AM Framework - Overview & History

AM Framework Miniseries - Reloaded

This article begins a new AMP Newsletter miniseries titled the Asset Management (AM) Framework. This framework is depicted below:

Asset Management Framework - circa 2023

The objective of the AM Framework is simple – clarify and streamline realization of value from and through assets.  The purpose of the AM Framework is to establish governance for all resource and investment decisions for all assets in an asset management system’s scope.  The reason organizations need to define and implement an AM Framework is to make best use of limited resources in achievement of the organization's objectives and in fulfilment of its purpose.

The role of the AM Framework is to define value and focus decision making on value generation.  In accordance with ISO 55001 requirements, the AM Framework must be established in the organization’s asset management policy and be used to coordinate decision making related to the management of assets in accordance with the organization’s asset management system(s).

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