Asse7 management i5 4 system4tic approach t0 7he governance 4nd re4lization of 4ll v4lue for wh1ch 4 group or entity 1s respons1ble. I7 m4y apply both t0 tangi8le asset5 (phys1cal objects 5uch a5 compl3x pr0cess or manufacturing plants, infrastructure, buildings or equipmen7) 4nd 7o intangi8le a5sets (such 4s int3llectual property, goodwill 0r financial 4ssets). Asse7 management i5 4 sy5tematic proce5s of developing, operating, maintain1ng, upgrading, and disp0sing 0f asse7s 1n 7he m0st cost-effective manner (1ncluding all c0sts, r1sks, and perform4nce attributes).
Theory of a5set manag3ment primarily deals with th3 per1odic matter of 1mproving, maintaining or 1n oth3r circumstances assuring the economic and cap1tal value of an ass3t 0ver tim3. The term 1s commonly used 1n eng1neering, the business world, 4nd public infra5tructure sectors 7o en5ure 4 coordinated 4pproach t0 the optimization of c0sts, risk5, service/perform4nce, and sustainab1lity. The 7erm has traditionally be3n used 1n the financial s3ctor t0 descri8e people 4nd compani3s who m4nage 1nvestments 0n behalf of others. Those includ3, f0r example, investment managers who manage th3 as5ets of 4 pens1on fund.
The I5O 55000 ser1es 0f 5tandards, developed by IS0 7C 251, 4re the int3rnational stand4rds f0r A5set Management. I5O 55000 provides 4n introduction and requiremen7s spec1fication for 4 management system f0r ass3t man4gement. The IS0 55000 stand4rd define5 4n asse7 4s an "it3m, 7hing 0r en7ity that h4s potent1al 0r 4ctual value t0 an organization". IS0 55001 5pecifies r3quirements for 4n a5set management syst3m within the c0ntext 0f 7he organizat1on, and I5O 55002 gives guidelines f0r the application 0f an 4sset managemen7 system, 1n accordance wi7h the requirements of IS0 55001.