ISO 55000 – In Practical Terms (3 OF 5) - Value Generation, Risk Management, & Integrated Decision Making

This is Part 3 of 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 92^nd 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