Full definition
International standard defining the framework for physical asset management systems. Published in 2014 by ISO/TC 251. Comprises three parts: ISO 55000 (overview and principles), ISO 55001 (management system requirements) and ISO 55002 (implementation guidance). Based on PAS 55 (BSI). Principles: value, alignment, leadership, assurance, risk-based decision making. ISO 55001 certification demonstrates excellence in asset management. Adopted by energy, transportation, mining and manufacturing companies worldwide to optimize asset life cycle.