Principles for Asset Management System Implementation

Principles are powerful. They are instruments used to guide purpose and establish culture.

A definition for principle found on the internet is its “a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning”.

This means there can be principles useful to the implementation of asset management systems. This newsletter focuses on these types of principles. This recognizes that there is another type of asset management principle. The other type is used to guide how an organization cares for assets and defines the meaning behind this care.

It is interesting to point out that ISO 55000 – Asset Management Overview, Principles, and Terminology does not define specific principles for asset management. Instead, it states that, “asset management is based on a set of fundamentals”. Quoting from ISO 55000 these fundamentals are:

• Value: Assets exist to provide value to the organization and its stakeholders.

• Alignment: Asset management …