TS ISO 55000

TS ISO 55000 is the standard that defines the core vocabulary of asset management and explains the overall framework and principles behind the discipline. It gives organizations a common language for managing assets in line with business objectives, clarifying how concepts such as asset, asset portfolio, asset management system, improvement and maturity fit together.

What the asset management framework covers

This standard describes the benefits of asset management and of an asset management system, as well as the relationship between asset management and the asset portfolio. In general technical terms, asset management is not just about maintaining equipment; it is about balancing value, risk, performance and cost across an asset’s life cycle. That makes the subject relevant to many different kinds of assets, from physical infrastructure and industrial equipment to broader organizational assets, and to organizations of all sizes.

Boundaries of the standard

TS ISO 55000 is applicable to all types of assets and to all types and sizes of organizations, but it does not provide financial, accounting, human resources or technical guidance for managing specific asset types. Its role is therefore to establish terminology and principles rather than detailed implementation procedures. When used with ISO 55001 and ISO 55002, the term “asset management system” refers to a management system for asset management, supporting a consistent structure for governance, objectives, planning and continual improvement.

• Establishes common terminology for asset management.
• Explains principles and intended outcomes.
• Clarifies the link between asset management and the asset portfolio.
• Addresses improvement and maturity.
• Does not provide asset-type-specific technical, financial or accounting guidance.