AMS Behavior: Objectives

Asset Management System Behavior

This installment of the AMP Newsletter – Asset Management System (AMS) Behavior miniseries focuses on objectives.  Objectives define what matters.  In an AMS, the concept of objectives is used in two ways:

• Objectives define what is important, and

• Objectives set the performance or action to be achieved.

In ISO 55000, the term objective is defined as a “result to be achieved”.  Preceding AMP Newsletters, see list below, clarify the connection between the word result and risk management.  ISO 55000 defines risk as: “effect of uncertainty on objectives”. 

• Foundational Thinking Miniseries, Part 15:  Risk Management & ISO 31000

• Asset Management Framework Miniseries, Part 2:  Context

• Asset Management Framework Miniseries, Part 9:  MAG #4 – Risk Management and Resource Planning

• Asset Management Framework Miniseries, Part 18:  Objectives and Requirements

This makes the extended ISO 55000 definition of risk, through the substitution rule, “effect of uncertainty on results to be achieved”.

The Asset Management (AM) Framework, shown below, is configured to focus asset related resource and investment decision making on achievement of Organizational Objectives.  In this context, Management Activity Group (MAG) #1 – Organizational Objectives are the things that matter to the organization. This covers performance, risk, opportunities, and change management.  This is aligned to the performance of assets through MAG #2 – Asset Management Objectives.

This configuration makes “objectives” the AM Framework’s operative function.  That is, all planning and work is focused on the achievement of objectives.  It also means, that supporting risk, opportunity, change, and the management of resources and investments is likewise focused through the achievement of objectives.