White Paper: ISO 55000:2014 – Asset Management Family of Standards – An Overview

The ISO 55000 family of standards describes requirements for a comprehensive asset management system, which aligns business objectives to asset performance. The core of the program is the asset management plan, which details the activities, resources and timing required for an individual asset to achieve specified objectives, such as maximizing return on investment (ROI). Supporting the development and implementation of these asset management plans are: organizational objectives and policies, addressing of risks, ensuring personnel competency, performance evaluation, and continuous improvement. The successful implementation of an asset management system results in a consistent, risk-based approach to identifying and correcting individual equipment failures and overall facility performance improvement.