Full definition
Systematic practice of managing the complete life cycle of physical assets (acquisition, operation, maintenance, modification and disposal) to maximize value and minimize total cost of ownership (TCO). Normative framework: ISO 55000 (asset management system requirements), ISO 55001 (management system) and ISO 55002 (implementation guidance). Indicators: TCO, Life Cycle Cost (LCC), Return on Assets (ROA). Evolution from traditional maintenance to a financial and strategic asset view. Adopted in mining, utilities, transportation and process industries.