55000 - Figure 1

Key features in this figure are as follows:

• Some of the circles in ISO 55000 – Figure 1 have been replaced with up-pointing arrows.  The arrow shapes signify that…