ISO 55000 – In Practical Terms (1 OF 5) - Context
This begins a five-part Asset Management Framework (AMF) Journal entry that introduces and explains ISO 55000 and ISO 55001 in practical terms. This paper was first released at the Doble 92nd International Conference held in Boston, Massachusetts – March 2025, which gives it an energy sector perspective. The five parts are as follows:
Part 1: Introduction, Managing Assets in the Context of Asset Management, ISO 55000 Origin Story – The “Why”,
Part 2: What is Important to Know for – ISO 55000 (Principles, Outcomes, Terms and Concepts, Maturity), ISO 55001 (Asset Management System (AMS) Requirements, Asset Management (AM) Framework, Objective-based Decision Making, Asset Management Knowledge)
Part 3: Asset Management and Value Generation, Asset Management and Risk Management
Part 4: Asset Management and the Game of Chess
Part 5: Asset Management Optimization, Conclusion
ABSTRACT
Asset management is all about outcomes. The ISO 55000 series, Asset Management – Management Systems, serves as a playbook for value generation and achievement of desired outcomes. This paper targets senior executives and asset managers aiming to enhance their organization’s asset management capabilities. It distinguishes between “managing assets” and “asset management.” Managing assets encompasses the activities involved in caring for assets throughout their life cycle—an essential and enduring skill. In contrast, asset management is a competency that coordinates these activities to optimize the achievement of organizational objectives. The ISO 55000 series—including ISO 55000: Asset Management – Overview, Principles and Terminology and ISO 55001: Asset Management – Management Systems – Requirements—defines the principles, terminology, concepts, and management system behaviors that make this not only feasible but a key differentiator in an organization’s success. This paper explains how to implement these standards systematically, fostering a culture of asset management and continual improvement.