This Asset Management Framework (AMF) Journal entry advances the miniseries on Strategic Asset Management Plans (SAMPs). Preceding journal entries are:
The SAMP is the apex decision-making pathway in an ISO 55001-conforming Asset Management (AM) Framework. ISO 55001 establishes requirements for a management system for asset management, otherwise referred to as an Asset Management System (AMS). An AMS does not manage assets. It manages the value generated from and through assets. This perspective is complementary but different than activities that manage assets. This creates the paradox covered in many Asset Management Partnership (AMP) Newsletters:
This paradox was purposefully created by the authors of ISO 55000 and ISO 55001. A paradox forces asset managers to continually evaluate and level-set the relationship between “managing assets” and “asset management” through disciplined decision-making.
The Decision-Making AM Framework
An ISO 55001-conforming AMS accomplishes this through an AM Framework. The AM Framework championed in the AMP Newsletter is organized into numbered Management Activity Groups (MAGs), shown below.
MAG #5 – Strategic Asset Management Plan serves as its center of gravity. This universal AM Framework streamlines the connection between asset performance and mission performance, and ultimately the fulfillment of the organization’s objectives and purpose. Conformance with ISO 55001 requirements establishes a standards-based method that ensures organizations are competent in the effective management of their asset portfolio.