TS ISO 55000

TS ISO 55000 is the general framework standard that explains what asset management is, what core principles it rests on, and the main terminology used in the field. It provides a common language for managing physical assets, infrastructure, equipment, buildings, and similar resources across their life cycle, helping organizations relate strategy, risk, performance, and cost in a more consistent way.

What asset management covers

From a general technical perspective, asset management is more than maintenance of equipment; it is a cross-functional discipline concerned with how assets contribute to an organization’s objectives. This means decisions about planning, operation, renewal, disposal, and performance monitoring are considered together. TS ISO 55000 sets out the conceptual foundation for that discipline and gives an overview of the expected benefits of adopting asset management.

Why principles and terminology matter

Clear terminology is essential in asset management because different teams need to align around the same goals. Terms such as “asset,” “value,” “risk,” “performance,” and “life cycle” are often used together, but each plays a different role in management decisions. By providing a common reference for these core concepts, the standard supports more consistent communication and a more structured management approach.

• Explains common concepts used across asset management in an organization.
• Provides a high-level framework for the principles of asset management.
• Addresses the expected benefits of adopting asset management at a general level.
• Helps create a shared terminology between technical and managerial teams.

Because this publication is based on ISO 55000:2014, it is especially relevant as a reference point for understanding and defining asset management systems. It should be viewed as a general framework for organizing the management approach, rather than as an operational manual prescribing detailed implementation steps for a specific organization.