TS ISO 55000

TS ISO 55000 is the standard that defines the terms, overall framework, and fundamental principles of asset management. It treats assets not merely as individual items of equipment, but as managed elements that influence an organization’s ability to create value, and it gives a common language for the relationship between asset management, the asset management system, and the asset portfolio.

The document describes the benefits of asset management and the role of an asset management system. It also addresses asset management improvement and maturity, providing a high-level conceptual basis for how organizations can align planning, operation, maintenance, renewal, and performance considerations in a consistent way.

How the document organises the core concepts

• It defines asset management terminology and the relationships among the main concepts.
• It distinguishes asset management from the asset management system, which is the management system used to support asset management.
• It uses the asset portfolio to describe the set of assets being managed.
• It frames improvement and maturity as part of the evolution of asset management capability.
• It is applicable to all types and sizes of organizations, and to all types of assets.

In general technical terms, asset management is a multidisciplinary approach that balances value, risk, cost, performance, and service continuity across an asset’s life cycle. This standard does not provide financial, accounting, human resources, or asset-specific technical guidance; instead, it establishes the shared vocabulary and principles that underpin later standards and organisational practice.